SEACOR Marine (SMHI) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $57,251k vs $59,194k; net loss was $9,464k vs net income of $8,994k, with Q3 2025 including $30,230k in asset-sale gains.

• Fleet-wide day rate and utilization improved YoY; Africa and Europe strengthened while Middle East and Asia posted a direct vessel loss.

• Excluding vessels sold during or after Q3 2025, revenue rose 25.6% YoY and 6.2% QoQ; DVP rose 110.9% YoY and 120.8% QoQ.

Financial highlights

• Q3 operating revenue was $57,251k vs $59,194k; operating expenses were $58,642k vs $71,358k, and operating loss was $1,395k vs income of $18,066k.

• Q3 DVP was $18.9M vs $11.5M YoY and $7.9M QoQ; DVP margin was 33.1% vs 19.4% YoY and 14.5% QoQ.

• Q3 included a $4.6M insurance claim settlement gain; asset disposition and impairment gains were $4K vs $30.2M in Q3 2025.

• 9M operating revenue was $156,163k vs $175,503k; operating expenses were $186,760k vs $211,825k, and operating income was $8,194k vs $18,880k.

• 9M asset-sale gains were $38,791k vs $55,202k; interest expense fell to $24,064k from $27,377k, primarily due to lower debt outstanding.

Outlook and guidance

• Two new PSVs are expected to be delivered in Q4 2026 and Q1 2027; management expressed confidence in their charter prospects.

• Cash on hand, operating cash flows, asset-sale proceeds and capital-market access, including $25.0M of remaining ATM capacity, were expected to meet obligations.

• Priorities include operational execution and improving term coverage in less volatile markets.