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SEACOR Marine Announces Second Quarter 2025 Results

1. SMHI's Q2 2025 revenues fell 13% year-over-year. 2. Operating income was $6.1 million, showing improvement. 3. Direct vessel profit decreased to $11.3 million from $20.3 million YoY. 4. Fleet utilization at 68%, down from 69% YoY, up from 60% QoQ. 5. Share repurchase of $12.9 million enhances capital structure.

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Why Bearish?

Revenue decline and reduced profitability indications can cause negative market sentiment, reminiscent of previous dips during downturns.

How important is it?

The reported financials directly impact investor perceptions and potential future profitability.

Why Long Term?

Capital restructuring and improved utilization can benefit SMHI; however, current quarterly losses may mute short-term gains.

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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. 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 

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