SEACOR Marine (SMHI) Q4 2025 earnings summary

Executive summary

• Operates a modern fleet of 44 offshore support vessels, with two new PSVs under construction, serving global offshore energy markets outside Asia.

• FY 2025 saw significant asset sales, a share repurchase, and cost reduction initiatives yielding $3.9M in annualized savings.

• Contracted revenue backlog exceeded $500M at year-end 2025, with top customers including Azule Energy, ExxonMobil, and Saudi Aramco.

• Fourth quarter 2025 operating revenues were $52.3M, down 25% year-over-year and 11.6% sequentially.

• Net loss for FY 2025 was ($27.8M), improved from ($78.1M) in FY 2024; Q4 2025 net loss was $14.6M.

Financial highlights

• FY 2025 revenue was $227.8M, down 16% year-over-year; average day rate held steady at $18,899, utilization at 66%.

• Direct Vessel Profit (DVP) fell to $46.1M from $74.1M in FY 2024; Adjusted EBITDA was negative at ($2.6M).

• DVP margin declined to 20% in FY 2025 from 27% in FY 2024; Q4 2025 DVP margin was 18.5%.

• Gains on asset dispositions totaled $63.4M, driven by vessel and equipment sales.

• SG&A cost savings initiatives expected to yield $3.9M in annualized savings.

Outlook and guidance

• PSV newbuild program is fully funded, with deliveries scheduled for Q4 2026 and Q1 2027.

• Market fundamentals remain supportive, with high utilization (~90% adjusted) and day rates above historical averages despite 2025 softness.

• Supply constraints and a limited orderbook are expected to support future rate rebounds.

• Premium liftboats in the Middle East are off charter and undergoing maintenance, not expected to work in Q1 2026.

• Large PSV fleet in the North Sea contracted for a multi-month seismic survey, achieving full utilization for the first time in five years.