SEACOR Marine Announces Third Quarter 2026 Results

HOUSTON, Oct. 28, 2026 (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 third quarter ended September 30, 2026.

Third Quarter 2026 Results

SEACOR Marine’s consolidated operating revenues for the third quarter of 2026 were $57.3 million, operating loss was $1.4 million, and direct vessel profit (“DVP”)⁽¹⁾ was $18.9 million. This compares to consolidated operating revenues of $59.2 million, operating income of $18.1 million, and DVP of $11.5 million in the third quarter of 2025, and consolidated operating revenues of $54.6 million, operating income of $16.0 million, and DVP of $7.9 million in the second quarter of 2026.

Notable third quarter items include:

Average day rates of $21,100, compared to $19,490 in the third quarter of 2025 and $20,227 in the second quarter of 2026.
71% utilization, compared to 66% in the third quarter of 2025 and 68% in the second quarter of 2026.
DVP margin of 33.1%, compared to 19.4% in the third quarter of 2025 and 14.5% in the second quarter of 2026.
3.3% decrease in revenues from the third quarter of 2025 and 4.8% increase from the second quarter of 2026.
Operating performance improved significantly; adjusting for all vessels sold during or after the third quarter of 2025, revenues increased by 25.6% from the third quarter of 2025 and 6.2% from the second quarter of 2026, and DVP increased by 110.9% from the third quarter of 2025 and 120.8% from the second quarter of 2026.

For the third quarter of 2026, net loss was $9.5 million ($0.36 loss per basic and diluted share). This compares to a net income for the third quarter of 2025 of $9.0 million ($0.35 earnings per basic and diluted share). Sequentially, the third quarter of 2026 results compare to a net income of $3.3 million ($0.13 earnings per basic share and $0.12 earnings per diluted share) in the second quarter of 2026.

Chief Executive Officer John Gellert commented:

“Our third quarter results reflect improved utilization, day rates and margins led by the performance of our platform supply vessel (“PSV”) fleet. These positive trends were partially offset by the ongoing maintenance for our two premium liftboats and lower utilization in our fast support vessel (“FSV”) fleet, especially in the Middle East. This reflects a softening market in the Middle East primarily due to delays in both construction and drilling projects in the region as a result of current operating conditions.

We look forward to taking delivery of our two newbuild PSVs in the coming months and remain confident in their charter prospects. We remain focused on operational execution and continue to implement our strategy of improving term coverage in less volatile markets.”

Separately, as previously announced on July 29, 2026, SEACOR Marine’s Board is continuing with its evaluation of strategic alternatives to maximize shareholder value with the assistance of independent financial advisors. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation process. There can be no assurance that the strategic review process will result in any transaction or other strategic outcome. The Company has not established a timetable for completion of the review process and does not intend to disclose developments related to the review unless and until SEACOR Marine executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.
___________________

(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, including our announcement of the commencement of a strategic review of the business, 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. Achievement of these expectations and strategic objectives, including any increase to shareholder value from the strategic review, business prospects, anticipated economic performance and financial condition involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Certain of these risks, uncertainties and other important factors 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 investors, contact:
InvestorRelations@seacormarine.com

For media, contact:
H/Advisors – U.S.
Dana Gorman / Amy Feng
dana.gorman@h-advisors.global / amy.feng@h-advisors.global

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

	Three Months Ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Operating Revenues	$	57,251		$	59,194		$	156,163		$	175,503
Costs and Expenses:
Operating		38,317			47,684			122,574			139,105
Administrative and general		10,034			11,269			32,331			34,753
Lease expense		337			280			853			942
Depreciation and amortization		9,954			12,125			31,002			37,025
		58,642			71,358			186,760			211,825
(Losses) Gains on Asset Dispositions and Impairments, Net		(4	)		30,230			38,791			55,202
Operating (Loss) Income		(1,395	)		18,066			8,194			18,880
Other Income (Expense):
Interest income		420			297			1,354			1,105
Interest expense		(7,581	)		(8,947	)		(24,064	)		(27,377	)
Derivative gains, net		—			17			—			229
Foreign currency gains (losses), net		201			218			(302	)		(3,097	)
Gains on insurance claim settlement		—			4,581			—			4,581
Other, net		19			(221	)		23			(221	)
		(6,941	)		(4,055	)		(22,989	)		(24,780	)
(Loss) Income Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies		(8,336	)		14,011			(14,795	)		(5,900	)
Income Tax Expense		1,074			5,410			7,233			8,822
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies		(9,410	)		8,601			(22,028	)		(14,722	)
Equity in (Losses) Earnings of 50% or Less Owned Companies		(54	)		393			52			1,500
Net (Loss) Income	$	(9,464	)	$	8,994		$	(21,976	)	$	(13,222	)

Net (Loss) Earnings Per Share:
Basic	$	(0.36	)	$	0.35		$	(0.85	)	$	(0.50	)
Diluted	$	(0.36	)	$	0.35		$	(0.85	)	$	(0.50	)
Weighted Average Common Stock Outstanding:
Basic		26,157,107			25,657,809			26,006,085			26,409,312
Diluted		26,157,107			25,887,710			26,006,085			26,409,312

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

	Three Months Ended
	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
Time Charter Statistics:
Average Rates Per Day	$	21,100		$	20,227		$	18,199		$	17,519		$	19,490
Fleet Utilization		71	%		68	%		59	%		69	%		66	%
Fleet Available Days⁽²⁾		3,496			3,635			3,897			4,127			4,321
Operating Revenues:
Time charter	$	52,163		$	49,697		$	41,957		$	49,817		$	55,958
Bareboat charter		846			834			828			843			846
Other marine services		4,242			4,099			1,497			1,669			2,390
		57,251			54,630			44,282			52,329			59,194
Costs and Expenses:
Operating:
Personnel		14,915			15,697			15,422			16,539			17,616
Repairs and maintenance		9,409			12,648			10,600			11,752			14,603
Drydocking		337			2,961			1,252			1,175			2,430
Insurance and loss reserves		3,646			2,698			1,792			1,570			1,948
Fuel, lubes and supplies		3,851			5,302			3,308			4,601			4,465
Other		6,159			7,378			5,199			7,030			6,622
		38,317			46,684			37,573			42,667			47,684
Direct Vessel Profit⁽¹⁾		18,934			7,946			6,709			9,662			11,510
Other Costs and Expenses:
Lease expense		337			266			250			261			280
Administrative and general		10,034			12,343			9,954			12,730			11,269
Depreciation and amortization		9,954			10,718			10,330			10,045			12,125
		20,325			23,327			20,534			23,036			23,674
(Losses) Gains on Asset Dispositions and Impairments, Net		(4	)		31,347			7,448			8,210			30,230
Operating (Loss) Income		(1,395	)		15,966			(6,377	)		(5,164	)		18,066
Other Income (Expense):
Interest income		420			443			491			751			297
Interest expense		(7,581	)		(8,244	)		(8,239	)		(8,673	)		(8,947	)
Derivative (losses) gains, net		—			—			—			(73	)		17
Foreign currency gains (losses), net		201			(981	)		478			(38	)		218
Gains on insurance claim settlement		—			—			—			—			4,581
Other, net		19			4			—			32			(221	)
		(6,941	)		(8,778	)		(7,270	)		(8,001	)		(4,055	)
(Loss) Income Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies		(8,336	)		7,188			(13,647	)		(13,165	)		14,011
Income Tax Expense		1,074			3,951			2,208			1,688			5,410
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies		(9,410	)		3,237			(15,855	)		(14,853	)		8,601
Equity in (Losses) Earnings of 50% or Less Owned Companies		(54	)		56			50			231			393
Net (Loss) Income	$	(9,464	)	$	3,293		$	(15,805	)	$	(14,622	)	$	8,994

Net (Loss) Earnings Per Share:
Basic	$	(0.36	)	$	0.13		$	(0.61	)	$	(0.57	)	$	0.35
Diluted	$	(0.36	)	$	0.12		$	(0.61	)	$	(0.57	)	$	0.35
Weighted Average Common Stock Outstanding:
Basic		26,157			26,072			25,785			25,671			25,658
Diluted		26,157			26,354			25,785			25,671			25,888
Common Shares Outstanding at Period End		27,151			27,133			27,062			26,952			26,976

(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
	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
*Americas*
Time Charter Statistics:
Average rates per day worked	$	31,003		$	28,394		$	20,546		$	18,188		$	22,809
Fleet utilization		70	%		58	%		35	%		50	%		59	%
Fleet available days⁽²⁾		828			935			1,369			1,477			1,561
Out-of-service days for repairs, maintenance and drydockings		136			153			190			127			198
Out-of-service days for cold-stacked status		—			—			61			92			116
Operating Revenues:
Time charter	$	18,029		$	15,518		$	9,843		$	13,560		$	20,995
Bareboat charter		846			834			828			843			846
Other marine services		738			1,353			282			519			1,338
		19,613			17,705			10,953			14,922			23,179
Direct Costs and Expenses:
Operating:
Personnel		5,457			5,322			6,007			7,115			8,195
Repairs and maintenance		2,644			2,252			1,644			1,955			2,274
Drydocking		(55	)		680			440			(102	)		1,018
Insurance and loss reserves		511			787			423			465			1,011
Fuel, lubes and supplies		1,093			1,494			1,075			1,618			1,443
Other		2,241			3,271			1,384			3,096			1,882
		11,891			13,806			10,973			14,147			15,823
Direct Vessel Profit (Loss)⁽¹⁾	$	7,722		$	3,899		$	(20	)	$	775		$	7,356
Other Costs and Expenses:
Lease expense	$	213		$	191		$	177		$	185		$	202
Depreciation and amortization		2,393			3,168			3,166			2,917			4,592

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	18,854		$	18,877		$	18,711		$	17,095		$	17,983
Fleet utilization		80	%		77	%		78	%		84	%		75	%
Fleet available days		1,748			1,741			1,538			1,559			1,656
Out-of-service days for repairs, maintenance and drydockings		123			195			202			144			229
Operating Revenues:
Time charter	$	26,295		$	25,248		$	22,534		$	22,317		$	22,357
Other marine services		1,558			1,041			577			580			733
		27,853			26,289			23,111			22,897			23,090
Direct Costs and Expenses:
Operating:
Personnel		5,439			5,523			4,982			4,656			4,465
Repairs and maintenance		3,657			5,673			2,957			4,694			6,531
Drydocking		11			554			176			987			1,413
Insurance and loss reserves		633			504			330			481			326
Fuel, lubes and supplies		1,410			2,416			1,334			1,292			1,781
Other		3,142			3,154			3,192			2,558			3,573
		14,292			17,824			12,971			14,668			18,089
Direct Vessel Profit⁽¹⁾	$	13,561		$	8,465		$	10,140		$	8,229		$	5,001
Other Costs and Expenses:
Lease expense	$	55		$	—		$	—		$	8		$	8
Depreciation and amortization		4,490			4,485			4,063			3,968			4,302

(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 (continued) (in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	15,804		$	15,588		$	15,400		$	17,587		$	17,818
Fleet utilization		54	%		60	%		63	%		73	%		64	%
Fleet available days		920			959			990			1,091			1,104
Out-of-service days for repairs, maintenance and drydockings		200			300			268			72			157
Operating Revenues:
Time charter	$	7,839		$	8,931		$	9,580		$	13,940		$	12,606
Other marine services		1,946			1,705			638			570			319
		9,785			10,636			10,218			14,510			12,925
Direct Costs and Expenses:
Operating:
Personnel		4,019			4,852			4,433			4,768			4,956
Repairs and maintenance		3,108			4,723			5,999			5,103			5,798
Drydocking		381			1,727			636			290			(1	)
Insurance and loss reserves		2,502			1,407			1,039			624			611
Fuel, lubes and supplies		1,348			1,392			899			1,691			1,241
Other		776			953			623			1,376			1,167
		12,134			15,054			13,629			13,852			13,772
Direct Vessel (Loss) Profit⁽¹⁾	$	(2,349	)	$	(4,418	)	$	(3,411	)	$	658		$	(847	)
Other Costs and Expenses:
Lease expense	$	69		$	75		$	73		$	68		$	70
Depreciation and amortization		3,071			3,065			3,101			3,160			3,231

(1) See full description of footnote above.

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

	Three Months Ended
	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
*AHTS*
Operating Revenues:
Time charter	$	—		$	—		$	—		$	—		$	—
Other marine services		—			—			—			—			(7	)
		—			—			—			—			(7	)
Direct Costs and Expenses:
Operating:
Personnel	$	—		$	—		$	—		$	12		$	11
Repairs and maintenance		—			—			—			—			(24	)
Insurance and loss reserves		—			—			—			—			—
Fuel, lubes and supplies		—			—			—			1			3
Other		—			—			—			9			18
		—			—			—			22			8
Other Costs and Expenses:
Depreciation and amortization	$	—		$	—		$	—		$	4		$	4

*FSV*
Time Charter Statistics:
Average rates per day worked	$	14,567		$	14,411		$	13,833		$	14,114		$	14,007
Fleet utilization		69	%		74	%		73	%		75	%		71	%
Fleet available days		1,840			1,840			1,862			1,932			1,932
Out-of-service days for repairs, maintenance and drydockings		182			348			353			209			236
Out-of-service days for cold-stacked status		—			—			61			92			116
Operating Revenues:
Time charter	$	18,448		$	19,636		$	18,929		$	20,546		$	19,131
Other marine services		1,755			1,819			471			492			566
		20,203			21,455			19,400			21,038			19,697
Direct Costs and Expenses:
Operating:
Personnel	$	4,960		$	5,416		$	5,166		$	4,980		$	4,502
Repairs and maintenance		5,137			6,434			3,179			5,862			6,041
Drydocking		213			898			576			1,098			678
Insurance and loss reserves		682			951			663			509			270
Fuel, lubes and supplies		1,419			1,481			1,503			1,850			1,480
Other		2,503			2,548			1,683			2,147			2,889
		14,914			17,728			12,770			16,446			15,860
Other Costs and Expenses:
Depreciation and amortization	$	4,729		$	5,244		$	4,719		$	4,707		$	4,695

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

	Three Months Ended
	Jun. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
*PSV*
Time Charter Statistics:
Average rates per day worked	$	28,052		$	28,443		$	25,352		$	20,118		$	21,507
Fleet utilization		81	%		70	%		54	%		68	%		65	%
Fleet available days⁽¹⁾		1,380			1,427			1,585			1,735			1,748
Out-of-service days for repairs, maintenance and drydockings		94			114			37			48			161
Operating Revenues:
Time charter	$	31,244		$	28,622		$	21,688		$	23,801		$	24,439
Bareboat charter		846			834			828			843			846
Other marine services		1,449			1,459			811			440			592
		33,539			30,915			23,327			25,084			25,877
Direct Costs and Expenses:
Operating:
Personnel	$	8,241		$	7,859		$	7,348		$	8,322		$	7,882
Repairs and maintenance		2,198			2,865			2,801			3,501			4,618
Drydocking		(70	)		803			133			(166	)		1,113
Insurance and loss reserves		891			903			448			656			546
Fuel, lubes and supplies		1,724			3,290			1,201			1,985			2,030
Other		3,642			4,357			3,292			4,378			3,262
		16,626			20,077			15,223			18,676			19,451
Other Costs and Expenses:
Depreciation and amortization	$	3,612		$	3,565		$	3,574		$	3,301		$	3,968

(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
	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	26,855		$	16,417		$	16,420		$	26,703		$	33,566
Fleet utilization		33	%		24	%		18	%		45	%		58	%
Fleet available days		276			368			450			460			641
Out-of-service days for repairs, maintenance and drydockings		184			188			270			87			188
Operating Revenues:
Time charter	$	2,471		$	1,448		$	1,340		$	5,470		$	12,388
Other marine services		687			789			178			359			1,128
		3,158			2,237			1,518			5,829			13,516
Direct Costs and Expenses:
Operating:
Personnel	$	1,723		$	2,409		$	2,897		$	3,241		$	5,209
Repairs and maintenance		2,062			3,294			4,594			2,375			3,943
Drydocking		194			1,260			543			243			639
Insurance and loss reserves		1,932			844			943			415			1,145
Fuel, lubes and supplies		696			531			600			715			951
Other		3			497			182			564			407
		6,610			8,835			9,759			7,553			12,294
Other Costs and Expenses:
Depreciation and amortization	$	1,589		$	1,734		$	2,027		$	2,026		$	3,450

*Other Activity*
Operating Revenues:
Time charter		—		$	(9	)	$	—		$	—		$	—
Other marine services		351			32			37			378			111
		351			23			37			378			111
Direct Costs and Expenses:
Operating:
Personnel	$	(9	)	$	13		$	11		$	(16	)	$	12
Repairs and maintenance		12			55			26			14			25
Insurance and loss reserves		141			—			(262	)		(10	)		(13	)
Fuel, lubes and supplies		12			—			4			50			1
Other		11			(24	)		42			(68	)		46
		167			44			(179	)		(30	)		71
Other Costs and Expenses:
Lease expense	$	337		$	266		$	250		$	261		$	280
Depreciation and amortization		24			175			10			7			8

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

	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	41,924		$	55,397		$	38,721		$	68,934		$	90,953
Restricted cash		33,666			37,643			36,711			24,182			17,255
Receivables:
Trade, net of allowance for credit loss		66,828			61,955			69,200			64,522			62,788
Other		6,283			5,857			4,897			3,965			17,308
Inventories		2,038			2,061			2,746			2,196			2,552
Prepaid expenses and other		6,098			5,407			6,007			5,173			3,448
Assets held for sale		—			—			13,376			10,812			—
Total current assets		156,837			168,320			171,658			179,784			194,304
Property and Equipment:
Historical cost		747,581			754,369			752,640			776,833			797,381
Accumulated depreciation		(353,151	)		(351,840	)		(341,790	)		(348,812	)		(344,899	)
		394,430			402,529			410,850			428,021			452,482
Construction in progress		61,485			56,594			52,429			47,002			40,394
Net property and equipment		455,915			459,123			463,279			475,023			492,876
Right-of-use asset - operating leases		784			933			929			982			903
Right-of-use asset - finance leases		102			14			17			19			22
Investments, at equity, and advances to 50% or less owned companies		956			3,009			2,951			2,938			2,707
Other assets		1,921			1,925			1,913			1,855			1,686
Total assets	$	616,515		$	633,324		$	640,747		$	660,601		$	692,498
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	464		$	549		$	481		$	405		$	510
Current portion of finance lease liabilities		24			12			12			12			11
Current portion of long-term debt		31,048			30,699			30,350			30,000			30,000
Accounts payable		12,215			14,229			16,355			21,268			25,928
Other current liabilities		27,462			25,279			25,476			19,044			24,702
Total current liabilities		71,213			70,768			72,674			70,729			81,151
Long-term operating lease liabilities		477			559			470			607			567
Long-term finance lease liabilities		84			3			5			8			11
Long-term debt		281,935			289,503			297,072			304,644			311,858
Deferred income taxes		18,175			19,580			18,894			19,376			20,609
Deferred gains and other liabilities		489			599			3,794			565			639
Total liabilities		372,373			381,012			392,909			395,929			414,835
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		285			284			284			280			281
Additional paid-in capital		475,603			474,395			473,241			471,862			470,228
Accumulated deficit		(230,420	)		(220,956	)		(224,249	)		(208,444	)		(193,822	)
Shares held in treasury		(11,470	)		(11,470	)		(11,428	)		(9,691	)		(9,639	)
Accumulated other comprehensive income, net of tax		9,823			9,738			9,669			10,344			10,294
		243,821			251,991			247,517			264,351			277,342
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		244,142			252,312			247,838			264,672			277,663
Total liabilities and equity	$	616,515		$	633,324		$	640,747		$	660,601		$	692,498

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

	Three Months Ended
	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
Cash Flows from Operating Activities:
Net (Loss) Income	$	(9,464	)	$	3,293		$	(15,805	)	$	(14,622	)	$	8,994
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization		9,954			10,718			10,330			10,045			12,125
Deferred financing costs amortization		43			43			42			173			(86	)
Stock-based compensation expense		1,129			1,132			1,383			1,633			1,559
Debt discount amortization		238			237			236			243			236
Allowance for credit losses		(126	)		64			57			(620	)		627
Losses (gains) from equipment sales, retirements or impairments, net		4			(31,347	)		(7,448	)		(8,210	)		(30,230	)
Derivative losses (gains)		—			—			—			73			(17	)
Interest on finance lease		2			—			1			1			1
Settlements on derivative transactions, net		—			—			—			65			—
Currency (gains) losses		(201	)		981			(478	)		38			(218	)
Deferred income taxes		(1,405	)		686			(482	)		(1,233	)		2,279
Equity losses (earnings)		54			(56	)		(50	)		(231	)		(393	)
Dividends received from equity investees		2,027			—			—			—			—
Changes in Operating Assets and Liabilities:
Accounts receivables		(5,045	)		5,763			(5,735	)		12,222			(6,700	)
Other assets		(509	)		1,415			(1,306	)		(1,530	)		1,385
Accounts payable and accrued liabilities		154			(6,107	)		4,122			(10,246	)		(221	)
Net cash used in operating activities		(3,145	)		(13,178	)		(15,133	)		(12,199	)		(10,659	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(7,076	)		(6,429	)		(6,088	)		(8,427	)		(9,348	)
Proceeds from disposition of property and equipment		201			44,737			12,778			13,087			76,068
Net cash (used in) provided by investing activities		(6,875	)		38,308			6,690			4,660			66,720
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(7,500	)		(7,500	)		(7,500	)		(7,500	)
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		—			—			—			—			8,098
Payments on finance leases		(8	)		(4	)		(3	)		(4	)		(3	)
Excise tax on stock repurchase		—			22			—			—			—
Proceeds from exercise of stock options		80			—			—			—			—
Tax withholdings on restricted stock vesting		—			(42	)		(1,737	)		(52	)		—
Net cash (used in) provided by financing activities		(7,428	)		(7,524	)		(9,240	)		(7,556	)		595
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(2	)		2			(1	)		3			(3	)
Net Change in Cash, Restricted Cash and Cash Equivalents		(17,450	)		17,608			(17,684	)		(15,092	)		56,653
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		93,040			75,432			93,116			108,208			51,555
Cash, Restricted Cash and Cash Equivalents, End of Period	$	75,590		$	93,040		$	75,432		$	93,116		$	108,208

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Total
September 30, 2026
FSV		20		20
PSV		15		15
Liftboats		3		3
		38		38
December 31, 2025
FSV		21		21
PSV		18		18
Liftboats		5		5
		44		44