SEACOR Marine (SMHI) Q3 2025 earnings summary

Executive summary

• Operating revenues for Q3 2025 were $59.2 million, down from $68.9 million in Q3 2024 and 2.7% sequentially; nine-month revenues were $175.5 million, down from $201.6 million year-over-year.

• Net income for Q3 2025 was $9.0 million, compared to a net loss of $16.3 million in Q3 2024 and $6.7 million loss in Q2 2025; nine-month net loss was $13.2 million, improved from $51.9 million loss year-over-year.

• Sale of two liftboats generated $76.0 million in proceeds and a gain of $30.2 million, supporting a strategic shift away from volatile markets.

• Lower utilization in the premium liftboat fleet and soft North Sea market conditions impacted results, but average day rates increased 3.2% year-over-year.

• The company operated a fleet of 45 owned vessels as of September 30, 2025, with only one vessel cold-stacked.

Financial highlights

• Operating income for Q3 2025 was $18.1 million, compared to a loss of $6.5 million in Q3 2024 and up from $6.1 million in Q2 2025.

• Direct vessel profit for Q3 2025 was $11.5 million, down from $16.0 million in Q3 2024 but up from $11.3 million in Q2 2025; nine-month direct vessel profit was $36.4 million, down from $51.0 million year-over-year.

• DVP margin was 19.4%, down from 23.2% year-over-year but up from 18.6% sequentially, impacted by $9.9 million in drydocking and major repairs.

• Cash, cash equivalents, and restricted cash totaled $108.2 million as of September 30, 2025, up from $37.9 million a year earlier; cash and cash equivalents at quarter end were $90.95 million, up from $34.38 million in Q2 2025.

• Outstanding debt was $341.9 million as of September 30, 2025.

Outlook and guidance

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

• Multi-year contracts awarded in Brazil for two large hybrid-powered PSVs, commencing Q1 2026, will reduce North Sea exposure.

• Up to $24.6 million remains available under Tranche B of the 2024 SMFH Credit Facility for PSV construction.

• Improved liquidity from asset sales will fund newbuild PSV program and support redeployment into more attractive assets or consolidation opportunities.

• The company continues to monitor market conditions and may adjust fleet deployment and capital expenditures accordingly.