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SEACOR Marine
SEACOR Marine (SMHI) investor relations material
SEACOR Marine Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
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.
Quantify Q1 2026 liftboat revenue impact
FSV redeployment impact on utilization and DVP
Assess newbuild funding and leverage reduction plan
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Next SEACOR Marine earnings date
Q1 202630 Apr, 2026
SEACOR Marine
Next SEACOR Marine earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
SEACOR Marine Holdings Inc. (SMHI) is a global provider of marine and support transportation services to offshore energy facilities around the world. The company specializes in a wide range of services, including delivering cargo and personnel to offshore installations such as oil rigs, natural gas platforms, and offshore wind farms. SEACOR Marine's fleet is designed to handle anchors and mooring equipment, assist in offshore production and storage operations, and support construction, well work-over, and the installation and decommissioning of offshore wind farms. Their vessels are equipped to carry and launch underwater equipment for drilling, installation, maintenance, inspection, and repair activities. Additionally, they offer accommodations for technicians and specialists, along with safety support and emergency response services. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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