SMHI · SEACOR Marine Holdings Inc.

SEACOR Marine's Q1 2026 results showed operating revenues of $44.3 million, a 20.2% decline from Q1 2025's $55.5 million and 15.4% from Q4 2025's $52.3 million, primarily due to fewer available days from prior vessel sales, repositioning, and two premium liftboats under repair. Average day rates improved sequentially to $18,199 (up 3.9% QoQ) driven by new term contracts for PSVs in Brazil and the North Sea, though down 3.3% YoY; however, utilization fell to 59% from 60% YoY and 69% QoQ, pressuring direct vessel profit to $6.7 million (15.2% margin) versus 24.5% YoY and 18.5% QoQ. Operating loss widened slightly to $6.4 million from $5.3 million YoY, with net loss at $15.8 million or $(0.61) per share. A key positive was the sale of a 201’ PSV built in 2015 for $14.6 million proceeds and $7.3 million gain, contributing to $7.4 million in net gains on asset dispositions. At quarter-end, five additional vessels were held for sale, with two sold in April 2026 and three expected in Q2. CEO John Gellert noted utilization normalization post-fleet repositioning and sales, stable FSV rates amid redeployments, progress in Latin America and West Africa with contracted fleets, low U.S. activity prompting fleet adjustments, and Middle East challenges from conflict raising costs and delaying liftboat maintenance, keeping them idle in Q2. Excluding liftboats, nine vessels operated in the region, with seven active in Saudi Arabia and Qatar. The company positions itself for offshore drilling growth in South America and West Africa.