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SEACOR Marine Announces First Quarter 2025 Results

1. SEACOR Marine reported Q1 2025 revenues at $55.5 million, down 11.6%. 2. Operating loss for Q1 2025 was $5.3 million, improving from last year. 3. Fleet utilization decreased to 60%; average day rates remained stable. 4. The company generated $33.2 million from vessel sales, enhancing cash flow. 5. Share repurchase simplified capital structure, showcasing management confidence.

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FAQ

Why Neutral?

While revenues declined, operational losses improved, indicating a mixed performance.

How important is it?

Improvement in operational losses may attract investor interest despite revenue decline.

Why Short Term?

Immediate gains from asset sales may stabilize stock prices temporarily.

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ESVNEVLO
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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