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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30,
2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number
1-37966
SEACOR Marine Holdings Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
47-2564547
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)
12121 Wickchester Lane
,
Suite 500
,
Houston
,
TX
77079
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (
346
)
980-1700
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock
, par value $0.01 per share
SMHI
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
The total number of shares of common stock, par value $.01 per share (“Common Stock”), outstanding as of July 25, 2025 was
26,976,259
. The registrant has no other class of common stock outstanding.
Trade, net of allowance for credit loss of $
4,125
and $
4,745
as of June 30, 2025 and December 31, 2024, respectively
63,287
69,888
Other
10,439
7,913
Tax receivable
507
1,601
Inventories
2,539
2,760
Prepaid expenses and other
4,716
4,406
Assets held for sale
—
10,943
Total current assets
133,043
173,651
Property and Equipment:
Historical cost
887,408
900,414
Accumulated depreciation
(
377,265
)
(
367,448
)
510,143
532,966
Construction in progress
31,772
11,904
Net property and equipment
541,915
544,870
Right-of-use asset - operating leases
1,179
3,436
Right-of-use asset - finance leases
25
36
Investments, at equity, and advances to 50% or less owned companies
2,310
3,541
Other assets
1,558
1,577
Total assets
$
680,030
$
727,111
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities
$
543
$
606
Current portion of finance lease liabilities
11
17
Current portion of long-term debt
30,000
27,500
Accounts payable
26,737
29,236
Accrued wages and benefits
3,423
5,229
Accrued interest
—
1,618
Accrued capital, repair and maintenance expenditures
8,823
8,791
Unearned revenue
3,462
2,534
Accrued insurance deductibles and premiums
3,676
3,561
Derivatives
—
464
Other current liabilities
4,798
5,486
Total current liabilities
81,473
85,042
Long-term operating lease liabilities
812
2,982
Long-term finance lease liabilities
14
20
Long-term debt
310,980
317,339
Deferred income taxes
18,330
22,037
Deferred gains and other liabilities
625
1,369
Total liabilities
412,234
428,789
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock, $
.01
par value,
60,000,000
shares authorized;
28,066,298
and
28,466,326
shares issued as of June 30, 2025 and December 31, 2024, respectively
281
287
Additional paid-in capital
468,669
479,283
Accumulated deficit
(
202,816
)
(
180,600
)
Shares held in treasury of
1,090,039
and
796,965
as of June 30, 2025 and December 31, 2024, respectively, at cost
(
9,639
)
(
8,110
)
Accumulated other comprehensive income, net of tax
10,980
7,141
267,475
298,001
Noncontrolling interests in subsidiaries
321
321
Total equity
267,796
298,322
Total liabilities and equity
$
680,030
$
727,111
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
1
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOL
IDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Operating Revenues
$
60,810
$
69,867
$
116,309
$
132,637
Costs and Expenses:
Operating
49,493
49,520
91,421
97,619
Administrative and general
11,998
10,889
23,484
22,806
Lease expense
325
486
662
967
Depreciation and amortization
12,090
12,939
24,900
25,821
73,906
73,834
140,467
147,213
Gains on Asset Dispositions and Impairments, Net
19,163
37
24,972
36
Operating Income (Loss)
6,067
(
3,930
)
814
(
14,540
)
Other Income (Expense):
Interest income
372
445
808
1,038
Interest expense
(
8,844
)
(
10,190
)
(
18,430
)
(
20,499
)
Derivative gains (losses), net
87
104
212
(
439
)
Foreign currency losses, net
(
2,119
)
(
560
)
(
3,315
)
(
640
)
Other, net
—
—
—
(
95
)
(
10,504
)
(
10,201
)
(
20,725
)
(
20,635
)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
(
4,437
)
(
14,131
)
(
19,911
)
(
35,175
)
Income Tax Expense (Benefit)
2,508
(
682
)
3,412
243
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies
(
6,945
)
(
13,449
)
(
23,323
)
(
35,418
)
Equity in Earnings (Losses) of 50% or Less Owned Companies
218
966
1,107
(
134
)
Net Loss
$
(
6,727
)
$
(
12,483
)
$
(
22,216
)
$
(
35,552
)
Net Loss Per Share:
Basic
$
(
0.26
)
$
(
0.45
)
$
(
0.83
)
$
(
1.29
)
Diluted
(
0.26
)
(
0.45
)
(
0.83
)
(
1.29
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
25,686,560
27,729,033
26,791,291
27,536,319
Diluted
25,686,560
27,729,033
26,791,291
27,536,319
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
2
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Net Loss
$
(
6,727
)
$
(
12,483
)
$
(
22,216
)
$
(
35,552
)
Other Comprehensive Income (Loss):
Foreign currency translation gains (losses)
2,746
(
57
)
3,839
(
128
)
2,746
(
57
)
3,839
(
128
)
Income Tax Expense
—
—
—
—
2,746
(
57
)
3,839
(
128
)
Comprehensive Loss
$
(
3,981
)
$
(
12,540
)
$
(
18,377
)
$
(
35,680
)
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
3
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
(in thousands, except share data)
Shares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid-In
Capital
Shares
Held in
Treasury
Treasury
Stock
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Non-
Controlling
Interests In
Subsidiaries
Total
Equity
For the Six Months Ended June 30, 2025
December 31, 2024
27,669,361
$
287
$
479,283
796,965
$
(
8,110
)
$
(
180,600
)
$
7,141
$
321
$
298,322
Repurchase of Common Stock
(
1,355,761
)
(
13
)
(
7,076
)
—
—
—
—
—
(
7,089
)
Repurchase of warrants
—
—
(
6,668
)
—
—
—
—
—
(
6,668
)
Restricted stock grants
644,880
6
—
—
—
—
—
—
6
Amortization of share awards
—
—
3,131
—
—
—
—
—
3,131
Restricted stock vesting
(
216,874
)
—
—
216,874
(
1,141
)
—
—
—
(
1,141
)
Performance restricted stock vesting
110,741
—
—
74,189
(
377
)
—
—
—
(
377
)
Director share awards
125,923
1
(
1
)
—
—
—
—
—
—
Director restricted stock vesting
(
2,011
)
—
—
2,011
(
11
)
—
—
—
(
11
)
Net loss
—
—
—
—
—
(
22,216
)
—
—
(
22,216
)
Other comprehensive income
—
—
—
—
—
—
3,839
—
3,839
June 30, 2025
26,976,259
$
281
$
468,669
1,090,039
$
(
9,639
)
$
(
202,816
)
$
10,980
$
321
$
267,796
For the Three Months Ended June 30, 2025
March 31, 2025
28,208,108
$
293
$
480,904
1,088,028
$
(
9,628
)
$
(
196,089
)
$
8,234
$
321
$
284,035
Repurchase of Common Stock
(
1,355,761
)
(
13
)
(
7,076
)
—
—
—
—
—
(
7,089
)
Repurchase of warrants
—
—
(
6,668
)
—
—
—
—
—
(
6,668
)
Amortization of share awards
—
—
1,510
—
—
—
—
—
1,510
Director share awards
125,923
1
(
1
)
—
—
—
—
—
—
Director restricted stock vesting
(
2,011
)
—
—
2,011
(
11
)
—
—
—
(
11
)
Net loss
—
—
—
—
—
(
6,727
)
—
—
(
6,727
)
Other comprehensive income
—
—
—
—
—
—
2,746
—
2,746
June 30, 2025
26,976,259
$
281
$
468,669
1,090,039
$
(
9,639
)
$
(
202,816
)
$
10,980
$
321
$
267,796
Shares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid-In
Capital
Shares
Held in
Treasury
Treasury
Stock
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Non-
Controlling
Interests In
Subsidiaries
Total
Equity
For the Six Months Ended June 30, 2024
December 31, 2023
27,184,778
$
280
$
472,692
481,014
$
(
4,221
)
$
(
102,425
)
$
7,577
$
321
$
374,224
Restricted stock grants
563,271
6
—
—
—
—
—
—
6
Amortization of share awards
—
—
3,226
—
—
—
—
—
3,226
Exercise of options
9,166
—
102
—
—
—
—
—
102
Restricted stock vesting
(
251,333
)
—
—
251,333
(
3,120
)
—
—
—
(
3,120
)
Performance restricted stock vesting
96,150
—
—
61,305
(
769
)
—
—
—
(
769
)
Director share awards
37,426
—
—
—
—
—
—
—
—
Director restricted stock vesting
(
3,274
)
—
—
3,274
—
—
—
—
—
Net loss
—
—
—
—
—
(
35,552
)
—
—
(
35,552
)
Other comprehensive loss
—
—
—
—
—
(
51
)
(
128
)
—
(
179
)
June 30, 2024
27,636,184
$
286
$
476,020
796,926
$
(
8,110
)
$
(
138,028
)
$
7,449
$
321
$
337,938
For the Three Months Ended June 30, 2024
March 31, 2024
27,602,032
$
286
$
474,433
793,652
$
(
8,071
)
$
(
125,609
)
$
7,506
$
321
$
348,866
Amortization of share awards
—
—
1,587
—
—
—
—
—
1,587
Restricted stock vesting
—
—
—
—
(
39
)
—
—
—
(
39
)
Director share awards
37,426
—
—
—
—
—
—
—
—
Director restricted stock vesting
(
3,274
)
—
—
3,274
—
—
—
—
—
Net loss
—
—
—
—
—
(
12,483
)
—
—
(
12,483
)
Other comprehensive income
—
—
—
—
—
64
(
57
)
—
7
June 30, 2024
27,636,184
$
286
$
476,020
796,926
$
(
8,110
)
$
(
138,028
)
$
7,449
$
321
$
337,938
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
4
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDA
TED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended June 30,
2025
2024
Cash Flows from Operating Activities:
Net Loss
$
(
22,216
)
$
(
35,552
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
24,900
25,821
Deferred financing costs amortization
86
592
Stock-based compensation expense
3,137
3,232
Debt discount amortization
458
3,919
Allowance for credit losses
(
620
)
42
Gains from equipment sales, retirements or impairments
(
24,972
)
(
36
)
Derivative (gains) losses
(
212
)
439
Interest on finance leases
2
1
Settlements on derivative transactions, net
(
373
)
164
Currency losses
3,315
640
Deferred income taxes
(
3,707
)
(
5,635
)
Equity (earnings) losses
(
1,107
)
134
Dividends received from 50% or less owned companies
3,199
1,418
Changes in Operating Assets and Liabilities:
Accounts receivables
5,617
(
2,637
)
Other assets
220
(
3,685
)
Accounts payable and accrued liabilities
(
1,270
)
(
8,273
)
Net cash used in operating activities
(
13,543
)
(
19,416
)
Cash Flows from Investing Activities:
Purchases of property and equipment
(
31,008
)
(
4,074
)
Proceeds from disposition of property and equipment
40,064
86
Net cash provided by (used in) investing activities
9,056
(
3,988
)
Cash Flows from Financing Activities:
Payments on long-term debt
(
12,500
)
(
14,063
)
Proceeds from issuance of long-term debt, net of debt discount and issuance costs
7,701
—
Payments on finance leases
(
13
)
(
18
)
Payments for repurchase of common stock
(
7,089
)
—
Payments for repurchase of warrants
(
6,668
)
—
Proceeds from exercise of stock options
—
102
Tax withholdings on restricted stock vesting and director share awards
(
1,529
)
(
3,889
)
Net cash used in financing activities
(
20,098
)
(
17,868
)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents
—
1
Net Change in Cash, Restricted Cash and Cash Equivalents
(
24,585
)
(
41,271
)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period
76,140
84,131
Cash, Restricted Cash and Cash Equivalents, End of Period
$
51,555
$
42,860
Supplemental disclosures:
Cash paid for interest, excluding capitalized interest
$
19,504
$
16,122
Income taxes (paid) refunded, net
(
1,095
)
50
Noncash Investing and Financing Activities:
Decrease in capital expenditures in accounts payable and accrued liabilities
(
4,928
)
(
703
)
Recognition of a new right-of-use asset - financing leases
—
7
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
5
SEACOR MARINE HOLDINGS INC.
NOTES TO CONDENSED CONSOLI
DATED FINANCIAL STATEMENTS
(unaudited)
1.
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”).
Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.
Recently Adopted Accounting Standards.
On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. The Company adopted the standard as of December 31, 2024 and the
adoption
of the standard did
not
have a material effect on the Company’s consolidated financial position, results of operations or disclosures.
Recently Issued Accounting Standards.
On December 14, 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose, on an annual basis, information about their effective tax rate reconciliation and information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Company’s consolidated financial position or results of operations.
On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the United States Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (“ASC”). The effective date is contingent on when the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company does not believe the adoption of the standard will have a material effect on the Company’s consolidated financial position, results of operations or disclosures.
6
Accounting Policies.
Basis of Consolidation.
The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than
50
% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation.
Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.
The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between
20
% and
50
% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax.
Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.
Use of Estimates.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates and those differences may be material.
Revenue Recognition
. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue, net of sales taxes, based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.
The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of America, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.
7
In the Company’s operating areas, contracts or charters vary in length from several days to multi-year periods. Many of the Company’s contracts and charters include cancellation clauses without early termination penalties. As a result of cancellations, options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.
The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.
Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in unearned revenue in the accompanying consolidated balance sheets, as of
June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025
December 31, 2024
Balance at beginning of period
$
2,534
$
687
Unearned revenues during the period
4,659
6,689
Revenues recognized during the period
(
3,731
)
(
4,842
)
Balance at end of period
$
3,462
$
2,534
As of June 30, 2025 and December 31, 2024
, the Company had unearned revenue of $
3.5
million and $
2.5
million, respectively, primarily related to mobilization of vessels.
Direct Operating Expenses.
Direct operating costs and expenses that are considered significant, other than leased-in equipment expense, consist primarily of costs and expenses such as: personnel; repairs and maintenance; drydocking; insurance and loss reserves; and fuel, lubes and supplies. Other direct operating expenses consist of costs such as brokers’ commissions, communication costs, expenses incurred in mobilizing vessels between geographic regions, third party ship management fees, freight expenses, and customs and importation duties. Direct operating costs are expensed as incurred.
Cash and Cash Equivalents.
The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.
Restricted Cash.
Restricted cash primarily relates to banking and credit facility requirements.
Trade and Other Receivables and Allowance for Credit Losses.
Customers are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for expected credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. After collection efforts have been exhausted, trade receivables that are deemed uncollectible are removed from both accounts receivable and the allowance for credit losses.
8
Property and Equipment.
Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of the asset’s remaining useful life, typically the period until the next survey or certification date. As of June 30, 2025
, the estimated useful life of the Company’s new offshore support vessels was
20
years.
Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.
Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. There was $
0.8
million of capitalized interest recognized during the
six months ended June 30, 2025
and
no
capitalized interest recognized during the
six months ended June 30, 2024
.
Impairment of Long-Lived Assets.
The Company performs an impairment analysis of long-lived assets used in operations when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.
During the six months ended June 30, 2025
and 2024, the Company did
no
t record
impairment
charges on any owned or leased-in vessels. Impairment charges are included in gains (losses) on asset dispositions and impairments in the accompanying consolidated statements of income (loss). Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data.
For vessel classes and individual vessels with indicators of impairment as of June 30, 2025, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.
Impairment of
50%
or Less Owned Companies.
Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is
9
other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the six months ended June 30, 2025 and 2024
, the Company did
no
t recognize any impairment charges related to its 50% or less owned companies.
Income Taxes.
During the six months ended June 30, 2025
, the Company’s effective income tax rate of
17.1
% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes.
Earnings
(
Loss) Per Share.
Basic earnings/loss per share of Common Stock of SEACOR Marine is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $
0.01
per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the New Convertible Notes unless anti-dilutive. As of December 31, 2024, the Company
no
longer had New Convertible Notes as a result of the completion of the 2024 SMFH Credit Facility as previously described in the 2024 Annual Report. As of June 30, 2025, the Company no longer had any warrants to purchase Common Stock outstanding as a result of the completion of the Securities Repurchase (as defined in “Note 9. Stockholders’ Equity”).
For the six months ended June 30, 2024
, diluted loss per share of Common Stock excluded
2,978,724
shares of Common Stock issuable upon conversion of the New Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive.
In addition, for the three and six months ended June 30, 2025 and 2024
diluted loss per share of Common Stock excluded
1,349,373
and
1,386,148
shares of restricted stock, respectively, and
1,008,865
and
1,016,865
shares of Common Stock, respectively, issuable upon exercise of outstanding stock options, as the effect of their inclusion in the computation would be anti-dilutive.
2.
EQUIPMENT ACQUISITIONS AND DISPOSITIONS
During the six months ended June 30, 2025, capital expenditures were
$
31.0
million and there were
no
equipment deliveries.
During the six months ended June 30, 2025
, the Company sold
one
fast support vessel
(“FSV”)
and
two
platform supply vessels
(“PSV”)
, previously classified as held for sale, as well as
one
liftboat and other equipment not previously classified as such,
for net cash proceeds of $
40.1
million, after transaction costs, and a gain of $
25.0
million. During the
six months ended June 30, 2024
, there were
no
equipment deliveries and
no
vessel sales.
3.
INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED
COMPANIES
Investments, at equity, and advances to 50% or less owned companies as of
June 30, 2025 and December 31, 2024 were as follows (in thousands):
Ownership
June 30, 2025
December 31, 2024
Seabulk Angola
49.0
%
$
1,003
$
962
SEACOR Marine Arabia
45.0
%
1,234
2,508
Other
20.0
% -
50.0
%
73
71
$
2,310
$
3,541
10
4.
LONG-TERM DEBT
The Company’s long-term debt obligations as of
June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025
December 31, 2024
2024 SMFH Credit Facility
$
345,700
$
350,000
Current portion due within one year
(
30,000
)
(
27,500
)
Unamortized debt discount
(
3,984
)
(
4,338
)
Deferred financing costs
(
736
)
(
823
)
Long-term debt, less current portion
$
310,980
$
317,339
As of June 30, 2025, the Company was in compliance with all debt covenants and lender requirements.
Letters of Credit
. As of June 30, 2025 and December 31, 2024
, the Company had outstanding letters of credit of $
0.4
million securing lease obligations, labor and performance guaranties.
5.
LEASES
As of June 30, 2025
, the Company leased-in certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. The lease terms of certain facilities and other equipment had a duration ranging from
six
to
258
months.
As of
June 30, 2025, future minimum payments for leases for the remainder of 2025 and the years ended December 31, noted below, were as follows (in thousands):
Operating Leases
Finance Leases
Remainder of 2025
$
443
$
7
2026
476
13
2027
248
9
2028
30
—
2029
30
—
Years subsequent to 2029
510
—
1,737
29
Interest component
(
382
)
(
4
)
1,355
25
Current portion of long-term lease liabilities
543
11
Long-term lease liabilities
$
812
$
14
For the
three and six months ended June 30, 2025 and 2024 the components of lease expense were as follows (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Operating lease costs
$
207
$
398
$
407
$
792
Finance lease costs:
Amortization of finance lease assets
(1)
4
10
15
20
Interest on finance lease liabilities
(2)
1
—
2
1
Short-term lease costs
118
88
255
175
$
330
$
496
$
679
$
988
(1)
Included in amortization costs in the consolidated statements of income (loss)
.
(2)
Included in interest expense in the consolidated statements of income (loss)
.
11
For the
six months ended June 30, 2025 supplemental cash flow information related to leases was as follows (in thousands):
2025
2024
Operating cash outflows from operating leases
$
364
$
1,131
Financing cash outflows from finance leases
13
18
Right-of-use assets obtained for operating lease liabilities
—
—
Right-of-use assets obtained for finance lease liabilities
—
7
For the
six months ended June 30, 2025 other information related to leases was as follows:
2025
2024
Weighted average remaining lease term, in years - operating leases
9.3
11.2
Weighted average remaining lease term, in years - finance leases
2.2
1.2
Weighted average discount rate - operating leases
8.4
%
6.4
%
Weighted average discount rate - finance leases
11.0
%
5.8
%
6.
INCOME TAXES
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the
six months ended June 30, 2025:
Statutory rate
(
21.0
)%
Foreign taxes
33.1
%
Income (loss) of foreign subsidiaries not includable in U.S. return and foreign withholding tax
1.6
%
162(m) - Executive compensation
1.9
%
Subpart F Income and GILTI
2.8
%
Share Award Plans
(
2.3
)%
Other
1.0
%
Effective income tax rate
17.1
%
7.
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
Derivative instruments are classified as either assets, which are included in other receivables in the accompanying consolidated balance sheets, or liabilities based on their individual fair values.
The fair values of the Company’s derivative instruments were as follows (in thousands):
June 30, 2025
December 31, 2024
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivatives not designated as hedging instruments:
Forward Exchange Contract
$
120
$
—
$
—
$
464
Economic Hedges.
The Company may enter and settle forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond 12 to 18 months. During the fourth quarter of 2023, the Company entered into a forward exchange contract related to the purchase of four hybrid battery power systems, the purchase price for which is denominated in Norwegian Kroner. The Company recognized gains of $
0.2
million during the
six months ended June 30, 2025
and losses of $
0.4
million during the
six months ended June 30, 2024 on this contract, which were recognized in earnings.
Cash Flow Hedges.
The Company may from time to time enter into interest rate swap agreements designated as cash flow hedges. By entering into interest rate swap agreements, the Company can convert the
12
variable interest component of certain of their outstanding borrowings to a fixed interest rate. As of June 30, 2025 and December 31, 2024, there were no interest rate swaps held by the Company.
Other Derivative Instruments.
The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the
six months ended June 30, 2025 and 2024 as follows (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Forward currency exchange, option, and future contracts
$
87
$
104
$
212
$
(
439
)
The forward currency exchange contract relates to the purchase of four hybrid battery power systems discussed in “—Economic Hedges” above.
8.
FAIR VALUE MEASUREMENTS
The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value.
Level
1 inputs are quoted prices in active markets for identical assets or liabilities.
Level
2 inputs are observable inputs other than quoted prices included in
Level
1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data.
Level
3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
The Company’s financial assets and liabilities as of
June 30, 2025 and December 31, 2024 that are measured at fair value on a recurring basis were as follows (in thousands):
June 30, 2025
Level 1
Level 2
Level 3
ASSETS
Derivative instruments
$
—
$
120
$
—
December 31, 2024
LIABILITIES
Derivative instruments
$
—
$
464
$
—
The fair value of the Company’s derivative instruments was estimated by utilizing a spot rate as of the measurement date provided by an independent third party.
The estimated fair values of the Company’s other financial assets and liabilities as of
June 30, 2025 and December 31, 2024 were as follows (in thousands):
Estimated Fair Value
June 30, 2025
Carrying
Amount
Level 1
Level 2
Level 3
LIABILITIES
Long-term debt, including current portion
340,980
—
351,821
—
December 31, 2024
LIABILITIES
Long-term debt, including current portion
344,839
—
345,662
—
The carrying value of cash, cash equivalents, restricted cash and trade receivables approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates
13
presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
Property and equipment
. During the six months ended June 30, 2025
, the Company recognized
no
impairment charges. During the year ended
December 31, 2024
, the Company recognized impairment charges totaling $
3.7
million for other equipment designated for a construction project that was indefinitely deferred and will no longer be completed.
9.
STOCKHOLDERS
’ EQUITY
On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the “Carlyle Investors”),
1,355,761
shares of Common Stock, at $
4.90
per share, and warrants to purchase
1,280,195
shares of Common Stock at an exercise price of $
0.01
per share, at $
4.89
per warrant, representing approximately
9.1
% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the “Securities Repurchase”). The aggregate purchase price was approximately $
12.9
million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.
10.
COMMITMENTS AND CONTINGENCIES
As of June 30, 2025
, the Company had unfunded capital commitments of $
65.1
million consisting of $
59.3
million in respect of the construction of
two
PSVs, $
2.2
million in respect of
four
hybrid battery power systems and $
3.6
million for miscellaneous vessel equipment. Of the unfunded capital commitments, $
13.1
million is payable during the remainder of 2025, $
33.4
million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility as previously described in the 2024 Annual Report, $
18.0
million of the proceeds from the sale of
two
anchor handling towing supply vessels (“AHTS”) was designated to make payments on the construction of the
two
PSVs. In addition, during the second quarter of 2025, $
3.8
million of the proceeds from the sale of
one
FSV and $
10.9
million of the proceeds from the sale of
two
PSVs were also designated to make payments on the construction of the
two
PSVs. As of June 30, 2025, $
16.5
million remained in a restricted account as a result of these transactions. 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. $
8.2
million of this tranche was drawn as of
June 30, 2025.
In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda., an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a
70
%/
30
% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. A local Brazilian law has been enacted that supports the Company’s position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$
26.7
million based on a historical potential levy of R$
12.87
million (USD $
4.9
million and USD $
2.4
million, respectively, based on the exchange rate as of
June 30, 2025).
14
In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect that such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.
Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of June 30, 2025
, all invoices received related to MNOPF and MNRPF have been settled in full.
11.
STOCK BASED COMPENSATION
Transactions in connection with the Company’s Equity Incentive Plans during the
six months ended June 30, 2025 were as follows:
Restricted Stock Activity:
Outstanding as of December 31, 2024
(1)
1,392,226
Granted
770,803
Vested
(2)
(
813,656
)
Forfeited
—
Outstanding as of June 30, 2025
(3)
1,349,373
Stock Option Activity:
Outstanding as of December 31, 2024
1,013,865
Granted
—
Exercised
—
Forfeited
(
5,000
)
Outstanding as of June 30, 2025
1,008,865
(1)
Includes
215,853
grants of performance-based restricted stock units that satisfied the performance obligation and are therefore likely to vest and excludes
326,597
grants of performance-based restricted stock units that are not considered outstanding until such time that they become probable to vest.
(2)
Includes
184,930
vested grants of performance-based restricted stock units.
(3)
Includes
30,923
grants of performance-based restricted stock units that satisfied the performance obligation and are therefore likely to vest and excludes
590,657
grants of performance-based restricted stock units that are not considered outstanding until such time that they become probable to vest.
For the six months ended June 30, 2025
, the Company acquired for treasury (i)
218,885
shares of Common Stock from its directors and employees to cover their tax withholding obligations upon the vesting of restricted share awards for an aggregate purchase price of $
1.2
million, and (ii)
74,189
shares of Common Stock from its employees to cover their tax withholding obligations upon the vesting of performance-based restricted stock units for an aggregate purchase price of $
0.4
million. These shares were purchased in accordance with the terms of the Company’s 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.
15
12.
SEGMENT INFORMATION
The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2024
Annual Report.
The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Three Months Ended June 30, 2025
Operating Revenues:
Time charter
$
12,205
$
24,535
$
12,365
$
8,568
$
57,673
Bareboat charter
—
—
—
838
838
Other marine services
1,175
806
432
(
114
)
2,299
13,380
25,341
12,797
9,292
60,810
Direct Costs and Expenses:
Operating:
Personnel
6,854
5,515
4,511
2,089
18,969
Repairs and maintenance
1,950
4,646
6,338
714
13,648
Drydocking
3,684
901
13
545
5,143
Insurance and loss reserves
1,067
899
842
174
2,982
Fuel, lubes and supplies
1,010
1,714
1,279
293
4,296
Other
631
2,357
1,104
363
4,455
15,196
16,032
14,087
4,178
49,493
Direct Vessel (Loss) Profit
$
(
1,816
)
$
9,309
$
(
1,290
)
$
5,114
11,317
Other Costs and Expenses:
Lease expense
$
139
$
51
$
72
$
63
325
Administrative and general
11,998
Depreciation and amortization
3,203
4,263
3,227
1,397
12,090
24,413
Gains on asset dispositions and impairments, net
19,163
Operating income
$
6,067
16
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Six Months Ended June 30, 2025
Operating Revenues:
Time charter
$
18,970
$
45,370
$
28,075
$
17,191
$
109,606
Bareboat charter
—
—
—
1,546
1,546
Other marine services
1,410
1,658
724
1,365
5,157
20,380
47,028
28,799
20,102
116,309
Direct Costs and Expenses:
Operating:
Personnel
13,340
10,698
9,438
4,030
37,506
Repairs and maintenance
3,429
8,108
8,843
1,788
22,168
Drydocking
4,750
2,142
1,044
1,076
9,012
Insurance and loss reserves
1,769
1,493
1,544
329
5,135
Fuel, lubes and supplies
1,829
3,894
2,162
957
8,842
Other
980
5,084
1,985
709
8,758
26,097
31,419
25,016
8,889
91,421
Direct Vessel (Loss) Profit
$
(
5,717
)
$
15,609
$
3,783
$
11,213
24,888
Other Costs and Expenses:
Lease expense
$
275
$
114
$
155
$
118
662
Administrative and general
23,484
Depreciation and amortization
6,908
8,665
6,457
2,870
24,900
49,046
Gains on asset dispositions and impairments, net
24,972
Operating income
$
814
As of June 30, 2025
Property and Equipment:
Historical Cost
$
215,413
$
315,018
$
252,011
$
104,966
$
887,408
Accumulated Depreciation
(
110,640
)
(
122,999
)
(
109,171
)
(
34,455
)
(
377,265
)
$
104,773
$
192,019
$
142,840
$
70,511
$
510,143
Total Assets
(1)
$
123,923
$
229,966
$
191,228
$
85,490
$
630,607
(1)
Total Assets by region does not include corporate assets of $
49.4
million as of
June 30, 2025
.
17
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Three Months Ended June 30, 2024
Operating Revenues:
Time charter
$
7,697
$
27,047
$
18,073
$
12,832
$
65,649
Bareboat charter
—
—
—
364
364
Other marine services
480
1,028
619
1,727
3,854
8,177
28,075
18,692
14,923
69,867
Direct Costs and Expenses:
Operating:
Personnel
6,284
4,969
6,930
3,383
21,566
Repairs and maintenance
1,879
3,161
3,443
1,761
10,244
Drydocking
2,570
1,226
707
1,707
6,210
Insurance and loss reserves
943
819
798
539
3,099
Fuel, lubes and supplies
866
1,170
1,103
827
3,966
Other
226
2,801
989
419
4,435
12,768
14,146
13,970
8,636
49,520
Direct Vessel (Loss) Profit
$
(
4,591
)
$
13,929
$
4,722
$
6,287
20,347
Other Costs and Expenses:
Lease expense
$
141
$
172
$
71
$
102
486
Administrative and general
10,889
Depreciation and amortization
3,194
4,565
3,247
1,933
12,939
24,314
Gains on asset dispositions and impairments, net
37
Operating loss
$
(
3,930
)
18
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Six Months Ended June 30, 2024
Operating Revenues:
Time charter
$
14,654
$
47,602
$
34,550
$
28,106
$
124,912
Bareboat charter
—
—
—
728
728
Other marine services
1,506
1,197
969
3,325
6,997
16,160
48,799
35,519
32,159
132,637
Direct Costs and Expenses:
Operating:
Personnel
12,065
10,150
12,893
8,128
43,236
Repairs and maintenance
3,283
6,370
6,155
4,199
20,007
Drydocking
4,538
3,258
2,190
2,930
12,916
Insurance and loss reserves
1,339
1,153
1,416
929
4,837
Fuel, lubes and supplies
1,533
2,457
2,301
2,198
8,489
Other
55
5,000
1,989
1,090
8,134
22,813
28,388
26,944
19,474
97,619
Direct Vessel (Loss) Profit
$
(
6,653
)
$
20,411
$
8,575
$
12,685
35,018
Other Costs and Expenses:
Lease expense
$
279
$
350
$
156
$
182
967
Administrative and general
22,806
Depreciation and amortization
5,944
8,480
6,743
4,654
25,821
49,594
Gains on asset dispositions and impairments, net
36
Operating loss
$
(
14,540
)
As of June 30, 2024
Property and Equipment:
Historical Cost
$
198,810
$
335,688
$
247,605
$
139,340
$
921,443
Accumulated Depreciation
(
100,019
)
(
116,851
)
(
93,382
)
(
39,547
)
(
349,799
)
$
98,791
$
218,837
$
154,223
$
99,793
$
571,644
Total Assets
(1)
$
123,505
$
259,228
$
178,859
$
119,142
$
680,734
(1)
Total Assets by region does not include corporate assets of $
40.8
million as of June 30, 2024
.
The Company’s investments in
50
% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of
June 30, 2025, and 2024
, the Company’s investments, at equity and advances to
50
% or less owned companies were $
2.3
million and $
2.6
million, respectively. Equity in earnings (losses) of 50% or less owned companies for the
six months ended June 30, 2025 and 2024
were $
1.1
million and ($
0.1
) million, respectively.
13.
SUBSEQUENT EVENTS
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements other than described below.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States. The Company is currently evaluating the potential impact of this legislation on the Company’s financial position and results of operations; however, due to the complexity and nature of this legislation and the uncertainties involved, the Company is unable to reasonably estimate the financial effect at this time.
19
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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 2024 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.
The following Management’s Discussion and Analysis (the “MD&A”) is intended to help the reader understand the Company’s financial condition and results of operations. The MD&A is provided as a supplement to and should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in the 2024 Annual Report.
Overview
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of June 30, 2025, the Company operated a diverse fleet of 49 support vessels, of which 47 were owned and two were managed on behalf of unaffiliated third parties. 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.
The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support and (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company’s vessels provide emergency response services and accommodations for technicians and specialists.
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 Mexico and Guyana. 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.
20
Significant items affecting our results of operations
The number and type of vessels operated, their rates per day worked and their utilization levels are the key determinants of the Company’s operating results and cash flows. Unless a vessel is cold-stacked, there is little reduction in daily running costs for the vessels and, consequently, operating margins are most sensitive to changes in rates per day worked and utilization. The Company manages its fleet utilizing a global network of shore side support, administrative and finance personnel.
Offshore oil and natural gas market conditions are highly volatile. 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 six months ended June 30, 2025, WTI oil prices reached a high of $81 per barrel and a low of $57 per barrel, ending the period at $65 per barrel.
While the Company has experienced difficult market conditions over the past few years due to low and volatile oil and natural gas prices and the focus of oil and natural gas producing companies on cost and capital spending budget reductions, the increases since the lows experienced during the COVID-19 pandemic in oil and natural gas prices has led to an increase in utilization, day rates and customer inquiries about potential new charters.
The Company closely monitors the availability of vessels in the offshore support vessel market as the utilization and day rates of the Company’s fleet is dependent on the supply and demand dynamics for its vessels. For example, low oil and natural gas prices and a corresponding decline in offshore exploration may reduce demand for the Company’s vessels and in the past such declines have forced many operators in the industry to restructure, liquidate assets or consolidate with other operators. Additionally, the delivery of newly built offshore support vessels to the industry-wide fleet has in the past contributed to an oversupply of vessels in the market, thereby further decreasing the demand for the Company’s existing offshore support vessel fleet. A combination of low customer exploration and drilling activity levels, and excess supply of offshore support vessels whether from laid up fleets or newly built vessels could, in isolation or together, have a material adverse effect on the Company’s business, financial position, results of operations, cash flows and growth prospects. Alternatively, increasing activity levels and a stable supply of offshore support vessels could support higher utilization and day rates and improved financial performance of the Company’s business.
Certain macro drivers somewhat independent of oil and natural gas prices may support the Company’s business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world’s energy mix, especially as certain governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for electricity from natural gas. Some alternative forms of energy such as offshore wind farms support some of the Company’s operations and the Company expects such support to increase as development of these forms of renewable energy expands.
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 docking requirements. The Company may maintain class certification on certain
21
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, 2025, three of the Company’s 47 owned vessels were cold-stacked worldwide.
Recent Developments
Securities Repurchase
On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the “Carlyle Investors”), 1,355,761 shares of Common Stock, at $4.90 per share, and warrants to purchase 1,280,195 shares of Common Stock at an exercise price of $0.01 per share, at $4.89 per warrant, representing approximately 9.1% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the “Securities Repurchase”). The aggregate purchase price was approximately $12.9 million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.
Vessel Sales
On April 24, 2025, the Company completed the sale of one FSV built in 2009 for total proceeds of $4.6 million and a gain of approximately $3.0 million. Of these sale proceeds, approximately $3.8 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
On April 7, 2025, the Company completed the sale of two 201 foot, DP-2 PSVs built in 2014 for total proceeds of $28.8 million and a gain of $16.1 million. Of these sale proceeds, approximately $12.9 million was used to complete the Securities Repurchase described above, and approximately $10.9 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
On December 10, 2024, the Company completed the sale of two AHTS for total proceeds of $22.5 million and a gain of $15.6 million. This sale marked the Company’s exit from the AHTS asset class and a portion of the proceeds were used to partially fund the contract price for the newbuild PSVs described below. As of June 30, 2025, the Company managed one sold AHTS on behalf of the new owners. On April 12, 2025, the Company handed over the management of one of the two sold AHTS to the new owners. On July 2, 2025, the Company handed over the management of the second of the two sold AHTS to the new owners.
Debt Refinancing, Maturity Extension and Newbuild Orders
On November 27, 2024, SEACOR Marine, as parent guarantor, SEACOR Marine Foreign Holdings Inc. (“SMFH”), as borrower, and certain other wholly-owned subsidiaries of SEACOR Marine, as subsidiary guarantors, entered into a credit agreement providing for a senior secured term loan of up to $391.0 million (the “2024 SMFH Credit Facility” and such agreement, the “2024 SMFH Credit Agreement”) with an affiliate of EnTrust Global, as lender, Kroll Agency Services Limited, as facility agent, and Kroll Trustee Services Limited, as security trustee.
The 2024 SMFH Credit Facility is divided into two tranches, Tranche A consists of up to $350.0 million and Tranche B consists of up to $41.0 million. Tranche A has been fully drawn with the proceeds used to, among
22
other things, refinance $328.7 million of principal indebtedness under multiple debt facilities, including $203.7 million of secured indebtedness and $125.0 million of unsecured indebtedness due in 2026, inclusive of $35.0 million of convertible debt. $32.8 million of Tranche B remained undrawn as of June 30, 2025 with the proceeds available solely to finance up to 50% of the payments to Fujian Mawei Shipbuilding Ltd. with respect to the shipbuilding contracts for the construction of two PSVs with a contract price of $41.0 million per vessel. The remainder of the purchase price of the vessels will be paid through asset sale proceeds and cash on hand. The PSVs are each 4,650 tons deadweight with a 1,000 square meter deck area and equipped with medium speed diesel engines and an integrated battery energy storage system for higher fuel efficiency and lower running costs. The PSVs are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, respectively. The 2024 SMFH Credit Facility matures in December 2029.
At the Market Program
On February 7, 2025, SEACOR Marine entered into an at-the-market offering program (“ATM Program”) pursuant to a sales agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”), relating to the issuance and sale from time to time by SEACOR Marine, as principal or through the Sales Agent, of shares of Common Stock having an aggregate gross sales price of up to $25.0 million (the “ATM Shares”). The sale of the ATM Shares if any, under the Sales Agreement may be made in ordinary brokers’ transactions, to or through a market maker, on or through the NYSE, the existing trading market for the Common Stock, or any other market venue where the Common Stock may be traded, in the over-the-counter market, in privately negotiated transactions, or through a combination of any such methods of sale. The Sales Agent may also sell the ATM Shares by any other method permitted by law. Upon the execution and effectiveness of the Sales Agreement, the at-the-market offering program entered into with the Sales Agent in November of 2023 was terminated. No sales have been made under the Sales Agreement since it was entered into.
23
Consolidated
Results of Operations
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, 2025 compared with the three and six months (“Prior Year Quarter” and “Prior Year Six Months”) ended June 30, 2024. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2024, 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):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Time Charter Statistics:
Average Rates Per Day
$
19,731
$
19,141
$
19,291
$
19,094
Fleet Utilization
68
%
69
%
64
%
65
%
Fleet Available Days
4,310
4,994
8,893
9,999
Operating Revenues:
Time charter
$
57,673
95
%
$
65,649
94
%
$
109,606
94
%
$
124,912
94
%
Bareboat charter
838
1
%
364
1
%
1,546
1
%
728
1
%
Other marine services
2,299
4
%
3,854
5
%
5,157
5
%
6,997
5
%
60,810
100
%
69,867
100
%
116,309
100
%
132,637
100
%
Costs and Expenses:
Operating:
Personnel
18,969
31
%
21,566
31
%
37,506
32
%
43,236
33
%
Repairs and maintenance
13,648
22
%
10,244
15
%
22,168
19
%
20,007
15
%
Drydocking
5,143
9
%
6,210
9
%
9,012
8
%
12,916
10
%
Insurance and loss reserves
2,982
5
%
3,099
4
%
5,135
4
%
4,837
4
%
Fuel, lubes and supplies
4,296
7
%
3,966
6
%
8,842
8
%
8,489
6
%
Other
4,455
7
%
4,435
6
%
8,758
8
%
8,134
6
%
49,493
81
%
49,520
71
%
91,421
79
%
97,619
74
%
Lease expense - operating
325
1
%
486
1
%
662
1
%
967
1
%
Administrative and general
11,998
20
%
10,889
16
%
23,484
20
%
22,806
17
%
Depreciation and amortization
12,090
20
%
12,939
19
%
24,900
21
%
25,821
19
%
73,906
122
%
73,834
106
%
140,467
121
%
147,213
111
%
Gains on Asset Dispositions and Impairments, Net
19,163
32
%
37
0
%
24,972
21
%
36
0
%
Operating Income (Loss)
6,067
10
%
(3,930
)
(6
)%
814
1
%
(14,540
)
(11
)%
Other Expense, Net
(10,504
)
(17
)%
(10,201
)
(15
)%
(20,725
)
(18
)%
(20,635
)
(16
)%
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
(4,437
)
(7
)%
(14,131
)
(20
)%
(19,911
)
(17
)%
(35,175
)
(27
)%
Income Tax Expense (Benefit)
2,508
4
%
(682
)
(1
)%
3,412
3
%
243
0
%
Loss Before Equity in Earnings of 50% or Less Owned Companies
(6,945
)
(11
)%
(13,449
)
(19
)%
(23,323
)
(20
)%
(35,418
)
(27
)%
Equity in Earnings (Losses) of 50% or Less Owned Companies
218
0
%
966
1
%
1,107
1
%
(134
)
(0
)%
Net Loss
$
(6,727
)
(11
)%
$
(12,483
)
(18
)%
$
(22,216
)
(19
)%
$
(35,552
)
(27
)%
Direct Vessel Profit.
Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for leased-in vessels). See “Note 11. Segment Information” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q.
24
The following tables summarize the operating results and property and equipment for the Company’s reportable segments for the periods indicated (in thousands, except statistics):
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Three Months Ended June 30, 2025
Time Charter Statistics:
Average Rates Per Day
$
25,262
$
19,140
$
15,506
$
23,764
$
19,731
Fleet Utilization
48
%
77
%
73
%
66
%
68
%
Fleet Available Days
1,007
1,668
1,089
546
4,310
Operating Revenues:
Time charter
$
12,205
$
24,535
$
12,365
$
8,568
$
57,673
Bareboat charter
—
—
—
838
838
Other marine services
1,175
806
432
(114
)
2,299
13,380
25,341
12,797
9,292
60,810
Direct Costs and Expenses:
Operating:
Personnel
6,854
5,515
4,511
2,089
18,969
Repairs and maintenance
1,950
4,646
6,338
714
13,648
Drydocking
3,684
901
13
545
5,143
Insurance and loss reserves
1,067
899
842
174
2,982
Fuel, lubes and supplies
1,010
1,714
1,279
293
4,296
Other
631
2,357
1,104
363
4,455
15,196
16,032
14,087
4,178
49,493
Direct Vessel (Loss) Profit
$
(1,816
)
$
9,309
$
(1,290
)
$
5,114
11,317
Other Costs and Expenses:
Lease expense
$
139
$
51
$
72
$
63
325
Administrative and general
11,998
Depreciation and amortization
3,203
4,263
3,227
1,397
12,090
24,413
Gains on asset dispositions and impairments, net
19,163
Operating income
$
6,067
25
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Six Months Ended June 30, 2025
Time Charter Statistics:
Average Rates Per Day
$
24,749
$
18,246
$
16,735
$
22,891
$
19,291
Fleet Utilization
36
%
74
%
74
%
67
%
64
%
Fleet Available Days
2,128
3,378
2,259
1,128
8,893
Operating Revenues:
Time charter
$
18,970
$
45,370
$
28,075
$
17,191
$
109,606
Bareboat charter
—
—
—
1,546
1,546
Other marine services
1,410
1,658
724
1,365
5,157
20,380
47,028
28,799
20,102
116,309
Direct Costs and Expenses:
Operating:
Personnel
13,340
10,698
9,438
4,030
37,506
Repairs and maintenance
3,429
8,108
8,843
1,788
22,168
Drydocking
4,750
2,142
1,044
1,076
9,012
Insurance and loss reserves
1,769
1,493
1,544
329
5,135
Fuel, lubes and supplies
1,829
3,894
2,162
957
8,842
Other
980
5,084
1,985
709
8,758
26,097
31,419
25,016
8,889
91,421
Direct Vessel (Loss) Profit
$
(5,717
)
$
15,609
$
3,783
$
11,213
24,888
Other Costs and Expenses:
Lease expense
$
275
$
114
$
155
$
118
662
Administrative and general
23,484
Depreciation and amortization
6,908
8,665
6,457
2,870
24,900
49,046
Gains on asset dispositions and impairments, net
24,972
Operating income
$
814
As of June 30, 2025
Property and Equipment:
Historical cost
$
215,413
$
315,018
$
252,011
$
104,966
$
887,408
Accumulated depreciation
(110,640
)
(122,999
)
(109,171
)
(34,455
)
(377,265
)
$
104,773
$
192,019
$
142,840
$
70,511
$
510,143
Total Assets
(1)
$
123,923
$
229,966
$
191,228
$
85,490
$
630,607
(1)
Total Assets by region does not include corporate assets of $49.4 million as of June 30, 2025
.
26
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Three Months Ended June 30, 2024
Time Charter Statistics:
Average Rates Per Day
$
22,356
$
18,580
$
17,083
$
22,437
$
19,141
Fleet Utilization
37
%
74
%
82
%
71
%
69
%
Fleet Available Days
921
1,969
1,296
808
4,994
Operating Revenues:
Time charter
$
7,697
$
27,047
$
18,073
$
12,832
$
65,649
Bareboat charter
—
—
—
364
364
Other marine services
480
1,028
619
1,727
3,854
8,177
28,075
18,692
14,923
69,867
Direct Costs and Expenses:
Operating:
Personnel
6,284
4,969
6,930
3,383
21,566
Repairs and maintenance
1,879
3,161
3,443
1,761
10,244
Drydocking
2,570
1,226
707
1,707
6,210
Insurance and loss reserves
943
819
798
539
3,099
Fuel, lubes and supplies
866
1,170
1,103
827
3,966
Other
226
2,801
989
419
4,435
12,768
14,146
13,970
8,636
49,520
Direct Vessel (Loss) Profit
$
(4,591
)
$
13,929
$
4,722
$
6,287
$
20,347
Other Costs and Expenses:
Lease expense
$
141
$
172
$
71
$
102
486
Administrative and general
10,889
Depreciation and amortization
3,194
4,565
3,247
1,933
12,939
24,314
Gains on asset dispositions and impairments, net
37
Operating loss
$
(3,930
)
27
United
States
(primarily
Gulf of
America)
Africa
and Europe
Middle
East
and Asia
Latin
America
Total
For the Six Months Ended June 30, 2024
Time Charter Statistics:
Average Rates Per Day
$
24,779
$
16,951
$
17,012
$
25,287
$
19,094
Fleet Utilization
32
%
75
%
76
%
64
%
65
%
Fleet Available Days
1,848
3,744
2,661
1,746
9,999
Operating Revenues:
Time charter
$
14,654
$
47,602
$
34,550
$
28,106
$
124,912
Bareboat charter
—
—
—
728
728
Other marine services
1,506
1,197
969
3,325
6,997
16,160
48,799
35,519
32,159
132,637
Direct Costs and Expenses:
Operating:
Personnel
12,065
10,150
12,893
8,128
43,236
Repairs and maintenance
3,283
6,370
6,155
4,199
20,007
Drydocking
4,538
3,258
2,190
2,930
12,916
Insurance and loss reserves
1,339
1,153
1,416
929
4,837
Fuel, lubes and supplies
1,533
2,457
2,301
2,198
8,489
Other
55
5,000
1,989
1,090
8,134
22,813
28,388
26,944
19,474
97,619
Direct Vessel (Loss) Profit
$
(6,653
)
$
20,411
$
8,575
$
12,685
$
35,018
Other Costs and Expenses:
Lease expense
$
279
$
350
$
156
$
182
967
Administrative and general
22,806
Depreciation and amortization
5,944
8,480
6,743
4,654
25,821
49,594
Gains on asset dispositions and impairments, net
36
Operating loss
$
(14,540
)
As of June 30, 2024
Property and Equipment:
Historical cost
$
198,810
$
335,688
$
247,605
$
139,340
$
921,443
Accumulated depreciation
(100,019
)
(116,851
)
(93,382
)
(39,547
)
(349,799
)
$
98,791
$
218,837
$
154,223
$
99,793
$
571,644
Total Assets
(1)
$
123,505
$
259,228
$
178,859
$
119,142
$
680,734
(1)
Total Assets by region does not include corporate assets of $40.8 million as of June 30, 2024
.
28
For additional information, the following tables summarize the worldwide operating results and property and equipment for each of the Company’s vessel classes for the periods indicated (in thousands, except statistics):
AHTS
(1)
FSV
(2)
PSV
(3)
Liftboats
Other
activity
Total
For the Three Months Ended June 30, 2025
Time Charter Statistics:
Average Rates Per Day
$
—
$
13,468
$
22,231
$
31,904
$
—
$
19,731
Fleet Utilization
—
%
67
%
68
%
67
%
—
%
68
%
Fleet Available Days
—
1,935
1,738
637
—
4,310
Operating Revenues:
Time charter
$
(22
)
$
17,573
$
26,440
$
13,682
$
—
$
57,673
Bareboat charter
—
—
838
—
—
838
Other marine services
(9
)
516
433
1,168
191
2,299
(31
)
18,089
27,711
14,850
191
60,810
Direct Costs and Expenses:
Operating:
Personnel
9
4,526
8,567
5,673
194
18,969
Repairs and maintenance
255
3,542
3,799
6,022
30
13,648
Drydocking
—
666
1,993
2,484
—
5,143
Insurance and loss reserves
(4
)
683
906
1,376
21
2,982
Fuel, lubes and supplies
(125
)
1,449
1,858
1,114
—
4,296
Other
(4
)
1,428
2,199
803
29
4,455
131
12,294
19,322
17,472
274
49,493
Other Costs and Expenses:
Lease expense
$
—
$
—
$
—
$
—
$
325
325
Administrative and general
11,998
Depreciation and amortization
3
4,703
3,943
3,424
17
12,090
24,413
Gains on asset dispositions and impairments, net
19,163
Operating income
$
6,067
(1)
Anchor handling towing supply vessel (“AHTS”).
(2)
Fast support vessel (“FSV”).
(3)
Platform support vessel (“PSV”)
.
29
AHTS
(1)
FSV
(2)
PSV
(3)
Liftboats
Other
activity
Total
For the Six Months Ended June 30, 2025
Time Charter Statistics:
Average Rates Per Day
$
—
$
13,633
$
20,919
$
35,118
$
—
$
19,291
Fleet Utilization
—
%
69
%
62
%
55
%
—
%
64
%
Fleet Available Days
—
3,915
3,628
1,350
—
8,893
Operating Revenues:
Time charter
$
(7
)
$
36,930
$
46,726
$
25,957
$
—
$
109,606
Bareboat charter
—
—
1,546
—
—
1,546
Other marine services
—
1,278
941
2,457
481
5,157
(7
)
38,208
49,213
28,414
481
116,309
Direct Costs and Expenses:
Operating:
Personnel
10
9,459
16,918
10,920
199
37,506
Repairs and maintenance
293
6,525
7,748
7,593
9
22,168
Drydocking
—
1,019
4,506
3,487
—
9,012
Insurance and loss reserves
(4
)
1,200
1,537
2,617
(215
)
5,135
Fuel, lubes and supplies
(59
)
2,622
4,452
1,826
1
8,842
Other
8
3,210
4,217
1,285
38
8,758
248
24,035
39,378
27,728
32
91,421
Other Costs and Expenses:
Lease expense
$
—
$
—
$
—
$
—
$
662
662
Administrative and general
23,484
Depreciation and amortization
7
9,635
8,076
7,143
39
24,900
49,046
Gains on asset dispositions and impairments, net
24,972
Operating income
$
814
As of June 30, 2025
Property and Equipment:
Historical cost
$
948
$
341,426
$
296,183
$
229,920
$
18,931
$
887,408
Accumulated depreciation
(833
)
(168,742
)
(74,359
)
(114,641
)
(18,690
)
(377,265
)
$
115
$
172,684
$
221,824
$
115,279
$
241
$
510,143
AHTS
FSV
PSV
Liftboats
Other
activity
Total
For the Three Months Ended June 30, 2024
Time Charter Statistics:
Average Rates Per Day
$
8,125
$
12,978
$
20,952
$
43,204
$
—
$
19,141
Fleet Utilization
49
%
80
%
66
%
54
%
—
%
69
%
Fleet Available Days
364
2,002
1,900
728
—
4,994
Operating Revenues:
Time charter
$
1,459
$
20,698
$
26,390
$
17,102
$
—
$
65,649
Bareboat charter
—
—
364
—
—
364
Other marine services
219
516
2,266
666
187
3,854
1,678
21,214
29,020
17,768
187
69,867
Direct Costs and Expenses:
Operating:
Personnel
1,045
5,829
8,979
6,842
(1,129
)
21,566
Repairs and maintenance
465
4,572
3,151
2,054
2
10,244
Drydocking
280
457
2,616
2,857
—
6,210
Insurance and loss reserves
97
546
1,037
1,482
(63
)
3,099
Fuel, lubes and supplies
69
993
1,575
1,329
—
3,966
Other
230
1,850
1,850
519
(14
)
4,435
2,186
14,247
19,208
15,083
(1,204
)
49,520
Other Costs and Expenses:
Lease expense
$
164
$
—
$
3
$
—
$
319
486
Administrative and general
10,889
Depreciation and amortization
175
4,746
4,128
3,865
25
12,939
24,314
Gains on asset dispositions and impairments, net
37
Operating loss
$
(3,930
)
30
AHTS
FSV
PSV
Liftboats
Other
activity
Total
For the Six Months Ended June 30, 2024
Time Charter Statistics:
Average Rates Per Day
$
8,374
$
12,434
$
20,141
$
48,266
$
—
$
19,094
Fleet Utilization
62
%
76
%
60
%
54
%
—
%
65
%
Fleet Available Days
728
4,004
3,811
1,456
—
9,999
Operating Revenues:
Time charter
$
3,790
$
37,779
$
45,780
$
37,563
$
—
$
124,912
Bareboat charter
—
—
728
—
—
728
Other marine services
219
642
2,682
2,438
1,016
6,997
4,009
38,421
49,190
40,001
1,016
132,637
Direct Costs and Expenses:
Operating:
Personnel
2,109
11,478
17,829
12,982
(1,162
)
43,236
Repairs and maintenance
685
7,665
7,544
4,089
24
20,007
Drydocking
348
2,326
6,002
4,240
—
12,916
Insurance and loss reserves
140
823
1,432
2,764
(322
)
4,837
Fuel, lubes and supplies
685
2,044
3,464
2,296
—
8,489
Other
517
3,499
3,245
862
11
8,134
4,484
27,835
39,516
27,233
(1,449
)
97,619
Other Costs and Expenses:
Lease expense
$
335
$
—
$
3
$
—
$
629
967
Administrative and general
22,806
Depreciation and amortization
350
9,490
8,201
7,731
49
25,821
49,594
Gains on asset dispositions and impairments, net
36
Operating loss
$
(14,540
)
As of June 30, 2024
Property and Equipment:
Historical cost
$
12,669
$
341,536
$
303,673
$
244,462
$
19,103
$
921,443
Accumulated depreciation
(5,485
)
(151,788
)
(61,363
)
(112,357
)
(18,806
)
(349,799
)
$
7,184
$
189,748
$
242,310
$
132,105
$
297
$
571,644
Fleet Counts.
The Company’s fleet count as of June 30, 2025 and December 31, 2024 was as follows:
Owned
Managed
Total
June 30, 2025
AHTS
—
1
1
FSV
21
1
22
PSV
19
—
19
Liftboats
7
—
7
47
2
49
December 31, 2024
AHTS
—
2
2
FSV
22
1
23
PSV
21
—
21
Liftboats
8
—
8
51
3
54
31
Operating
Income
(Loss)
United States, primarily Gulf of America.
For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025
2024
2025
2024
Time Charter Statistics:
Rates Per Day Worked:
FSV
$
—
$
10,345
$
10,782
$
10,021
PSV
14,300
14,405
14,270
14,191
Liftboats
30,230
37,544
32,090
40,623
Overall
25,262
22,356
24,749
24,779
Utilization:
FSV
—
%
39
%
11
%
31
%
PSV
54
%
56
%
38
%
44
%
Liftboats
73
%
29
%
48
%
28
%
Overall
48
%
37
%
36
%
32
%
Available Days:
FSV
273
273
543
546
PSV
279
182
629
364
Liftboats
455
466
956
938
Overall
1,007
921
2,128
1,848
Operating revenues:
Time charter
$
12,205
91
%
$
7,697
94
%
$
18,970
93
%
$
14,654
91
%
Other marine services
1,175
9
%
480
6
%
1,410
7
%
1,506
9
%
13,380
100
%
8,177
100
%
20,380
100
%
16,160
100
%
Direct operating expenses:
Personnel
6,854
51
%
6,284
77
%
13,340
65
%
12,065
75
%
Repairs and maintenance
1,950
15
%
1,879
23
%
3,429
17
%
3,283
20
%
Drydocking
3,684
27
%
2,570
31
%
4,750
23
%
4,538
28
%
Insurance and loss reserves
1,067
8
%
943
11
%
1,769
9
%
1,339
8
%
Fuel, lubes and supplies
1,010
8
%
866
11
%
1,829
9
%
1,533
10
%
Other
631
5
%
226
3
%
980
5
%
55
0
%
15,196
114
%
12,768
156
%
26,097
128
%
22,813
141
%
Direct Vessel Loss
$
(1,816
)
(14
)%
$
(4,591
)
(56
)%
$
(5,717
)
(28
)%
$
(6,653
)
(41
)%
Current Year Quarter compared with Prior Year Quarter
Operating Revenues
. Charter revenues were $4.5 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $5.7 million higher due to the repositioning of four vessels into the region subsequent to the Prior Year Quarter and $0.5 million lower due to the disposition of two vessels subsequent to the Prior Year Quarter. Charter revenues were $0.7 million lower for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of seven vessels, due to lower average day rates of $22,658 in the Current Year Quarter compared to $23,380 in the Prior Year Quarter and lower utilization of 45% in the Current Year Quarter compared to 48% in the Prior Year Quarter. Other marine services were $0.7 million higher primarily due to higher catering revenues. As of June 30, 2025, the Company had three of 11 owned vessels (three FSVs) cold-stacked in this region compared with one of ten vessels (one liftboat) as of June 30, 2024.
Direct Operating Expenses
. Direct operating expenses were $2.4 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.9 million higher due to the repositioning of vessels between geographic regions offset by $1.5 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and $1.0 million lower due to net asset dispositions.
32
Current Year Six Months compared with Prior Year Six Months
Operating Revenues
. Charter revenues were $4.3 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $8.8 million higher due to the repositioning of four vessels into the region subsequent to the Prior Year Six Months. Charter revenues were $3.8 million lower for the Regional Core Fleet, which consists of seven vessels, due to lower average day rates of $20,861 in the Current Year Six Months compared to $25,983 in the Prior Year Six Months, and lower utilization of 38% in the Current Year Six Months compared to 42% in the Prior Year Six Months. Charter revenues were $0.7 million lower due to the disposition of two vessels subsequent to the Prior Year Six Months.
Direct Operating Expenses
. Direct operating expenses were $3.3 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $8.8 million higher due to the repositioning of vessels between geographic regions offset by $3.1 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $2.4 million lower due to net asset dispositions.
Africa and Europe.
For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025
2024
2025
2024
Time Charter Statistics:
Rates Per Day Worked:
AHTS
$
—
$
10,350
$
—
$
10,062
FSV
15,278
15,416
15,702
14,460
PSV
25,473
25,032
22,825
23,612
Overall
19,140
18,580
18,246
16,951
Utilization:
AHTS
—
%
34
%
—
%
50
%
FSV
84
%
85
%
83
%
87
%
PSV
67
%
74
%
61
%
68
%
Overall
77
%
74
%
74
%
75
%
Available Days:
AHTS
—
273
—
546
FSV
940
979
1,930
1,889
PSV
728
717
1,448
1,309
Overall
1,668
1,969
3,378
3,744
Operating revenues:
Time charter
$
24,535
97
%
$
27,047
96
%
$
45,370
96
%
$
47,602
98
%
Other marine services
806
3
%
1,028
4
%
1,658
4
%
1,197
2
%
25,341
100
%
28,075
100
%
47,028
100
%
48,799
100
%
Direct operating expenses:
Personnel
5,515
22
%
4,969
18
%
10,698
23
%
10,150
21
%
Repairs and maintenance
4,646
18
%
3,161
11
%
8,108
17
%
6,370
13
%
Drydocking
901
4
%
1,226
4
%
2,142
5
%
3,258
7
%
Insurance and loss reserves
899
3
%
819
3
%
1,493
3
%
1,153
2
%
Fuel, lubes and supplies
1,714
7
%
1,170
4
%
3,894
8
%
2,457
5
%
Other
2,357
9
%
2,801
10
%
5,084
11
%
5,000
10
%
16,032
63
%
14,146
50
%
31,419
67
%
28,388
58
%
Direct Vessel Profit
$
9,309
37
%
$
13,929
50
%
$
15,609
33
%
$
20,411
42
%
33
Current Year Quarter compared with Prior Year Quarter
Operating Revenues.
Charter revenues were $2.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.0 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.7 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Quarter. Charter revenues were $0.8 million lower for the Regional Core Fleet, which consists of 18 vessels, primarily due to lower average day rates of $19,157 in the Current Year Quarter compared to $19,582 in the Prior Year Quarter and lower utilization of 78% in the Current Year Quarter compared to 81% in the Prior Year Quarter. As of June 30, 2025, the Company had no vessels cold-stacked in this region compared with one of 22 owned and leased-in vessels (one AHTS) as of June 30, 2024.
Direct Operating Expenses.
Direct operating expenses were $1.9 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.6 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $1.5 million lower due to net asset dispositions and $0.2 million lower due to the repositioning of vessels between geographic regions.
Current Year Six Months compared with Prior Year Six Months
Operating Revenues.
Charter revenues were $2.2 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $2.8 million lower due to the disposition of three vessels subsequent to the Prior Year Six Months. Charter revenues were $1.0 million lower for the Regional Core Fleet, which consists of 17 vessels, primarily due to lower utilization of 74% in the Current Year Six Months compared to 79% in the Prior Year Six Months offset by higher average day rates of $18,409 in the Current Year Six Months compared to $18,284 in the Prior Year Six Months. Charter revenues were $1.6 million higher due to the repositioning of two vessels into the region subsequent to the Prior Year Six Months. Other marine services were $0.5 million higher primarily due to higher mobilization revenues.
Direct Operating Expenses.
Direct operating expenses were $3.0 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $5.3 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 $2.8 million lower due to net asset dispositions.
34
Middle East and Asia.
For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025
2024
2025
2024
Time Charter Statistics:
Rates Per Day Worked:
AHTS
$
—
$
5,786
$
—
$
5,784
FSV
9,201
8,656
8,867
8,159
PSV
16,467
16,499
15,790
15,902
Liftboats
37,678
45,900
40,232
45,900
Overall
15,506
17,083
16,735
17,012
Utilization:
AHTS
—
%
96
%
—
%
98
%
FSV
72
%
85
%
69
%
74
%
PSV
86
%
67
%
80
%
66
%
Liftboats
53
%
100
%
76
%
100
%
Overall
73
%
82
%
74
%
76
%
Available Days:
AHTS
—
91
—
182
FSV
540
568
1,080
1,205
PSV
367
455
817
910
Liftboats
182
182
362
364
Overall
1,089
1,296
2,259
2,661
Operating revenues:
Time charter
$
12,365
97
%
$
18,073
97
%
$
28,075
97
%
$
34,550
97
%
Other marine services
432
3
%
619
3
%
724
3
%
969
3
%
12,797
100
%
18,692
100
%
28,799
100
%
35,519
100
%
Direct operating expenses:
Personnel
4,511
35
%
6,930
37
%
9,438
33
%
12,893
36
%
Repairs and maintenance
6,338
49
%
3,443
19
%
8,843
31
%
6,155
17
%
Drydocking
13
0
%
707
4
%
1,044
4
%
2,190
6
%
Insurance and loss reserves
842
7
%
798
4
%
1,544
5
%
1,416
4
%
Fuel, lubes and supplies
1,279
10
%
1,103
6
%
2,162
7
%
2,301
7
%
Other
1,104
9
%
989
5
%
1,985
7
%
1,989
6
%
14,087
110
%
13,970
75
%
25,016
87
%
26,944
76
%
Direct Vessel (Loss) Profit
$
(1,290
)
-10
%
$
4,722
25
%
$
3,783
13
%
$
8,575
24
%
Current Year Quarter compared with Prior Year Quarter
Operating Revenues.
Charter revenues were $5.7 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.5 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower utilization of 79% in the Current Year Quarter compared to 81% in the Prior Year Quarter and lower average day rates of $15,698 in the Current Year Quarter compared to $19,535 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 $0.1 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Quarter. As of June 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Direct Operating Expenses.
Direct operating expenses were $0.1 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.9 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.6 million higher due to the repositioning of vessels between geographic regions and $2.4 million lower due to net asset dispositions.
35
Current Year Six Months compared with Prior Year Six Months
Operating Revenues.
Charter revenues were $6.5 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $3.3 million lower due to the disposition of three vessels subsequent to the Prior Year Six Months and $0.5 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Six Months. Charter revenues were $2.7 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower average day rates of $16,935 in the Current Year Six Months compared to $20,079 in the Prior Year Six Months offset by higher utilization of 79% in the Current Year Six Months compared to 73% in the Prior Year Six Months.
Direct Operating Expenses.
Direct operating expenses were $1.9 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $3.7 million lower due to net asset dispositions, $0.4 million lower due to the repositioning of vessels between geographic regions and $2.2 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Latin America (Brazil, Mexico, Central and South America).
For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025
2024
2025
2024
Time Charter Statistics:
Rates Per Day Worked:
FSV
$
15,188
$
14,950
$
15,046
$
14,950
PSV
28,254
20,539
28,228
20,798
Liftboats
—
46,904
—
67,293
Overall
23,764
22,437
22,891
25,287
Utilization:
FSV
68
%
93
%
84
%
95
%
PSV
65
%
60
%
61
%
50
%
Liftboats
—
%
96
%
—
%
98
%
Overall
66
%
71
%
67
%
64
%
Available Days:
FSV
182
182
362
364
PSV
364
546
734
1,228
Liftboats
—
80
32
154
Overall
546
808
1,128
1,746
Operating revenues:
Time charter
$
8,568
92
%
$
12,832
86
%
$
17,191
86
%
$
28,106
88
%
Bareboat charter
838
9
%
364
2
%
1,546
7
%
728
2
%
Other marine services
(114
)
-1
%
1,727
12
%
1,365
7
%
3,325
10
%
9,292
100
%
14,923
100
%
20,102
99
%
32,159
100
%
Direct operating expenses:
Personnel
2,089
22
%
3,383
23
%
4,030
20
%
8,128
25
%
Repairs and maintenance
714
8
%
1,761
12
%
1,788
9
%
4,199
13
%
Drydocking
545
6
%
1,707
11
%
1,076
5
%
2,930
9
%
Insurance and loss reserves
174
2
%
539
4
%
329
2
%
929
3
%
Fuel, lubes and supplies
293
3
%
827
5
%
957
5
%
2,198
7
%
Other
363
4
%
419
3
%
709
3
%
1,090
4
%
4,178
45
%
8,636
58
%
8,889
44
%
19,474
61
%
Direct Vessel Profit
$
5,114
55
%
$
6,287
42
%
$
11,213
56
%
$
12,685
39
%
36
Current Year Quarter compared with Prior Year Quarter
Operating Revenues.
Charter revenues were $3.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $6.6 million lower due to the repositioning of three vessels out of the region subsequent to the Prior Year Quarter. Charter revenues were $2.8 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 66% in the Current Year Quarter compared to 60% in the Prior Year Quarter and higher average day rates of $23,764 in the Current Year Quarter compared to $18,820 in the Prior Year Quarter. Other marine services were $1.8 million lower primarily due to lower mobilization and catering revenues. As of June 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Direct Operating Expenses.
Direct operating expenses were $4.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.9 million lower due to the repositioning of vessels between geographic regions and $1.6 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Current Year Six Months compared with Prior Year Six Months
Operating Revenues.
Charter revenues were $10.1 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 repositioning of four vessels out of the region subsequent to the Prior Year Six Months. Charter revenues were $5.3 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 68% in the Current Year Six Months compared to 62% in the Prior Year Six Months and higher average day rates of $23,210 in the Current Year Six Months compared to $18,786 in the Prior Year Six Months. Other marine services were $2.0 million lower primarily due to lower mobilization and catering revenues.
Direct Operating Expenses.
Direct operating expenses were $10.6 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $7.6 million lower due to the repositioning of vessels between geographic regions and $3.0 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Other Operating Expenses
Lease Expense.
Leased-in equipment expense for the Current Year Quarter and Current Year Six Months was $0.2 million lower and $0.3 million lower compared to the Prior Year Quarter and Prior Year Six Months due to having no leased-in vessels in the Current Year Quarter and Current Year Six Months compared to one in the Prior Year Quarter and Prior Year Six Months.
Administrative and general.
Administrative and general expenses for the Current Year Quarter and Current Year Six Months were $1.1 million higher and $0.7 million higher compared to the Prior Year Quarter and Prior Year Six Months due to increases in professional fees and increases in wages and benefits expenses offset by decreases in allowance for credit losses.
Depreciation and amortization.
Depreciation and amortization expense for the Current Year Quarter and Current Year Six Months were $0.8 million lower and $0.9 million lower compared to the Prior Year Quarter and Prior Year Six Months due to net fleet changes.
37
Gains (Losses) on Asset Dispositions and Impairments, Net.
During the Current Year Quarter, the Company sold
one FSV and two PSVs, previously classified as held for sale,
and other equipment not previously classified as such
for net cash proceeds of $31.6 million, after transaction costs, and a gain of $19.2 million. During the Prior Year Quarter, the Company sold
other equipment
for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.
During the Current Year Six Months, the Company
sold one FSV and two PSVs, previously classified as held for sale, as well as one liftboat and other equipment not previously classified as such
for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million. During the Prior Year Six Months, the Company sold
other equipment
for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.
Other Income (Expense), Net
For the three and six months ended June 30, 2025 and 2024, the Company’s other income (expense) was as follows (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Other Income (Expense):
Interest income
$
372
$
445
$
808
$
1,038
Interest expense
(8,844
)
(10,190
)
(18,430
)
(20,499
)
Derivative gains (losses), net
87
104
212
(439
)
Foreign currency losses, net
(2,119
)
(560
)
(3,315
)
(640
)
Other, net
—
—
—
(95
)
$
(10,504
)
$
(10,201
)
$
(20,725
)
$
(20,635
)
Interest income.
Interest income was lower for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months due to reduced cash balances held in interest bearing accounts
.
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 a lower interest rate on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum), which was entered into on November 27, 2024 compared to the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023.
Derivative gains (losses), net.
Net derivative gains for the Current Year Quarter compared with the Prior Year Quarter was nearly flat. Net derivative gains for the Current Year Six Months compared with net derivative losses for the Prior Year Six Months were due to the weakening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner.
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 increased primarily due to the weakening of the U.S. dollar in relation to the pound sterling.
Income Tax Expense
During the six months ended June 30, 2025, the Company’s effective income tax rate of 17.1% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes.
38
Equity in Earnings of 50% or Less Owned Companies
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.7 million lower and earnings for the Current Year Six Months compared with the Prior Year Six Months were $1.2 million higher due to the following changes in equity earnings (losses) (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
SEACOR Marine Arabia
$
355
$
1,698
$
1,064
$
1,292
Other
(137
)
(732
)
43
(1,426
)
$
218
$
966
$
1,107
$
(134
)
Liquidity and Capital Resources
General
The Company’s ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its debt facilities. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company’s ATM Program, which has approximately $25.0 million of remaining sales capacity as of June 30, 2025. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.
As of June 30, 2025 and June 30, 2024, the Company held balances of cash, cash equivalents and restricted cash totaling $51.6 million and $42.9 million, respectively.
As of June 30, 2025, the Company had outstanding debt of $341.0 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of June 30, 2025, are as follows (in thousands):
Actual
Remainder 2025
$
15,000
2026
30,000
2027
30,677
2028
30,621
2029
239,402
Years subsequent to 2029
—
$
345,700
As of June 30, 2025, the Company had unfunded capital commitments of $65.1 million consisting of $59.3 million in respect of the construction of two PSVs, $2.3 million in respect of four hybrid battery power systems and $3.5 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $13.1 million is payable during 2025, $33.4 million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility, previously described in the 2024 Annual Report, $18.0 million of the proceeds from the sale of two AHTS was designated to make payments on the construction of two PSVs. In addition, during the second quarter of 2025, $3.8 million of the proceeds from the sale of one FSV and $10.9 million of the proceeds from the sale of two PSVs were also designated to make payments on the construction of the two PSVs. As of June 30, 2025, $16.5 million remained in a restricted account as a result of these transactions. 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. $8.2 million of this tranche was drawn as of June 30, 2025.
39
Summary of Cash Flows
The following is a summary of the Company’s cash flows for the six months ended June 30, 2025 and 2024 (in thousands):
Six Months Ended June 30,
2025
2024
Cash flows provided by or (used in):
Operating Activities
$
(13,543
)
$
(19,416
)
Investing Activities
9,056
(3,988
)
Financing Activities
(20,098
)
(17,868
)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents
—
1
Net Change in Cash, Restricted Cash and Cash Equivalents
$
(24,585
)
$
(41,271
)
Operating Activities
Cash flows used in operating activities was $13.5 million in the Current Year Six Months, a decrease of $5.9 million compared to $19.4 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):
Six Months Ended June 30,
2025
2024
DVP:
United States, primarily Gulf of America
$
(5,717
)
$
(6,653
)
Africa and Europe
15,609
20,411
Middle East and Asia
3,783
8,575
Latin America
11,213
12,685
Operating, leased-in equipment
(364
)
(1,131
)
Administrative and general (excluding provisions for bad debts and amortization of share awards)
(20,967
)
(19,532
)
Other, net (excluding non-cash losses)
—
(95
)
Dividends received from 50% or less owned companies
3,199
1,418
6,756
15,678
Changes in operating assets and liabilities before interest and income taxes
(2,325
)
(20,124
)
Cash settlements on derivative transactions, net
(373
)
164
Interest paid, excluding capitalized interest
(1)
(19,504
)
(16,122
)
Interest received
808
1,038
Income taxes refunded (paid) , net
1,095
(50
)
Total cash flows used in operating activities
$
(13,543
)
$
(19,416
)
(1)
During the Current Year Six Months capitalized interest paid and included in the purchase of property and equipment was $0.8 million. During the Prior Year Six Months, the Company paid no capitalized interest.
For a detailed discussion of the Company’s financial results for the reported periods, see “Consolidated Results of Operations” included above. Changes in operating assets and liabilities before interest and income taxes are the result of the Company’s working capital requirements.
Investing Activities
During the Current Year Six Months, net cash provided by investing activities was $9.1 million, primarily as a result of the following:
•
capital expenditures were $31.0 million; and
•
the Company sold
one FSV and two PSVs, previously classified as held for sale, as well as one liftboat and other equipment not previously classified as such
for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million.
40
During the Prior Year Six Months, net cash provided by investing activities was $4.0 million, primarily as a result of the following:
•
capital expenditures were $4.1 million; and
•
the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.
Financing Activities
During the Current Year Six Months, net cash used in financing activities was $20.1 million, primarily as a result of the following:
•
the Company made scheduled payments on long-term debt and other obligations of $12.5 million;
•
the Company received proceeds from the issuance of long-term debt of $7.7 million;
•
the Company made payments for the repurchase of common stock of $7.1 million;
•
the Company made payments for the repurchase of warrants of $6.7 million; and
•
the Company made payments on tax withholdings for restricted stock vesting of $1.5 million.
During the Prior Year Six Months, net cash used in financing activities was $17.9 million primarily as a result of the following:
•
the Company made scheduled payments on long-term debt and other obligations of $14.1 million;
•
the Company received $0.1 million proceeds from the exercise of stock options; and
•
the Company made payments on tax withholdings for restricted stock vesting of $3.9 million.
Short and Long-Term Liquidity Requirements
The Company believes that a combination of cash balances on hand, cash generated from operating activities and access to the credit and capital markets, including the $25.0 million in remaining sales capacity under the ATM Program, will provide sufficient liquidity to meet its obligations, including to support its capital expenditures, working capital needs, debt service requirements and covenant compliance over the short to long term. With respect to capital expenditures related to the construction of two PSVs, up to $32.8 million remains available under Tranche B of the 2024 SMFH Credit Facility as of June 30, 2025. The Company continually evaluates possible acquisitions and dispositions of certain businesses and assets. The Company’s sources of liquidity may be impacted by the general condition of the markets in which it operates and the broader economy as a whole, which may limit its access to or the availability of the credit and capital markets on acceptable terms. Management continuously monitors the Company’s liquidity and compliance with covenants in its credit facilities.
Debt Securities and Credit Agreements
For a discussion of the Company’s debt securities and credit agreements, see “Note 4. Long-Term Debt” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q and in “Note 5. Long-Term Debt” in the Company’s audited consolidated financial statements included in its 2024 Annual Report. There have been no material changes to the Company’s long-term debt during the period.
41
Future Cash Requirements
For a discussion of the Company’s future cash requirements, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” in the Company’s 2024 Annual Report. There has been no material change in the Company’s future cash requirements since our fiscal year ended December 31, 2024, except as described in “Results of Operations - Liquidity and Capital Resources” in this Quarterly Report on Form 10-Q.
Contingencies
For a discussion of the Company’s contingencies, see “Note 10. Commitments and Contingencies” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q.
42
ITEM 3. QUANTITATIVE AND QUALITATI
VE DISCLOSURES ABOUT MARKET RISK
For a discussion of the Company’s exposure to market risk, refer to “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s 2024 Annual Report. There has been no material change in the Company’s exposure to market risk during the six months ended June 30, 2025.
ITEM 4. CONTROLS
AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
With the participation of the Company’s principal executive officer and principal financial officer, management evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2025. Based on their evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025 to provide reasonable assurance that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the United States Securities and Exchange Commission’s (“SEC”) rules and forms and (ii) accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
The Company’s disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, to allow timely decisions regarding required disclosures. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those internal control systems determined to be effective can provide only a level of reasonable assurance with respect to financial statement preparation and presentation.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the Current Year Quarter
that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
43
PART II—OTHER
INFORMATION
ITEM 1. LEGAL
PROCEEDINGS
For a description of developments with respect to pending legal proceedings described in the Company’s 2024 Annual Report, see “Note 9. Commitments and Contingencies” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q.
ITEM 1A. RI
SK FACTORS
For a discussion of the Company’s risk factors, refer to “Risk Factors” included in the Company’s 2024 Annual Report. There have been no material changes in the Company’s risk factors during the Current Year Quarter.
ITEM 2. UNREGISTERED SALES OF EQUI
TY SECURITIES AND USE OF PROCEEDS
(a), (b) None.
(c) This table provides information with respect to purchases by the Company of shares of its Common Stock during the Current Year Quarter:
Total Number of
Shares Purchased
Average Price per
Share
Total Number of
Shares Purchased
as Part of a Publicly
Announced Plan
Maximum Number
of Shares that may
be Purchased Under
the Plan
April 1, 2025 to April 30, 2025
—
$
—
—
—
May 1, 2025 to May 31, 2025
—
$
—
—
—
June 1, 2025 to June 30, 2025
2,011
$
5.73
—
—
For the three months ended June 30, 2025, the Company acquired for treasury (i) 2,011 shares of Common Stock from its directors to cover their tax withholding obligations upon the vesting of restricted share awards for an aggregate purchase price of $11,523. These shares were purchased in accordance with the terms of the Company’s 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAF
ETY DISCLOSURES
Not applicable.
ITEM 5. OTHER
INFORMATION
During the second quarter of 2025
,
no
ne of our directors or Section 16 officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K).
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104
The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, has been formatted in Inline XBRL.
* Incorporated by reference.
+ Management contract or compensatory plan or arrangement.
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SIGNAT
URES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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