SEACOR Marine Announces First Quarter 2025 Results

SEACOR Marine Holdings Inc.

Wed, Apr 30, 2025, 2:27 PM 15 min read

HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2025 were $55.5 million, operating loss was $5.3 million, and direct vessel profit (“DVP”)⁽¹⁾ was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024.

Notable first quarter items include:

11.6% decrease in revenues from the first quarter of 2024 and a 20.5% decrease from the fourth quarter of 2024.
Average day rates of $18,825, a 1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024.
60% utilization, a decrease from 62% in the first quarter of 2024 and from 72% in the fourth quarter of 2024.
DVP margin of 24.5%, an increase from 23.4% in the first quarter of 2024 and a decrease from 33.1% in the fourth quarter of 2024, due in part to $5.2 million of drydocking and major repairs during the first quarter of 2025 compared to $8.5 million in the first quarter of 2024 and $3.5 million in the fourth quarter of 2024, all of which are expensed as incurred.
Completed the sale of one 2005 built liftboat which had been in long-term layup for total proceeds of $7.5 million and a gain of $5.6 million.
At the end of the first quarter of 2025, the Company had three vessels as held for sale, consisting of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”). The sales of these vessels closed in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million, and the proceeds were used to (a) fund the repurchase of shares and warrants from Carlyle and (b) partially fund the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

For the first quarter of 2025, net loss was $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

Chief Executive Officer John Gellert commented:

“The first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.

We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants. We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

I am confident about SEACOR Marine’s positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.”
___________________

(1)		Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)

	Three Months Ended March 31,
	2025			2024
Operating Revenues	$	55,499		$	62,770
Costs and Expenses:
Operating		41,928			48,099
Administrative and general		11,486			11,917
Lease expense		337			481
Depreciation and amortization		12,810			12,882
		66,561			73,379
Gains (Losses) on Asset Dispositions and Impairments, Net		5,809			(1	)
Operating Loss		(5,253	)		(10,610	)
Other Income (Expense):
Interest income		436			593
Interest expense		(9,586	)		(10,309	)
Derivative gains (losses), net		125			(543	)
Foreign currency losses, net		(1,196	)		(80	)
Other, net		—			(95	)
		(10,221	)		(10,434	)
Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(15,474	)		(21,044	)
Income Tax Expense		904			925
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(16,378	)		(21,969	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		889			(1,100	)
Net Loss	$	(15,489	)	$	(23,069	)

Net Loss Per Share:
Basic	$	(0.56	)	$	(0.84	)
Diluted	$	(0.56	)	$	(0.84	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,908,297			27,343,604
Diluted		27,908,297			27,343,604

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
Time Charter Statistics:
Average Rates Per Day	$	18,825		$	18,901		$	18,879		$	19,141		$	19,042
Fleet Utilization		60	%		72	%		67	%		69	%		62	%
Fleet Available Days ⁽²⁾		4,583			4,870			5,026			4,994			5,005
Operating Revenues:
Time charter	$	51,933		$	66,095		$	63,313		$	65,649		$	59,263
Bareboat charter		708			364			372			364			364
Other marine services		2,858			3,349			5,231			3,854			3,143
		55,499			69,808			68,916			69,867			62,770
Costs and Expenses:
Operating:
Personnel		18,537			20,365			21,940			21,566			21,670
Repairs and maintenance		8,520			10,433			9,945			10,244			9,763
Drydocking		3,869			2,467			6,068			6,210			6,706
Insurance and loss reserves		2,153			2,473			2,584			3,099			1,738
Fuel, lubes and supplies		4,546			4,884			6,574			3,966			4,523
Other		4,303			6,104			5,796			4,435			3,699
		41,928			46,726			52,907			49,520			48,099
Direct Vessel Profit⁽¹⁾		13,571			23,082			16,009			20,347			14,671
Other Costs and Expenses:
Lease expense		337			347			364			486			481
Administrative and general		11,486			10,888			11,019			10,889			11,917
Depreciation and amortization		12,810			12,879			12,928			12,939			12,882
		24,633			24,114			24,311			24,314			25,280
Gains (Losses) on Asset Dispositions and Impairments, Net		5,809			11,624			1,821			37			(1	)
Operating (Loss) Income		(5,253	)		10,592			(6,481	)		(3,930	)		(10,610	)
Other Income (Expense):
Interest income		436			372			358			445			593
Interest expense		(9,586	)		(10,001	)		(10,127	)		(10,190	)		(10,309	)
Derivative gains (losses), net		125			(536	)		67			104			(543	)
Loss on debt extinguishment		—			(31,923	)		—			—			—
Foreign currency (losses) gains, net		(1,196	)		1,308			(1,717	)		(560	)		(80	)
Other, net		—			187			29			—			(95	)
		(10,221	)		(40,593	)		(11,390	)		(10,201	)		(10,434	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(15,474	)		(30,001	)		(17,871	)		(14,131	)		(21,044	)
Income Tax Expense (Benefit)		904			(2,345	)		(513	)		(682	)		925
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(16,378	)		(27,656	)		(17,358	)		(13,449	)		(21,969	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		889			1,430			1,012			966			(1,100	)
Net Loss	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)	$	(23,069	)

Net Loss Per Share:
Basic	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)	$	(0.84	)
Diluted	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)	$	(0.84	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,908			27,773			27,773			27,729			27,344
Diluted		27,908			27,773			27,773			27,729			27,344
Common Shares and Warrants Outstanding at Period End		29,488			28,950			28,950			28,941			28,906

_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

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

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	23,874		$	26,116		$	17,188		$	22,356		$	28,156
Fleet utilization		25	%		45	%		42	%		37	%		27	%
Fleet available days		1,121			920			920			921			927
Out-of-service days for repairs, maintenance and drydockings		153			75			116			179			137
Out-of-service days for cold-stacked status ⁽²⁾		173			184			175			127			182
Operating Revenues:
Time charter	$	6,765		$	10,744		$	6,593		$	7,697		$	6,957
Other marine services		235			1,114			1,188			480			1,026
		7,000			11,858			7,781			8,177			7,983
Direct Costs and Expenses:
Operating:
Personnel		6,486			6,097			6,297			6,284			5,781
Repairs and maintenance		1,479			1,680			1,655			1,879			1,404
Drydocking		1,066			1,451			2,615			2,570			1,968
Insurance and loss reserves		702			854			799			943			396
Fuel, lubes and supplies		819			854			964			866			667
Other		349			229			225			226			(171	)
		10,901			11,165			12,555			12,768			10,045
Direct Vessel (Loss) Profit ⁽¹⁾	$	(3,901	)	$	693		$	(4,774	)	$	(4,591	)	$	(2,062	)
Other Costs and Expenses:
Lease expense	$	136		$	136		$	140		$	141		$	138
Depreciation and amortization		3,705			3,196			3,194			3,194			2,750

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	17,294		$	16,895		$	18,875		$	18,580		$	15,197
Fleet utilization		70	%		73	%		77	%		74	%		76	%
Fleet available days		1,710			1,856			1,990			1,969			1,775
Out-of-service days for repairs, maintenance and drydockings		382			180			203			203			238
Out-of-service days for cold-stacked status		—			—			58			91			91
Operating Revenues:
Time charter	$	20,835		$	22,999		$	28,809		$	27,047		$	20,555
Other marine services		852			1,027			3,048			1,028			169
		21,687			24,026			31,857			28,075			20,724
Direct Costs and Expenses:
Operating:
Personnel		5,183			5,654			6,083			4,969			5,181
Repairs and maintenance		3,462			3,712			3,455			3,161			3,209
Drydocking		1,241			835			681			1,226			2,032
Insurance and loss reserves		594			577			599			819			334
Fuel, lubes and supplies		2,180			2,226			2,514			1,170			1,287
Other		2,727			3,748			3,975			2,801			2,199
		15,387			16,752			17,307			14,146			14,242
Direct Vessel Profit⁽¹⁾	$	6,300		$	7,274		$	14,550		$	13,929		$	6,482
Other Costs and Expenses:
Lease expense	$	63		$	82		$	75		$	172		$	178
Depreciation and amortization		4,402			4,477			4,540			4,565			3,915

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

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

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,848		$	17,337		$	17,825		$	17,083		$	16,934
Fleet utilization		75	%		88	%		71	%		82	%		71	%
Fleet available days		1,170			1,266			1,288			1,296			1,365
Out-of-service days for repairs, maintenance and drydockings		82			30			229			168			224
Operating Revenues:
Time charter	$	15,710		$	19,385		$	16,411		$	18,073		$	16,477
Other marine services		292			635			375			619			350
		16,002			20,020			16,786			18,692			16,827
Direct Costs and Expenses:
Operating:
Personnel		4,927			5,470			5,769			6,930			5,963
Repairs and maintenance		2,505			3,574			3,318			3,443			2,712
Drydocking		1,031			(226	)		832			707			1,483
Insurance and loss reserves		702			804			927			798			618
Fuel, lubes and supplies		883			840			1,043			1,103			1,198
Other		881			1,305			1,131			989			1,000
		10,929			11,767			13,020			13,970			12,974
Direct Vessel Profit ⁽¹⁾	$	5,073		$	8,253		$	3,766		$	4,722		$	3,853
Other Costs and Expenses:
Lease expense	$	83		$	72		$	73		$	71		$	85
Depreciation and amortization		3,230			3,272			3,261			3,247			3,496

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	22,084		$	21,390		$	21,984		$	22,437		$	28,308
Fleet utilization		67	%		73	%		63	%		71	%		58	%
Fleet available days ⁽²⁾		582			828			828			808			938
Out-of-service days for repairs, maintenance and drydockings		—			20			94			41			1
Operating Revenues:
Time charter	$	8,623		$	12,967		$	11,500		$	12,832		$	15,274
Bareboat charter		708			364			372			364			364
Other marine services		1,479			573			620			1,727			1,598
		10,810			13,904			12,492			14,923			17,236
Direct Costs and Expenses:
Operating:
Personnel		1,941			3,144			3,791			3,383			4,745
Repairs and maintenance		1,074			1,467			1,517			1,761			2,438
Drydocking		531			407			1,940			1,707			1,223
Insurance and loss reserves		155			238			259			539			390
Fuel, lubes and supplies		664			964			2,053			827			1,371
Other		346			822			465			419			671
		4,711			7,042			10,025			8,636			10,838
Direct Vessel Profit⁽¹⁾	$	6,099		$	6,862		$	2,467		$	6,287		$	6,398
Other Costs and Expenses:
Lease expense	$	55		$	57		$	76		$	102		$	80
Depreciation and amortization		1,473			1,934			1,933			1,933			2,721

_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

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

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	—		$	10,410		$	10,316		$	8,125		$	8,538
Fleet utilization		—	%		79	%		46	%		49	%		75	%
Fleet available days		—			178			334			364			364
Out-of-service days for repairs, maintenance and drydockings		—			28			87			29			—
Out-of-service days for cold-stacked status		—			—			58			91			91
Operating Revenues:
Time charter	$	15		$	1,465		$	1,576		$	1,459		$	2,331
Other marine services		9			—			13			219			—
		24			1,465			1,589			1,678			2,331
Direct Costs and Expenses:
Operating:
Personnel	$	1		$	595		$	981		$	1,045		$	1,064
Repairs and maintenance		38			128			239			465			220
Drydocking		—			5			436			280			68
Insurance and loss reserves		—			49			66			97			43
Fuel, lubes and supplies		66			25			90			69			616
Other		12			210			263			230			287
		117			1,012			2,075			2,186			2,298
Other Costs and Expenses:
Lease expense	$	—		$	7		$	4		$	164		$	171
Depreciation and amortization		4			122			175			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,786		$	13,643		$	13,102		$	12,978		$	11,834
Fleet utilization		71	%		72	%		81	%		80	%		72	%
Fleet available days		1,980			2,024			2,024			2,002			2,002
Out-of-service days for repairs, maintenance and drydockings		135			118			96			128			216
Out-of-service days for cold-stacked status		90			92			83			36			91
Operating Revenues:
Time charter	$	19,357		$	19,992		$	21,606		$	20,698		$	17,081
Other marine services		762			416			1,012			516			126
		20,119			20,408			22,618			21,214			17,207
Direct Costs and Expenses:
Operating:
Personnel	$	4,933		$	5,078		$	5,637		$	5,829		$	5,649
Repairs and maintenance		2,983			4,480			4,378			4,572			3,093
Drydocking		353			426			448			457			1,869
Insurance and loss reserves		517			422			532			546			277
Fuel, lubes and supplies		1,173			1,586			1,962			993			1,051
Other		1,782			2,456			2,238			1,850			1,649
		11,741			14,448			15,195			14,247			13,588
Other Costs and Expenses:
Depreciation and amortization	$	4,932		$	4,746		$	4,744		$	4,746		$	4,744

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

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	19,424		$	17,912		$	21,819		$	20,952		$	19,133
Fleet utilization		55	%		72	%		58	%		66	%		53	%
Fleet available days ⁽¹⁾		1,890			1,932			1,932			1,900			1,911
Out-of-service days for repairs, maintenance and drydockings		396			117			349			291			307
Operating Revenues:
Time charter	$	20,286		$	24,865		$	24,488		$	26,390		$	19,390
Bareboat charter		708			364			372			364			364
Other marine services		508			1,561			2,855			2,266			416
		21,502			26,790			27,715			29,020			20,170
Direct Costs and Expenses:
Operating:
Personnel	$	8,351		$	8,999		$	9,360		$	8,979		$	8,850
Repairs and maintenance		3,949			4,101			3,798			3,151			4,393
Drydocking		2,513			1,046			2,629			2,616			3,386
Insurance and loss reserves		631			618			636			1,037			395
Fuel, lubes and supplies		2,594			2,379			3,594			1,575			1,889
Other		2,018			2,566			2,821			1,850			1,395
		20,056			19,709			22,838			19,208			20,308
Other Costs and Expenses:
Lease expense	$	—		$	—		$	(3	)	$	3		$	—
Depreciation and amortization		4,133			4,122			4,117			4,128			4,073

_______________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

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

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	39,559		$	39,326		$	36,423		$	43,204		$	53,506
Fleet utilization		44	%		68	%		58	%		54	%		53	%
Fleet available days		713			736			736			728			728
Out-of-service days for repairs, maintenance and drydockings		87			41			109			143			78
Out-of-service days for cold-stacked status		83			92			92			91			91
Operating Revenues:
Time charter	$	12,275		$	19,773		$	15,643		$	17,102		$	20,461
Other marine services		1,289			1,177			1,142			666			1,772
		13,564			20,950			16,785			17,768			22,233
Direct Costs and Expenses:
Operating:
Personnel	$	5,247		$	5,678		$	5,926		$	6,842		$	6,140
Repairs and maintenance		1,571			1,722			1,531			2,054			2,035
Drydocking		1,003			990			2,555			2,857			1,383
Insurance and loss reserves		1,241			1,384			1,334			1,482			1,282
Fuel, lubes and supplies		712			894			928			1,329			967
Other		482			860			473			519			343
		10,256			11,528			12,747			15,083			12,150
Other Costs and Expenses:
Depreciation and amortization		3,719			3,866			3,866			3,865			3,866

*Other Activity*
Operating Revenues:
Other marine services	$	290		$	195		$	209		$	187		$	829
		290			195			209			187			829
Direct Costs and Expenses:
Operating:
Personnel	$	5		$	15		$	36		$	(1,129	)	$	(33	)
Repairs and maintenance		(21	)		2			(1	)		2			22
Insurance and loss reserves		(236	)		—			16			(63	)		(259	)
Fuel, lubes and supplies		1			—			—			—			—
Other		9			12			1			(14	)		25
		(242	)		29			52			(1,204	)		(245	)
Other Costs and Expenses:
Lease expense	$	337		$	340		$	363		$	319		$	310
Depreciation and amortization		22			23			26			25			24

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

	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	42,988		$	59,491		$	35,601		$	40,605		$	59,593
Restricted cash		2,440			16,649			2,263			2,255			2,566
Receivables:
Trade, net of allowance for credit loss		63,946			69,888			76,497			70,770			58,272
Other		8,811			7,913			7,841			6,210			12,210
Tax receivable		1,602			1,601			983			983			983
Inventories		2,827			2,760			3,139			3,117			2,516
Prepaid expenses and other		6,075			4,406			4,840			5,659			3,425
Assets held for sale		12,195			10,943			—			500			500
Total current assets		140,884			173,651			131,164			130,099			140,065
Property and Equipment:
Historical cost		881,961			900,414			921,445			921,443			919,139
Accumulated depreciation		(365,422	)		(367,448	)		(362,604	)		(349,799	)		(337,001	)
		516,539			532,966			558,841			571,644			582,138
Construction in progress		27,248			11,904			11,935			11,518			13,410
Net property and equipment		543,787			544,870			570,776			583,162			595,548
Right-of-use asset - operating leases		3,293			3,436			3,575			3,683			3,988
Right-of-use asset - finance leases		28			36			19			28			29
Investments, at equity, and advances to 50% or less owned companies		4,507			3,541			2,046			2,641			3,122
Other assets		1,665			1,577			1,864			1,953			2,094
Total assets	$	694,164		$	727,111		$	709,444		$	721,566		$	744,846
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	540		$	606		$	494		$	861		$	1,285
Current portion of finance lease liabilities		11			17			17			26			33
Current portion of long-term debt		30,000			27,500			28,605			28,605			28,605
Accounts payable		28,445			29,236			22,744			17,790			23,453
Other current liabilities		16,414			27,683			28,808			23,795			21,067
Total current liabilities		75,410			85,042			80,668			71,077			74,443
Long-term operating lease liabilities		2,926			2,982			3,221			3,276			3,390
Long-term finance lease liabilities		17			20			4			5			—
Long-term debt		310,108			317,339			272,325			277,740			281,989
Deferred income taxes		20,312			22,037			26,802			30,083			33,873
Deferred gains and other liabilities		1,356			1,369			1,416			1,447			2,285
Total liabilities		410,129			428,789			384,436			383,628			395,980
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		293			287			287			286			286
Additional paid-in capital		480,904			479,283			477,661			476,020			474,433
Accumulated deficit		(196,089	)		(180,600	)		(154,374	)		(138,028	)		(125,609	)
Shares held in treasury		(9,628	)		(8,110	)		(8,110	)		(8,110	)		(8,071	)
Accumulated other comprehensive income, net of tax		8,234			7,141			9,223			7,449			7,506
		283,714			298,001			324,687			337,617			348,545
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		284,035			298,322			325,008			337,938			348,866
Total liabilities and equity	$	694,164		$	727,111		$	709,444		$	721,566		$	744,846

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

				Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
Cash Flows from Operating Activities:
Net Loss	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)	$	(23,069	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		12,810			12,879			12,928			12,939			12,882
Deferred financing costs amortization		43			254			298			297			295
Stock-based compensation expense		1,627			1,622			1,604			1,587			1,645
Debt discount amortization		226			1,799			2,061			1,993			1,926
Allowance for credit losses		(407	)		59			101			39			3
(Gains) losses from equipment sales, retirements or impairments		(5,809	)		(11,624	)		(1,821	)		(37	)		1
Losses on debt extinguishment		—			28,252			—			—			—
Derivative (gains) losses		(125	)		536			(67	)		(104	)		543
Interest on finance lease		1			2			—			1			—
Settlements on derivative transactions, net		(373	)		—			—			—			164
Currency losses (gains)		1,196			(1,308	)		1,717			560			80
Deferred income taxes		(1,725	)		(4,766	)		(3,281	)		(3,790	)		(1,845	)
Equity (earnings) losses		(889	)		(1,430	)		(1,012	)		(966	)		1,100
Dividends received from equity investees		—			—			1,498			1,418			—
Changes in Operating Assets and Liabilities:
Accounts receivables		5,333			5,448			(7,411	)		(6,928	)		4,291
Other assets		(1,681	)		1,338			1,032			(2,395	)		(1,290	)
Accounts payable and accrued liabilities		(6,204	)		1,693			9,325			(4,378	)		(3,895	)
Net cash (used in) provided by operating activities		(11,466	)		8,528			626			(12,247	)		(7,169	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(20,795	)		(3,010	)		(210	)		(658	)		(3,416	)
Proceeds from disposition of property and equipment		8,472			22,441			2,331			86			—
Net cash (used in) provided by investing activities		(12,323	)		19,431			2,121			(572	)		(3,416	)
Cash Flows from Financing Activities:
Payments on long-term debt		(5,000	)		(2,479	)		(7,770	)		(6,533	)		(7,530	)
Payments on debt extinguishment		—			(328,712	)		—			—			—
Payments on debt extinguishment cost		—			(3,671	)		—			—			—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		(396	)		345,192			—			—			—
Payments on finance leases		(9	)		(13	)		(10	)		(9	)		(9	)
Proceeds from exercise of stock options and warrants		—			—			38			102			—
Tax withholdings on restricted stock vesting		(1,518	)		—			—			(39	)		(3,850	)
Net cash (used in) provided by financing activities		(6,923	)		10,317			(7,742	)		(6,479	)		(11,389	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			—			(1	)		(1	)		2
Net Change in Cash, Restricted Cash and Cash Equivalents		(30,712	)		38,276			(4,996	)		(19,299	)		(21,972	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		76,140			37,864			42,860			62,159			84,131
Cash, Restricted Cash and Cash Equivalents, End of Period	$	45,428		$	76,140		$	37,864		$	42,860		$	62,159

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Managed		Total
March 31, 2025
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		7		—		7
		50		3		53
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54

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