SEACOR Marine (SMHI) Q2 2025 earnings summary

Executive summary

• Operating revenues for Q2 2025 were $60.8M, down from $69.9M in Q2 2024 but up 9.6% sequentially; six-month revenues were $116.3M, down from $132.6M year-over-year.

• Net loss for Q2 2025 was $6.7M, improved from $12.5M loss in Q2 2024 and $15.5M sequentially; six-month net loss was $22.2M, improved from $35.6M year-over-year.

• Asset rotation included sale of two PSVs and one FSV for $33.4M, generating $19.1M gain; total asset sales in H1 2025 generated $40.1M in proceeds and $25.0M in gains.

• Share and warrant repurchase from Carlyle for $12.9M simplified capital structure.

• Fleet size reduced to 49 vessels as of June 30, 2025, with three cold-stacked.

Financial highlights

• Operating income for Q2 2025 was $6.1M, compared to a $3.9M loss in Q2 2024 and $5.3M loss sequentially; six-month operating income was $0.8M, versus a $14.5M loss year-over-year.

• Direct vessel profit for Q2 2025 was $11.3M, down from $20.3M in Q2 2024 and $13.6M sequentially; six-month DVP was $24.9M, down from $35.0M year-over-year.

• DVP margin declined to 18.6% from 29.1% year-over-year, impacted by higher drydocking and repairs.

• Cash, cash equivalents, and restricted cash totaled $51.6M as of June 30, 2025, up from $42.9M a year earlier.

• Outstanding debt was $341.0M as of June 30, 2025.

Outlook and guidance

• Management expects sufficient liquidity from cash, operations, and a $25M ATM program to meet obligations and capital needs.

• $65.1M in unfunded capital commitments remain, mainly for two new PSVs and hybrid battery systems, with staged payments through 2027.

• Fleet repositioning and asset rotation to continue, targeting lower volatility and better returns.

• New PSV deliveries expected in Q4 2026 and Q1 2027.

• The company is evaluating the impact of new U.S. tax legislation signed in July 2025.