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SEACOR Marine Holdings (SMHI) investor relations material
SEACOR Marine Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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