SEACOR Marine Announces First Quarter 2025 Results

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 [email protected]

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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