SEACOR Marine Announces Second Quarter 2025 Results
HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2025.
SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)(1) was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.
Notable second quarter items include:
- 13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
- Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
- 68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
- DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
- During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.
For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.
Chief Executive Officer John Gellert commented:
“The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.
Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.
In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.
In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.
As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.
We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
___________________
| (1 | ) | Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at for additional information.
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| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data) | ||||||||||||||||
| Three Months Ended June 30, | Six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating Revenues | $ | 60,810 | $ | 69,867 | $ | 116,309 | $ | 132,637 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 49,493 | 49,520 | 91,421 | 97,619 | ||||||||||||
| Administrative and general | 11,998 | 10,889 | 23,484 | 22,806 | ||||||||||||
| Lease expense | 325 | 486 | 662 | 967 | ||||||||||||
| Depreciation and amortization | 12,090 | 12,939 | 24,900 | 25,821 | ||||||||||||
| 73,906 | 73,834 | 140,467 | 147,213 | |||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 19,163 | 37 | 24,972 | 36 | ||||||||||||
| Operating Income (Loss) | 6,067 | (3,930 | ) | 814 | (14,540 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 372 | 445 | 808 | 1,038 | ||||||||||||
| Interest expense | (8,844 | ) | (10,190 | ) | (18,430 | ) | (20,499 | ) | ||||||||
| Derivative gains (losses), net | 87 | 104 | 212 | (439 | ) | |||||||||||
| Foreign currency losses, net | (2,119 | ) | (560 | ) | (3,315 | ) | (640 | ) | ||||||||
| Other, net | — | — | — | (95 | ) | |||||||||||
| (10,504 | ) | (10,201 | ) | (20,725 | ) | (20,635 | ) | |||||||||
| Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (4,437 | ) | (14,131 | ) | (19,911 | ) | (35,175 | ) | ||||||||
| Income Tax Expense (Benefit) | 2,508 | (682 | ) | 3,412 | 243 | |||||||||||
| Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (6,945 | ) | (13,449 | ) | (23,323 | ) | (35,418 | ) | ||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 218 | 966 | 1,107 | (134 | ) | |||||||||||
| Net Loss | $ | (6,727 | ) | $ | (12,483 | ) | $ | (22,216 | ) | $ | (35,552 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic | $ | (0.26 | ) | $ | (0.45 | ) | $ | (0.83 | ) | $ | (1.29 | ) | ||||
| Diluted | $ | (0.26 | ) | $ | (0.45 | ) | $ | (0.83 | ) | $ | (1.29 | ) | ||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 25,686,560 | 27,729,033 | 26,791,291 | 27,536,319 | ||||||||||||
| Diluted | 25,686,560 | 27,729,033 | 26,791,291 | 27,536,319 | ||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average Rates Per Day | $ | 19,731 | $ | 18,825 | $ | 18,901 | $ | 18,879 | $ | 19,141 | ||||||||||
| Fleet Utilization | 68 | % | 60 | % | 72 | % | 67 | % | 69 | % | ||||||||||
| Fleet Available Days (2) | 4,310 | 4,583 | 4,870 | 5,026 | 4,994 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 57,673 | $ | 51,933 | $ | 66,095 | $ | 63,313 | $ | 65,649 | ||||||||||
| Bareboat charter | 838 | 708 | 364 | 372 | 364 | |||||||||||||||
| Other marine services | 2,299 | 2,858 | 3,349 | 5,231 | 3,854 | |||||||||||||||
| 60,810 | 55,499 | 69,808 | 68,916 | 69,867 | ||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 18,969 | 18,537 | 20,365 | 21,940 | 21,566 | |||||||||||||||
| Repairs and maintenance | 13,648 | 8,520 | 10,433 | 9,945 | 10,244 | |||||||||||||||
| Drydocking | 5,143 | 3,869 | 2,467 | 6,068 | 6,210 | |||||||||||||||
| Insurance and loss reserves | 2,982 | 2,153 | 2,473 | 2,584 | 3,099 | |||||||||||||||
| Fuel, lubes and supplies | 4,296 | 4,546 | 4,884 | 6,574 | 3,966 | |||||||||||||||
| Other | 4,455 | 4,303 | 6,104 | 5,796 | 4,435 | |||||||||||||||
| 49,493 | 41,928 | 46,726 | 52,907 | 49,520 | ||||||||||||||||
| Direct Vessel Profit (1) | 11,317 | 13,571 | 23,082 | 16,009 | 20,347 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | 325 | 337 | 347 | 364 | 486 | |||||||||||||||
| Administrative and general | 11,998 | 11,486 | 10,888 | 11,019 | 10,889 | |||||||||||||||
| Depreciation and amortization | 12,090 | 12,810 | 12,879 | 12,928 | 12,939 | |||||||||||||||
| 24,413 | 24,633 | 24,114 | 24,311 | 24,314 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 19,163 | 5,809 | 11,624 | 1,821 | 37 | |||||||||||||||
| Operating (Loss) Income | 6,067 | (5,253 | ) | 10,592 | (6,481 | ) | (3,930 | ) | ||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 372 | 436 | 372 | 358 | 445 | |||||||||||||||
| Interest expense | (8,844 | ) | (9,586 | ) | (10,001 | ) | (10,127 | ) | (10,190 | ) | ||||||||||
| Derivative gains (losses), net | 87 | 125 | (536 | ) | 67 | 104 | ||||||||||||||
| Loss on debt extinguishment | — | — | (31,923 | ) | — | — | ||||||||||||||
| Foreign currency (losses) gains, net | (2,119 | ) | (1,196 | ) | 1,308 | (1,717 | ) | (560 | ) | |||||||||||
| Other, net | — | — | 187 | 29 | — | |||||||||||||||
| (10,504 | ) | (10,221 | ) | (40,593 | ) | (11,390 | ) | (10,201 | ) | |||||||||||
| Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (4,437 | ) | (15,474 | ) | (30,001 | ) | (17,871 | ) | (14,131 | ) | ||||||||||
| Income Tax Expense (Benefit) | 2,508 | 904 | (2,345 | ) | (513 | ) | (682 | ) | ||||||||||||
| Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (6,945 | ) | (16,378 | ) | (27,656 | ) | (17,358 | ) | (13,449 | ) | ||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 218 | 889 | 1,430 | 1,012 | 966 | |||||||||||||||
| Net Loss | $ | (6,727 | ) | $ | (15,489 | ) | $ | (26,226 | ) | $ | (16,346 | ) | $ | (12,483 | ) | |||||
| Net Loss Per Share: | ||||||||||||||||||||
| Basic | $ | (0.26 | ) | $ | (0.56 | ) | $ | (0.94 | ) | $ | (0.59 | ) | $ | (0.45 | ) | |||||
| Diluted | $ | (0.26 | ) | $ | (0.56 | ) | $ | (0.94 | ) | $ | (0.59 | ) | $ | (0.45 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||||||
| Basic | 25,687 | 27,908 | 27,773 | 27,773 | 27,729 | |||||||||||||||
| Diluted | 25,687 | 27,908 | 27,773 | 27,773 | 27,729 | |||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 26,976 | 29,488 | 28,950 | 28,950 | 28,941 | |||||||||||||||
__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| United States, primarily Gulf of America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 25,262 | $ | 23,874 | $ | 26,116 | $ | 17,188 | $ | 22,356 | ||||||||||
| Fleet utilization | 48 | % | 25 | % | 45 | % | 42 | % | 37 | % | ||||||||||
| Fleet available days | 1,007 | 1,121 | 920 | 920 | 921 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 144 | 153 | 75 | 116 | 179 | |||||||||||||||
| Out-of-service days for cold-stacked status (2) | 270 | 173 | 184 | 175 | 127 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 12,205 | $ | 6,765 | $ | 10,744 | $ | 6,593 | $ | 7,697 | ||||||||||
| Other marine services | 1,175 | 235 | 1,114 | 1,188 | 480 | |||||||||||||||
| 13,380 | 7,000 | 11,858 | 7,781 | 8,177 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 6,854 | 6,486 | 6,097 | 6,297 | 6,284 | |||||||||||||||
| Repairs and maintenance | 1,950 | 1,479 | 1,680 | 1,655 | 1,879 | |||||||||||||||
| Drydocking | 3,684 | 1,066 | 1,451 | 2,615 | 2,570 | |||||||||||||||
| Insurance and loss reserves | 1,067 | 702 | 854 | 799 | 943 | |||||||||||||||
| Fuel, lubes and supplies | 1,010 | 819 | 854 | 964 | 866 | |||||||||||||||
| Other | 631 | 349 | 229 | 225 | 226 | |||||||||||||||
| 15,196 | 10,901 | 11,165 | 12,555 | 12,768 | ||||||||||||||||
| Direct Vessel (Loss) Profit (1) | $ | (1,816 | ) | $ | (3,901 | ) | $ | 693 | $ | (4,774 | ) | $ | (4,591 | ) | ||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 139 | $ | 136 | $ | 136 | $ | 140 | $ | 141 | ||||||||||
| Depreciation and amortization | 3,203 | 3,705 | 3,196 | 3,194 | 3,194 | |||||||||||||||
| Africa and Europe | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 19,140 | $ | 17,294 | $ | 16,895 | $ | 18,875 | $ | 18,580 | ||||||||||
| Fleet utilization | 77 | % | 70 | % | 73 | % | 77 | % | 74 | % | ||||||||||
| Fleet available days | 1,668 | 1,710 | 1,856 | 1,990 | 1,969 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 248 | 382 | 180 | 203 | 203 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 58 | 91 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 24,535 | $ | 20,835 | $ | 22,999 | $ | 28,809 | $ | 27,047 | ||||||||||
| Other marine services | 806 | 852 | 1,027 | 3,048 | 1,028 | |||||||||||||||
| 25,341 | 21,687 | 24,026 | 31,857 | 28,075 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,515 | 5,183 | 5,654 | 6,083 | 4,969 | |||||||||||||||
| Repairs and maintenance | 4,646 | 3,462 | 3,712 | 3,455 | 3,161 | |||||||||||||||
| Drydocking | 901 | 1,241 | 835 | 681 | 1,226 | |||||||||||||||
| Insurance and loss reserves | 899 | 594 | 577 | 599 | 819 | |||||||||||||||
| Fuel, lubes and supplies | 1,714 | 2,180 | 2,226 | 2,514 | 1,170 | |||||||||||||||
| Other | 2,357 | 2,727 | 3,748 | 3,975 | 2,801 | |||||||||||||||
| 16,032 | 15,387 | 16,752 | 17,307 | 14,146 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 9,309 | $ | 6,300 | $ | 7,274 | $ | 14,550 | $ | 13,929 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 51 | $ | 63 | $ | 82 | $ | 75 | $ | 172 | ||||||||||
| Depreciation and amortization | 4,263 | 4,402 | 4,477 | 4,540 | 4,565 | |||||||||||||||
__________________
(1) See full description of footnote above.
(2) Includes three FSVs cold-stacked in this region as of June 30, 2025.
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 15,506 | $ | 17,848 | $ | 17,337 | $ | 17,825 | $ | 17,083 | ||||||||||
| Fleet utilization | 73 | % | 75 | % | 88 | % | 71 | % | 82 | % | ||||||||||
| Fleet available days | 1,089 | 1,170 | 1,266 | 1,288 | 1,296 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 204 | 82 | 30 | 229 | 168 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 12,365 | $ | 15,710 | $ | 19,385 | $ | 16,411 | $ | 18,073 | ||||||||||
| Other marine services | 432 | 292 | 635 | 375 | 619 | |||||||||||||||
| 12,797 | 16,002 | 20,020 | 16,786 | 18,692 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 4,511 | 4,927 | 5,470 | 5,769 | 6,930 | |||||||||||||||
| Repairs and maintenance | 6,338 | 2,505 | 3,574 | 3,318 | 3,443 | |||||||||||||||
| Drydocking | 13 | 1,031 | (226 | ) | 832 | 707 | ||||||||||||||
| Insurance and loss reserves | 842 | 702 | 804 | 927 | 798 | |||||||||||||||
| Fuel, lubes and supplies | 1,279 | 883 | 840 | 1,043 | 1,103 | |||||||||||||||
| Other | 1,104 | 881 | 1,305 | 1,131 | 989 | |||||||||||||||
| 14,087 | 10,929 | 11,767 | 13,020 | 13,970 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | (1,290 | ) | $ | 5,073 | $ | 8,253 | $ | 3,766 | $ | 4,722 | |||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 72 | $ | 83 | $ | 72 | $ | 73 | $ | 71 | ||||||||||
| Depreciation and amortization | 3,227 | 3,230 | 3,272 | 3,261 | 3,247 | |||||||||||||||
| Latin America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 23,764 | $ | 22,084 | $ | 21,390 | $ | 21,984 | $ | 22,437 | ||||||||||
| Fleet utilization | 66 | % | 67 | % | 73 | % | 63 | % | 71 | % | ||||||||||
| Fleet available days (2) | 546 | 582 | 828 | 828 | 808 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 26 | — | 20 | 94 | 41 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 8,568 | $ | 8,623 | $ | 12,967 | $ | 11,500 | $ | 12,832 | ||||||||||
| Bareboat charter | 838 | 708 | 364 | 372 | 364 | |||||||||||||||
| Other marine services | (114 | ) | 1,479 | 573 | 620 | 1,727 | ||||||||||||||
| 9,292 | 10,810 | 13,904 | 12,492 | 14,923 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 2,089 | 1,941 | 3,144 | 3,791 | 3,383 | |||||||||||||||
| Repairs and maintenance | 714 | 1,074 | 1,467 | 1,517 | 1,761 | |||||||||||||||
| Drydocking | 545 | 531 | 407 | 1,940 | 1,707 | |||||||||||||||
| Insurance and loss reserves | 174 | 155 | 238 | 259 | 539 | |||||||||||||||
| Fuel, lubes and supplies | 293 | 664 | 964 | 2,053 | 827 | |||||||||||||||
| Other | 363 | 346 | 822 | 465 | 419 | |||||||||||||||
| 4,178 | 4,711 | 7,042 | 10,025 | 8,636 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 5,114 | $ | 6,099 | $ | 6,862 | $ | 2,467 | $ | 6,287 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 63 | $ | 55 | $ | 57 | $ | 76 | $ | 102 | ||||||||||
| Depreciation and amortization | 1,397 | 1,473 | 1,934 | 1,933 | 1,933 | |||||||||||||||
__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| AHTS | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | — | $ | — | $ | 10,410 | $ | 10,316 | $ | 8,125 | ||||||||||
| Fleet utilization | — | % | — | % | 79 | % | 46 | % | 49 | % | ||||||||||
| Fleet available days | — | — | 178 | 334 | 364 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | — | 28 | 87 | 29 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 58 | 91 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | (22 | ) | $ | 15 | $ | 1,465 | $ | 1,576 | $ | 1,459 | |||||||||
| Other marine services | (9 | ) | 9 | — | 13 | 219 | ||||||||||||||
| (31 | ) | 24 | 1,465 | 1,589 | 1,678 | |||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 9 | $ | 1 | $ | 595 | $ | 981 | $ | 1,045 | ||||||||||
| Repairs and maintenance | 255 | 38 | 128 | 239 | 465 | |||||||||||||||
| Drydocking | — | — | 5 | 436 | 280 | |||||||||||||||
| Insurance and loss reserves | (4 | ) | — | 49 | 66 | 97 | ||||||||||||||
| Fuel, lubes and supplies | (125 | ) | 66 | 25 | 90 | 69 | ||||||||||||||
| Other | (4 | ) | 12 | 210 | 263 | 230 | ||||||||||||||
| 131 | 117 | 1,012 | 2,075 | 2,186 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | 7 | $ | 4 | $ | 164 | ||||||||||
| Depreciation and amortization | 3 | 4 | 122 | 175 | 175 | |||||||||||||||
| FSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 13,468 | $ | 13,786 | $ | 13,643 | $ | 13,102 | $ | 12,978 | ||||||||||
| Fleet utilization | 67 | % | 71 | % | 72 | % | 81 | % | 80 | % | ||||||||||
| Fleet available days | 1,935 | 1,980 | 2,024 | 2,024 | 2,002 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 181 | 135 | 118 | 96 | 128 | |||||||||||||||
| Out-of-service days for cold-stacked status | 270 | 90 | 92 | 83 | 36 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 17,573 | $ | 19,357 | $ | 19,992 | $ | 21,606 | $ | 20,698 | ||||||||||
| Other marine services | 516 | 762 | 416 | 1,012 | 516 | |||||||||||||||
| 18,089 | 20,119 | 20,408 | 22,618 | 21,214 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 4,526 | $ | 4,933 | $ | 5,078 | $ | 5,637 | $ | 5,829 | ||||||||||
| Repairs and maintenance | 3,542 | 2,983 | 4,480 | 4,378 | 4,572 | |||||||||||||||
| Drydocking | 666 | 353 | 426 | 448 | 457 | |||||||||||||||
| Insurance and loss reserves | 683 | 517 | 422 | 532 | 546 | |||||||||||||||
| Fuel, lubes and supplies | 1,449 | 1,173 | 1,586 | 1,962 | 993 | |||||||||||||||
| Other | 1,428 | 1,782 | 2,456 | 2,238 | 1,850 | |||||||||||||||
| 12,294 | 11,741 | 14,448 | 15,195 | 14,247 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Depreciation and amortization | $ | 4,703 | $ | 4,932 | $ | 4,746 | $ | 4,744 | $ | 4,746 | ||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| PSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 22,231 | $ | 19,424 | $ | 17,912 | $ | 21,819 | $ | 20,952 | ||||||||||
| Fleet utilization | 68 | % | 55 | % | 72 | % | 58 | % | 66 | % | ||||||||||
| Fleet available days (1) | 1,738 | 1,890 | 1,932 | 1,932 | 1,900 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 247 | 396 | 117 | 349 | 291 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 26,440 | $ | 20,286 | $ | 24,865 | $ | 24,488 | $ | 26,390 | ||||||||||
| Bareboat charter | 838 | 708 | 364 | 372 | 364 | |||||||||||||||
| Other marine services | 433 | 508 | 1,561 | 2,855 | 2,266 | |||||||||||||||
| 27,711 | 21,502 | 26,790 | 27,715 | 29,020 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 8,567 | $ | 8,351 | $ | 8,999 | $ | 9,360 | $ | 8,979 | ||||||||||
| Repairs and maintenance | 3,799 | 3,949 | 4,101 | 3,798 | 3,151 | |||||||||||||||
| Drydocking | 1,993 | 2,513 | 1,046 | 2,629 | 2,616 | |||||||||||||||
| Insurance and loss reserves | 906 | 631 | 618 | 636 | 1,037 | |||||||||||||||
| Fuel, lubes and supplies | 1,858 | 2,594 | 2,379 | 3,594 | 1,575 | |||||||||||||||
| Other | 2,199 | 2,018 | 2,566 | 2,821 | 1,850 | |||||||||||||||
| 19,322 | 20,056 | 19,709 | 22,838 | 19,208 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | (3 | ) | $ | 3 | |||||||||
| Depreciation and amortization | 3,943 | 4,133 | 4,122 | 4,117 | 4,128 | |||||||||||||||
__________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| Liftboats | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 31,904 | $ | 39,559 | $ | 39,326 | $ | 36,423 | $ | 43,204 | ||||||||||
| Fleet utilization | 67 | % | 44 | % | 68 | % | 58 | % | 54 | % | ||||||||||
| Fleet available days | 637 | 713 | 736 | 736 | 728 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 194 | 87 | 41 | 109 | 143 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | 83 | 92 | 92 | 91 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 13,682 | $ | 12,275 | $ | 19,773 | $ | 15,643 | $ | 17,102 | ||||||||||
| Other marine services | 1,168 | 1,289 | 1,177 | 1,142 | 666 | |||||||||||||||
| 14,850 | 13,564 | 20,950 | 16,785 | 17,768 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,673 | $ | 5,247 | $ | 5,678 | $ | 5,926 | $ | 6,842 | ||||||||||
| Repairs and maintenance | 6,022 | 1,571 | 1,722 | 1,531 | 2,054 | |||||||||||||||
| Drydocking | 2,484 | 1,003 | 990 | 2,555 | 2,857 | |||||||||||||||
| Insurance and loss reserves | 1,376 | 1,241 | 1,384 | 1,334 | 1,482 | |||||||||||||||
| Fuel, lubes and supplies | 1,114 | 712 | 894 | 928 | 1,329 | |||||||||||||||
| Other | 803 | 482 | 860 | 473 | 519 | |||||||||||||||
| 17,472 | 10,256 | 11,528 | 12,747 | 15,083 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Depreciation and amortization | 3,424 | 3,719 | 3,866 | 3,866 | 3,865 | |||||||||||||||
| Other Activity | ||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Other marine services | $ | 191 | $ | 290 | $ | 195 | $ | 209 | $ | 187 | ||||||||||
| 191 | 290 | 195 | 209 | 187 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 194 | $ | 5 | $ | 15 | $ | 36 | $ | (1,129 | ) | |||||||||
| Repairs and maintenance | 30 | (21 | ) | 2 | (1 | ) | 2 | |||||||||||||
| Insurance and loss reserves | 21 | (236 | ) | — | 16 | (63 | ) | |||||||||||||
| Fuel, lubes and supplies | — | 1 | — | — | — | |||||||||||||||
| Other | 29 | 9 | 12 | 1 | (14 | ) | ||||||||||||||
| 274 | (242 | ) | 29 | 52 | (1,204 | ) | ||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 325 | $ | 337 | $ | 340 | $ | 363 | $ | 319 | ||||||||||
| Depreciation and amortization | 17 | 22 | 23 | 26 | 25 | |||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | |||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Current Assets: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 34,381 | $ | 42,988 | $ | 59,491 | $ | 35,601 | $ | 40,605 | |||||||||||
| Restricted cash | 17,174 | 2,440 | 16,649 | 2,263 | 2,255 | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Trade, net of allowance for credit loss | 63,287 | 63,946 | 69,888 | 76,497 | 70,770 | ||||||||||||||||
| Other | 10,439 | 8,811 | 7,913 | 7,841 | 6,210 | ||||||||||||||||
| Tax receivable | 507 | 1,602 | 1,601 | 983 | 983 | ||||||||||||||||
| Inventories | 2,539 | 2,827 | 2,760 | 3,139 | 3,117 | ||||||||||||||||
| Prepaid expenses and other | 4,716 | 6,075 | 4,406 | 4,840 | 5,659 | ||||||||||||||||
| Assets held for sale | — | 12,195 | 10,943 | — | 500 | ||||||||||||||||
| Total current assets | 133,043 | 140,884 | 173,651 | 131,164 | 130,099 | ||||||||||||||||
| Property and Equipment: | |||||||||||||||||||||
| Historical cost | 887,408 | 881,961 | 900,414 | 921,445 | 921,443 | ||||||||||||||||
| Accumulated depreciation | (377,265 | ) | (365,422 | ) | (367,448 | ) | (362,604 | ) | (349,799 | ) | |||||||||||
| 510,143 | 516,539 | 532,966 | 558,841 | 571,644 | |||||||||||||||||
| Construction in progress | 31,772 | 27,248 | 11,904 | 11,935 | 11,518 | ||||||||||||||||
| Net property and equipment | 541,915 | 543,787 | 544,870 | 570,776 | 583,162 | ||||||||||||||||
| Right-of-use asset - operating leases | 1,179 | 3,293 | 3,436 | 3,575 | 3,683 | ||||||||||||||||
| Right-of-use asset - finance leases | 25 | 28 | 36 | 19 | 28 | ||||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 2,310 | 4,507 | 3,541 | 2,046 | 2,641 | ||||||||||||||||
| Other assets | 1,558 | 1,665 | 1,577 | 1,864 | 1,953 | ||||||||||||||||
| Total assets | $ | 680,030 | $ | 694,164 | $ | 727,111 | $ | 709,444 | $ | 721,566 | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 543 | $ | 540 | $ | 606 | $ | 494 | $ | 861 | |||||||||||
| Current portion of finance lease liabilities | 11 | 11 | 17 | 17 | 26 | ||||||||||||||||
| Current portion of long-term debt | 30,000 | 30,000 | 27,500 | 28,605 | 28,605 | ||||||||||||||||
| Accounts payable | 26,737 | 28,445 | 29,236 | 22,744 | 17,790 | ||||||||||||||||
| Other current liabilities | 24,182 | 16,414 | 27,683 | 28,808 | 23,795 | ||||||||||||||||
| Total current liabilities | 81,473 | 75,410 | 85,042 | 80,668 | 71,077 | ||||||||||||||||
| Long-term operating lease liabilities | 812 | 2,926 | 2,982 | 3,221 | 3,276 | ||||||||||||||||
| Long-term finance lease liabilities | 14 | 17 | 20 | 4 | 5 | ||||||||||||||||
| Long-term debt | 310,980 | 310,108 | 317,339 | 272,325 | 277,740 | ||||||||||||||||
| Deferred income taxes | 18,330 | 20,312 | 22,037 | 26,802 | 30,083 | ||||||||||||||||
| Deferred gains and other liabilities | 625 | 1,356 | 1,369 | 1,416 | 1,447 | ||||||||||||||||
| Total liabilities | 412,234 | 410,129 | 428,789 | 384,436 | 383,628 | ||||||||||||||||
| Equity: | |||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
| Common stock | 281 | 293 | 287 | 287 | 286 | ||||||||||||||||
| Additional paid-in capital | 468,669 | 480,904 | 479,283 | 477,661 | 476,020 | ||||||||||||||||
| Accumulated deficit | (202,816 | ) | (196,089 | ) | (180,600 | ) | (154,374 | ) | (138,028 | ) | |||||||||||
| Shares held in treasury | (9,639 | ) | (9,628 | ) | (8,110 | ) | (8,110 | ) | (8,110 | ) | |||||||||||
| Accumulated other comprehensive income, net of tax | 10,980 | 8,234 | 7,141 | 9,223 | 7,449 | ||||||||||||||||
| 267,475 | 283,714 | 298,001 | 324,687 | 337,617 | |||||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | ||||||||||||||||
| Total equity | 267,796 | 284,035 | 298,322 | 325,008 | 337,938 | ||||||||||||||||
| Total liabilities and equity | $ | 680,030 | $ | 694,164 | $ | 727,111 | $ | 709,444 | $ | 721,566 | |||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | ||||||||||||||||
| Cash Flows from Operating Activities: | ||||||||||||||||||||
| Net Loss | $ | (6,727 | ) | $ | (15,489 | ) | $ | (26,226 | ) | $ | (16,346 | ) | $ | (12,483 | ) | |||||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 12,090 | 12,810 | 12,879 | 12,928 | 12,939 | |||||||||||||||
| Deferred financing costs amortization | 43 | 43 | 254 | 298 | 297 | |||||||||||||||
| Stock-based compensation expense | 1,510 | 1,627 | 1,622 | 1,604 | 1,587 | |||||||||||||||
| Debt discount amortization | 232 | 226 | 1,799 | 2,061 | 1,993 | |||||||||||||||
| Allowance for credit losses | (213 | ) | (407 | ) | 59 | 101 | 39 | |||||||||||||
| (Gains) losses from equipment sales, retirements or impairments | (19,163 | ) | (5,809 | ) | (11,624 | ) | (1,821 | ) | (37 | ) | ||||||||||
| Losses on debt extinguishment | — | — | 28,252 | — | — | |||||||||||||||
| Derivative (gains) losses | (87 | ) | (125 | ) | 536 | (67 | ) | (104 | ) | |||||||||||
| Interest on finance lease | 1 | 1 | 2 | — | 1 | |||||||||||||||
| Settlements on derivative transactions, net | — | (373 | ) | — | — | — | ||||||||||||||
| Currency losses (gains) | 2,119 | 1,196 | (1,308 | ) | 1,717 | 560 | ||||||||||||||
| Deferred income taxes | (1,982 | ) | (1,725 | ) | (4,766 | ) | (3,281 | ) | (3,790 | ) | ||||||||||
| Equity (earnings) losses | (218 | ) | (889 | ) | (1,430 | ) | (1,012 | ) | (966 | ) | ||||||||||
| Dividends received from equity investees | 3,199 | — | — | 1,498 | 1,418 | |||||||||||||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
| Accounts receivables | 284 | 5,333 | 5,448 | (7,411 | ) | (6,928 | ) | |||||||||||||
| Other assets | 1,901 | (1,681 | ) | 1,338 | 1,032 | (2,395 | ) | |||||||||||||
| Accounts payable and accrued liabilities | 4,934 | (6,204 | ) | 1,693 | 9,325 | (4,378 | ) | |||||||||||||
| Net cash (used in) provided by operating activities | (2,077 | ) | (11,466 | ) | 8,528 | 626 | (12,247 | ) | ||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||
| Purchases of property and equipment | (10,213 | ) | (20,795 | ) | (3,010 | ) | (210 | ) | (658 | ) | ||||||||||
| Proceeds from disposition of property and equipment | 31,592 | 8,472 | 22,441 | 2,331 | 86 | |||||||||||||||
| Net cash (used in) provided by investing activities | 21,379 | (12,323 | ) | 19,431 | 2,121 | (572 | ) | |||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||
| Payments on long-term debt | (7,500 | ) | (5,000 | ) | (2,479 | ) | (7,770 | ) | (6,533 | ) | ||||||||||
| Payments on debt extinguishment | — | — | (328,712 | ) | — | — | ||||||||||||||
| Payments on debt extinguishment cost | — | — | (3,671 | ) | — | — | ||||||||||||||
| Proceeds from issuance of long-term debt, net of debt discount and issuance costs | 8,097 | (396 | ) | 345,192 | — | — | ||||||||||||||
| Payments on finance leases | (4 | ) | (9 | ) | (13 | ) | (10 | ) | (9 | ) | ||||||||||
| Payments for repurchase of common stock | (7,089 | ) | — | — | — | — | ||||||||||||||
| Payments for repurchase of warrants | (6,668 | ) | — | — | — | — | ||||||||||||||
| Proceeds from exercise of stock options and warrants | — | — | — | 38 | 102 | |||||||||||||||
| Tax withholdings on restricted stock vesting | (11 | ) | (1,518 | ) | — | — | (39 | ) | ||||||||||||
| Net cash (used in) provided by financing activities | (13,175 | ) | (6,923 | ) | 10,317 | (7,742 | ) | (6,479 | ) | |||||||||||
| Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | — | — | — | (1 | ) | (1 | ) | |||||||||||||
| Net Change in Cash, Restricted Cash and Cash Equivalents | 6,127 | (30,712 | ) | 38,276 | (4,996 | ) | (19,299 | ) | ||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 45,428 | 76,140 | 37,864 | 42,860 | 62,159 | |||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 51,555 | $ | 45,428 | $ | 76,140 | $ | 37,864 | $ | 42,860 | ||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||||||
| Owned | Managed | Total | ||||||||||
| June 30, 2025 | ||||||||||||
| AHTS | — | 1 | 1 | |||||||||
| FSV | 21 | 1 | 22 | |||||||||
| PSV | 19 | — | 19 | |||||||||
| Liftboats | 7 | — | 7 | |||||||||
| 47 | 2 | 49 | ||||||||||
| December 31, 2024 | ||||||||||||
| AHTS | — | 2 | 2 | |||||||||
| FSV | 22 | 1 | 23 | |||||||||
| PSV | 21 | — | 21 | |||||||||
| Liftboats | 8 | — | 8 | |||||||||
| 51 | 3 | 54 | ||||||||||
