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WKN: A2DR4T | ISIN: US78413P1012 | Ticker-Symbol: SQZ
Tradegate
31.07.25 | 08:01
4,540 Euro
+3,18 % +0,140
Branche
Logistik/Transport
Aktienmarkt
Sonstige
1-Jahres-Chart
SEACOR MARINE HOLDINGS INC Chart 1 Jahr
5-Tage-Chart
SEACOR MARINE HOLDINGS INC 5-Tage-Chart
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4,3204,44031.07.
4,3204,46031.07.
GlobeNewswire (Europe)
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SEACOR Marine Holdings Inc.: SEACOR Marine Announces Second Quarter 2025 Results

HOUSTON, July 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 second quarter ended June 30, 2025.

SEACOR Marine's consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit ("DVP")(1) was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.

Notable second quarter items include:

  • 13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
  • Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
  • 68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
  • DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
  • During the second quarter of 2025, the Company completed the sale of two platform supply vessels ("PSVs") and one fast supply vessel ("FSV") for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

Chief Executive Officer John Gellert commented:

"The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

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 will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets."
___________________

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

Three Months Ended
Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024
Time Charter Statistics:
Average Rates Per Day $19,731 $18,825 $18,901 $18,879 $19,141
Fleet Utilization 68% 60% 72% 67% 69%
Fleet Available Days (2) 4,310 4,583 4,870 5,026 4,994
Operating Revenues:
Time charter $57,673 $51,933 $66,095 $63,313 $65,649
Bareboat charter 838 708 364 372 364
Other marine services 2,299 2,858 3,349 5,231 3,854
60,810 55,499 69,808 68,916 69,867
Costs and Expenses:
Operating:
Personnel 18,969 18,537 20,365 21,940 21,566
Repairs and maintenance 13,648 8,520 10,433 9,945 10,244
Drydocking 5,143 3,869 2,467 6,068 6,210
Insurance and loss reserves 2,982 2,153 2,473 2,584 3,099
Fuel, lubes and supplies 4,296 4,546 4,884 6,574 3,966
Other 4,455 4,303 6,104 5,796 4,435
49,493 41,928 46,726 52,907 49,520
Direct Vessel Profit (1) 11,317 13,571 23,082 16,009 20,347
Other Costs and Expenses:
Lease expense 325 337 347 364 486
Administrative and general 11,998 11,486 10,888 11,019 10,889
Depreciation and amortization 12,090 12,810 12,879 12,928 12,939
24,413 24,633 24,114 24,311 24,314
Gains (Losses) on Asset Dispositions and Impairments, Net 19,163 5,809 11,624 1,821 37
Operating (Loss) Income 6,067 (5,253) 10,592 (6,481) (3,930)
Other Income (Expense):
Interest income 372 436 372 358 445
Interest expense (8,844) (9,586) (10,001) (10,127) (10,190)
Derivative gains (losses), net 87 125 (536) 67 104
Loss on debt extinguishment - - (31,923) - -
Foreign currency (losses) gains, net (2,119) (1,196) 1,308 (1,717) (560)
Other, net - - 187 29 -
(10,504) (10,221) (40,593) (11,390) (10,201)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies (4,437) (15,474) (30,001) (17,871) (14,131)
Income Tax Expense (Benefit) 2,508 904 (2,345) (513) (682)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies (6,945) (16,378) (27,656) (17,358) (13,449)
Equity in Earnings (Losses) of 50% or Less Owned Companies 218 889 1,430 1,012 966
Net Loss $(6,727) $(15,489) $(26,226) $(16,346) $(12,483)
Net Loss Per Share:
Basic $(0.26) $(0.56) $(0.94) $(0.59) $(0.45)
Diluted $(0.26) $(0.56) $(0.94) $(0.59) $(0.45)
Weighted Average Common Stock and Warrants Outstanding:
Basic 25,687 27,908 27,773 27,773 27,729
Diluted 25,687 27,908 27,773 27,773 27,729
Common Shares and Warrants Outstanding at Period End 26,976 29,488 28,950 28,950 28,941

__________________
(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
Jun. 30,
2025
Mar. 31,
2025
Dec. 31,
2024
Sep. 30,
2024
Jun. 30,
2024
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked $25,262 $23,874 $26,116 $17,188 $22,356
Fleet utilization 48% 25% 45% 42% 37%
Fleet available days 1,007 1,121 920 920 921
Out-of-service days for repairs, maintenance and drydockings 144 153 75 116 179
Out-of-service days for cold-stacked status (2) 270 173 184 175 127
Operating Revenues:
Time charter $12,205 $6,765 $10,744 $6,593 $7,697
Other marine services 1,175 235 1,114 1,188 480
13,380 7,000 11,858 7,781 8,177
Direct Costs and Expenses:
Operating:
Personnel 6,854 6,486 6,097 6,297 6,284
Repairs and maintenance 1,950 1,479 1,680 1,655 1,879
Drydocking 3,684 1,066 1,451 2,615 2,570
Insurance and loss reserves 1,067 702 854 799 943
Fuel, lubes and supplies 1,010 819 854 964 866
Other 631 349 229 225 226
15,196 10,901 11,165 12,555 12,768
Direct Vessel (Loss) Profit (1) $(1,816) $(3,901) $693 $(4,774) $(4,591)
Other Costs and Expenses:
Lease expense $139 $136 $136 $140 $141
Depreciation and amortization 3,203 3,705 3,196 3,194 3,194
Africa and Europe
Time Charter Statistics:
Average rates per day worked $19,140 $17,294 $16,895 $18,875 $18,580
Fleet utilization 77% 70% 73% 77% 74%
Fleet available days 1,668 1,710 1,856 1,990 1,969
Out-of-service days for repairs, maintenance and drydockings 248 382 180 203 203
Out-of-service days for cold-stacked status - - - 58 91
Operating Revenues:
Time charter $24,535 $20,835 $22,999 $28,809 $27,047
Other marine services 806 852 1,027 3,048 1,028
25,341 21,687 24,026 31,857 28,075
Direct Costs and Expenses:
Operating:
Personnel 5,515 5,183 5,654 6,083 4,969
Repairs and maintenance 4,646 3,462 3,712 3,455 3,161
Drydocking 901 1,241 835 681 1,226
Insurance and loss reserves 899 594 577 599 819
Fuel, lubes and supplies 1,714 2,180 2,226 2,514 1,170
Other 2,357 2,727 3,748 3,975 2,801
16,032 15,387 16,752 17,307 14,146
Direct Vessel Profit (1) $9,309 $6,300 $7,274 $14,550 $13,929
Other Costs and Expenses:
Lease expense $51 $63 $82 $75 $172
Depreciation and amortization 4,263 4,402 4,477 4,540 4,565

__________________
(1) See full description of footnote above.
(2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

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

Three Months Ended
Jun. 30,
2025
Mar. 31,
2025
Dec. 31,
2024
Sep. 30,
2024
Jun. 30,
2024
Middle East and Asia
Time Charter Statistics:
Average rates per day worked $15,506 $17,848 $17,337 $17,825 $17,083
Fleet utilization 73% 75% 88% 71% 82%
Fleet available days 1,089 1,170 1,266 1,288 1,296
Out-of-service days for repairs, maintenance and drydockings 204 82 30 229 168
Operating Revenues:
Time charter $12,365 $15,710 $19,385 $16,411 $18,073
Other marine services 432 292 635 375 619
12,797 16,002 20,020 16,786 18,692
Direct Costs and Expenses:
Operating:
Personnel 4,511 4,927 5,470 5,769 6,930
Repairs and maintenance 6,338 2,505 3,574 3,318 3,443
Drydocking 13 1,031 (226) 832 707
Insurance and loss reserves 842 702 804 927 798
Fuel, lubes and supplies 1,279 883 840 1,043 1,103
Other 1,104 881 1,305 1,131 989
14,087 10,929 11,767 13,020 13,970
Direct Vessel Profit (1) $(1,290) $5,073 $8,253 $3,766 $4,722
Other Costs and Expenses:
Lease expense $72 $83 $72 $73 $71
Depreciation and amortization 3,227 3,230 3,272 3,261 3,247
Latin America
Time Charter Statistics:
Average rates per day worked $23,764 $22,084 $21,390 $21,984 $22,437
Fleet utilization 66% 67% 73% 63% 71%
Fleet available days (2) 546 582 828 828 808
Out-of-service days for repairs, maintenance and drydockings 26 - 20 94 41
Operating Revenues:
Time charter $8,568 $8,623 $12,967 $11,500 $12,832
Bareboat charter 838 708 364 372 364
Other marine services (114) 1,479 573 620 1,727
9,292 10,810 13,904 12,492 14,923
Direct Costs and Expenses:
Operating:
Personnel 2,089 1,941 3,144 3,791 3,383
Repairs and maintenance 714 1,074 1,467 1,517 1,761
Drydocking 545 531 407 1,940 1,707
Insurance and loss reserves 174 155 238 259 539
Fuel, lubes and supplies 293 664 964 2,053 827
Other 363 346 822 465 419
4,178 4,711 7,042 10,025 8,636
Direct Vessel Profit (1) $5,114 $6,099 $6,862 $2,467 $6,287
Other Costs and Expenses:
Lease expense $63 $55 $57 $76 $102
Depreciation and amortization 1,397 1,473 1,934 1,933 1,933

__________________
(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
Jun. 30,
2025
Mar. 31,
2025
Dec. 31,
2024
Sep. 30,
2024
Jun. 30,
2024
AHTS
Time Charter Statistics:
Average rates per day worked $- $- $10,410 $10,316 $8,125
Fleet utilization -% -% 79% 46% 49%
Fleet available days - - 178 334 364
Out-of-service days for repairs, maintenance and drydockings - - 28 87 29
Out-of-service days for cold-stacked status - - - 58 91
Operating Revenues:
Time charter $(22) $15 $1,465 $1,576 $1,459
Other marine services (9) 9 - 13 219
(31) 24 1,465 1,589 1,678
Direct Costs and Expenses:
Operating:
Personnel $9 $1 $595 $981 $1,045
Repairs and maintenance 255 38 128 239 465
Drydocking - - 5 436 280
Insurance and loss reserves (4) - 49 66 97
Fuel, lubes and supplies (125) 66 25 90 69
Other (4) 12 210 263 230
131 117 1,012 2,075 2,186
Other Costs and Expenses:
Lease expense $- $- $7 $4 $164
Depreciation and amortization 3 4 122 175 175
FSV
Time Charter Statistics:
Average rates per day worked $13,468 $13,786 $13,643 $13,102 $12,978
Fleet utilization 67% 71% 72% 81% 80%
Fleet available days 1,935 1,980 2,024 2,024 2,002
Out-of-service days for repairs, maintenance and drydockings 181 135 118 96 128
Out-of-service days for cold-stacked status 270 90 92 83 36
Operating Revenues:
Time charter $17,573 $19,357 $19,992 $21,606 $20,698
Other marine services 516 762 416 1,012 516
18,089 20,119 20,408 22,618 21,214
Direct Costs and Expenses:
Operating:
Personnel $4,526 $4,933 $5,078 $5,637 $5,829
Repairs and maintenance 3,542 2,983 4,480 4,378 4,572
Drydocking 666 353 426 448 457
Insurance and loss reserves 683 517 422 532 546
Fuel, lubes and supplies 1,449 1,173 1,586 1,962 993
Other 1,428 1,782 2,456 2,238 1,850
12,294 11,741 14,448 15,195 14,247
Other Costs and Expenses:
Depreciation and amortization $4,703 $4,932 $4,746 $4,744 $4,746
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)

Three Months Ended
Jun. 30,
2025
Mar. 31,
2025
Dec. 31,
2024
Sep. 30,
2024
Jun. 30,
2024
PSV
Time Charter Statistics:
Average rates per day worked $22,231 $19,424 $17,912 $21,819 $20,952
Fleet utilization 68% 55% 72% 58% 66%
Fleet available days (1) 1,738 1,890 1,932 1,932 1,900
Out-of-service days for repairs, maintenance and drydockings 247 396 117 349 291
Operating Revenues:
Time charter $26,440 $20,286 $24,865 $24,488 $26,390
Bareboat charter 838 708 364 372 364
Other marine services 433 508 1,561 2,855 2,266
27,711 21,502 26,790 27,715 29,020
Direct Costs and Expenses:
Operating:
Personnel $8,567 $8,351 $8,999 $9,360 $8,979
Repairs and maintenance 3,799 3,949 4,101 3,798 3,151
Drydocking 1,993 2,513 1,046 2,629 2,616
Insurance and loss reserves 906 631 618 636 1,037
Fuel, lubes and supplies 1,858 2,594 2,379 3,594 1,575
Other 2,199 2,018 2,566 2,821 1,850
19,322 20,056 19,709 22,838 19,208
Other Costs and Expenses:
Lease expense $- $- $- $(3) $3
Depreciation and amortization 3,943 4,133 4,122 4,117 4,128

__________________
(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
Jun. 30,
2025
Mar. 31,
2025
Dec. 31,
2024
Sep. 30,
2024
Jun. 30,
2024
Liftboats
Time Charter Statistics:
Average rates per day worked $31,904 $39,559 $39,326 $36,423 $43,204
Fleet utilization 67% 44% 68% 58% 54%
Fleet available days 637 713 736 736 728
Out-of-service days for repairs, maintenance and drydockings 194 87 41 109 143
Out-of-service days for cold-stacked status - 83 92 92 91
Operating Revenues:
Time charter $13,682 $12,275 $19,773 $15,643 $17,102
Other marine services 1,168 1,289 1,177 1,142 666
14,850 13,564 20,950 16,785 17,768
Direct Costs and Expenses:
Operating:
Personnel $5,673 $5,247 $5,678 $5,926 $6,842
Repairs and maintenance 6,022 1,571 1,722 1,531 2,054
Drydocking 2,484 1,003 990 2,555 2,857
Insurance and loss reserves 1,376 1,241 1,384 1,334 1,482
Fuel, lubes and supplies 1,114 712 894 928 1,329
Other 803 482 860 473 519
17,472 10,256 11,528 12,747 15,083
Other Costs and Expenses:
Depreciation and amortization 3,424 3,719 3,866 3,866 3,865
Other Activity
Operating Revenues:
Other marine services $191 $290 $195 $209 $187
191 290 195 209 187
Direct Costs and Expenses:
Operating:
Personnel $194 $5 $15 $36 $(1,129)
Repairs and maintenance 30 (21) 2 (1) 2
Insurance and loss reserves 21 (236) - 16 (63)
Fuel, lubes and supplies - 1 - - -
Other 29 9 12 1 (14)
274 (242) 29 52 (1,204)
Other Costs and Expenses:
Lease expense $325 $337 $340 $363 $319
Depreciation and amortization 17 22 23 26 25
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents $34,381 $42,988 $59,491 $35,601 $40,605
Restricted cash 17,174 2,440 16,649 2,263 2,255
Receivables:
Trade, net of allowance for credit loss 63,287 63,946 69,888 76,497 70,770
Other 10,439 8,811 7,913 7,841 6,210
Tax receivable 507 1,602 1,601 983 983
Inventories 2,539 2,827 2,760 3,139 3,117
Prepaid expenses and other 4,716 6,075 4,406 4,840 5,659
Assets held for sale - 12,195 10,943 - 500
Total current assets 133,043 140,884 173,651 131,164 130,099
Property and Equipment:
Historical cost 887,408 881,961 900,414 921,445 921,443
Accumulated depreciation (377,265) (365,422) (367,448) (362,604) (349,799)
510,143 516,539 532,966 558,841 571,644
Construction in progress 31,772 27,248 11,904 11,935 11,518
Net property and equipment 541,915 543,787 544,870 570,776 583,162
Right-of-use asset - operating leases 1,179 3,293 3,436 3,575 3,683
Right-of-use asset - finance leases 25 28 36 19 28
Investments, at equity, and advances to 50% or less owned companies 2,310 4,507 3,541 2,046 2,641
Other assets 1,558 1,665 1,577 1,864 1,953
Total assets $680,030 $694,164 $727,111 $709,444 $721,566
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities $543 $540 $606 $494 $861
Current portion of finance lease liabilities 11 11 17 17 26
Current portion of long-term debt 30,000 30,000 27,500 28,605 28,605
Accounts payable 26,737 28,445 29,236 22,744 17,790
Other current liabilities 24,182 16,414 27,683 28,808 23,795
Total current liabilities 81,473 75,410 85,042 80,668 71,077
Long-term operating lease liabilities 812 2,926 2,982 3,221 3,276
Long-term finance lease liabilities 14 17 20 4 5
Long-term debt 310,980 310,108 317,339 272,325 277,740
Deferred income taxes 18,330 20,312 22,037 26,802 30,083
Deferred gains and other liabilities 625 1,356 1,369 1,416 1,447
Total liabilities 412,234 410,129 428,789 384,436 383,628
Equity:
SEACOR Marine Holdings Inc. stockholders' equity:
Common stock 281 293 287 287 286
Additional paid-in capital 468,669 480,904 479,283 477,661 476,020
Accumulated deficit (202,816) (196,089) (180,600) (154,374) (138,028)
Shares held in treasury (9,639) (9,628) (8,110) (8,110) (8,110)
Accumulated other comprehensive income, net of tax 10,980 8,234 7,141 9,223 7,449
267,475 283,714 298,001 324,687 337,617
Noncontrolling interests in subsidiaries 321 321 321 321 321
Total equity 267,796 284,035 298,322 325,008 337,938
Total liabilities and equity $680,030 $694,164 $727,111 $709,444 $721,566
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended
Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024
Cash Flows from Operating Activities:
Net Loss $(6,727) $(15,489) $(26,226) $(16,346) $(12,483)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization 12,090 12,810 12,879 12,928 12,939
Deferred financing costs amortization 43 43 254 298 297
Stock-based compensation expense 1,510 1,627 1,622 1,604 1,587
Debt discount amortization 232 226 1,799 2,061 1,993
Allowance for credit losses (213) (407) 59 101 39
(Gains) losses from equipment sales, retirements or impairments (19,163) (5,809) (11,624) (1,821) (37)
Losses on debt extinguishment - - 28,252 - -
Derivative (gains) losses (87) (125) 536 (67) (104)
Interest on finance lease 1 1 2 - 1
Settlements on derivative transactions, net - (373) - - -
Currency losses (gains) 2,119 1,196 (1,308) 1,717 560
Deferred income taxes (1,982) (1,725) (4,766) (3,281) (3,790)
Equity (earnings) losses (218) (889) (1,430) (1,012) (966)
Dividends received from equity investees 3,199 - - 1,498 1,418
Changes in Operating Assets and Liabilities:
Accounts receivables 284 5,333 5,448 (7,411) (6,928)
Other assets 1,901 (1,681) 1,338 1,032 (2,395)
Accounts payable and accrued liabilities 4,934 (6,204) 1,693 9,325 (4,378)
Net cash (used in) provided by operating activities (2,077) (11,466) 8,528 626 (12,247)
Cash Flows from Investing Activities:
Purchases of property and equipment (10,213) (20,795) (3,010) (210) (658)
Proceeds from disposition of property and equipment 31,592 8,472 22,441 2,331 86
Net cash (used in) provided by investing activities 21,379 (12,323) 19,431 2,121 (572)
Cash Flows from Financing Activities:
Payments on long-term debt (7,500) (5,000) (2,479) (7,770) (6,533)
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 8,097 (396) 345,192 - -
Payments on finance leases (4) (9) (13) (10) (9)
Payments for repurchase of common stock (7,089) - - - -
Payments for repurchase of warrants (6,668) - - - -
Proceeds from exercise of stock options and warrants - - - 38 102
Tax withholdings on restricted stock vesting (11) (1,518) - - (39)
Net cash (used in) provided by financing activities (13,175) (6,923) 10,317 (7,742) (6,479)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents - - - (1) (1)
Net Change in Cash, Restricted Cash and Cash Equivalents 6,127 (30,712) 38,276 (4,996) (19,299)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period 45,428 76,140 37,864 42,860 62,159
Cash, Restricted Cash and Cash Equivalents, End of Period $51,555 $45,428 $76,140 $37,864 $42,860
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

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

© 2025 GlobeNewswire (Europe)
Zeitenwende! 3 Uranaktien vor der Neubewertung
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