SEACOR Marine (SMHI) Q2 2026 earnings summary

Executive summary

• Operating revenues for Q2 2026 were $54.6 million, down 10% year-over-year but up 23.4% sequentially from Q1 2026; net income was $3.3 million, reversing a net loss of $6.7 million in Q2 2025 and $15.8 million in Q1 2026.

• The company completed significant vessel sales, generating $57.5 million in proceeds and $38.8 million in gains for the first half of 2026; five vessels and equipment were sold for $44.7 million in Q2 2026, with $31.3 million in gains.

• A strategic alternatives review was initiated in July 2026, including potential sale, merger, or asset transactions, with independent financial advisors engaged.

Financial highlights

• Six-month 2026 revenues were $98.9 million, down from $116.3 million year-over-year; Q2 2026 operating income was $16.0 million, up from $6.1 million in Q2 2025 and a loss of $6.4 million in Q1 2026.

• Direct vessel profit (DVP) was $7.9 million, down from $11.3 million in Q2 2025 but up from $6.7 million in Q1 2026; DVP margin was 14.5%.

• Net cash provided by investing activities was $45.0 million in H1 2026 and $38.3 million in Q2 2026, mainly from vessel sales.

• Cash, cash equivalents, and restricted cash totaled $93.0 million as of June 30, 2026; cash and cash equivalents were $55.4 million.

• Total assets at quarter-end were $633.3 million; total equity was $252.3 million.

Outlook and guidance

• The company expects to fund remaining PSV construction payments from vessel sale proceeds, with no additional borrowings needed.

• Management remains constructive on international market opportunities and expects to benefit from incremental offshore energy demand.

• No formal guidance provided due to ongoing strategic review and Middle East conflict, which is expected to delay liftboat operations in Q3 2026.