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SEACOR Marine Holdings (SMHI) investor relations material
SEACOR Marine Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
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.
How do recent vessel sales and newbuilds reshape the fleet?
What caused the 149.6% effective tax rate?
Explain the divergent DVP trends across regions.
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Next SEACOR Marine Holdings earnings date
Q4 202526 Feb, 2026
Next SEACOR Marine Holdings earnings date
Q4 202526 Feb, 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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