SEACOR Marine (SMHI) Q1 2026 earnings summary

Executive summary

• Operating revenues for Q1 2026 were $44.3 million, down 20% year-over-year, with a net loss of $15.8 million compared to a net loss of $15.5 million in Q1 2025.

• The company operated a fleet of 43 owned support vessels as of March 31, 2026, serving offshore energy and wind farm clients globally.

• Cost reduction measures initiated in late 2025 led to $1.0 million in wage and benefit savings in Q1 2026.

• Lower revenues were attributed to fewer available days due to vessel sales, repositioning, and uncontracted liftboats under repair.

• Average day rates improved sequentially but utilization declined to 59% from 60% year-over-year and 69% in the previous quarter.

Financial highlights

• Operating loss for Q1 2026 was $6.4 million, compared to $5.3 million in Q1 2025.

• Direct vessel profit was $6.7 million, down from $13.6 million year-over-year.

• Gains on asset dispositions and impairments were $7.4 million, up from $5.8 million in Q1 2025.

• Cash, cash equivalents, and restricted cash totaled $75.4 million at quarter-end, up from $45.4 million a year earlier.

• Outstanding debt was $327.4 million as of March 31, 2026.

Outlook and guidance

• Management expects continued volatility in oil prices and offshore activity, but notes increased utilization and day rates since pandemic lows.

• Utilization expected to normalize after fleet repositioning and vessel sales in Q2 2026.

• Anticipates increased offshore drilling activity in South America and West Africa, with potential demand from energy security and diversification trends.

• Two premium liftboats in the Middle East are not expected to operate in Q2 2026 due to ongoing repairs and regional conflict impacts.

• The company believes current liquidity, cash flow, and credit access are sufficient to meet obligations and capital needs.