SEACOR Marine Announces First Quarter 2026 Results | SMHI Stock News

HOUSTON, April 29, 2026 (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 first quarter ended March 31, 2026. SEACOR Marine’s consolidated operating revenues for the first quarter of 2026 were $44.3 million, operating loss was $6.4 million, and direct vessel profit (“DVP”)(1) was $6.7 million. This compares to 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, and consolidated operating revenues of $52.3 million, operating loss of $5.2 million, and DVP of $9.7 million in the fourth quarter of 2025. Notable first quarter items include: 20.2% decrease in revenues from the first quarter of 2025 and a 15.4% decrease from the fourth quarter of 2025.Average day rates of $18,199, a 3.3% decrease from the first quarter of 2025, and a 3.9% increase from the fourth quarter of 2025.59% utilization, a decrease from 60% in the first quarter of 2025 and a decrease from 69% in the fourth quarter of 2025.DVP margin of 15.2%, a decrease from 24.5% in the first quarter of 2025 and a decrease from 18.5% in the fourth quarter of 2025.During the first quarter of 2026, the Company completed the sale of one 201’ platform supply vessel (“PSV”) built in 2015 for total proceeds of $14.6 million and a gain of $7.3 million.At the end of the first quarter of 2026, the Company had an additional five vessels classified as held for sale. Two of these vessels were sold in April 2026, and the remaining three vessels are expected to be sold during the second quarter of 2026. For the first quarter of 2026, net loss was $15.8 million ($0.61 loss per basic and diluted share). This compares to a net loss for the first quarter of 2025 of $15.5 million ($0.56 loss per basic and diluted share). Sequentially, the first quarter 2026 results compare to a net loss of $14.6 million ($0.57 earnings per basic and diluted share) in the fourth quarter of 2025. Chief Executive Officer John Gellert commented: “Our first quarter results reflect lower revenues driven by fewer available days following vessel sales in the last year, vessels repositioning or waiting to commence long term contracts during the quarter, and our two premium liftboats remaining under repair and uncontracted. Utilization should normalize at healthier levels once we have completed the repositioning of the fleet and have completed the sales of five vessels classified as held for sale during the second quarter of 2026. The improvement in average day rates is driven by the commencement of several term contracts for PSVs during the first quarter in Brazil and the North Sea. Rates for fast supply vessels (“FSVs”) were stable during the quarter, even as we redeployed two FSVs previously laid up in the United States to international markets and we brought the last remaining FSV out of laid up status in preparation for international deployment in the second quarter. Geographically, we continue to see progress in the Latin America and West Africa regions, with the fleet in these regions largely contracted following the end of the first quarter. In the United States, we continue to see low levels of activity in the markets we serve and have adjusted our fleet presence accordingly. With regards to the Middle East, it is premature to evaluate the long-term impact of the conflict. In the short term, the conflict has increased labor and insurance costs in the region, and caused delays in our ability to conclude the maintenance scope of work for our two premium liftboats in the region. We do not expect either of these vessels to work during the second quarter of 2026. At the end of the first quarter, excluding the two liftboats, we had nine vessels in the region, of which seven have continued to operate for our customers in Saudi Arabia and Qatar, one vessel is held for sale, and one vessel was undergoing scheduled maintenance. I commend our crews and shore side personnel in the region for their dedication to maintaining safe, reliable operations in this environment. Going forward, we are well positioned to participate in increased offshore drilling activities in South America and West Africa. In response to the conflict, energy security and diversification could drive additional investment into offshore projects, particularly deepwater, as well as work supporting customers restoring production capacity. SEACOR Marine is well positioned to continue to support our customers and participate in any incremental demand from offshore projects.”___________________ (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 www.seacormarine.com for additional information.For all other requests, contact InvestorRelations@seacormarine.com SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)(in thousands, except share data) Three Months Ended March 31, 2026 2025 Operating Revenues $44,282 $55,499 Costs and Expenses: Operating 37,573 41,928 Administrative and general 9,954 11,486 Lease expense 250 337 Depreciation and amortization 10,330 12,810 58,107 66,561 Gains on Asset Dispositions and Impairments, Net 7,448 5,809 Operating Loss (6,377) (5,253)Other Income (Expense): Interest income 491 436 Interest expense (8,239) (9,586)Derivative gains, net — 125 Foreign currency gains (losses), net 478 (1,196) (7,270) (10,221)Loss Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies (13,647) (15,474)Income Tax Expense 2,208 904 Loss Before Equity in Earnings of 50% or Less Owned Companies (15,855) (16,378)Equity in Earnings of 50% or Less Owned Companies 50 889 Net Loss $(15,805) $(15,489) Net Loss Per Share: Basic $(0.61) $(0.56)Diluted $(0.61) $(0.56)Weighted Average Common Stock and Warrants Outstanding: Basic 25,784,915 27,908,297 Diluted 25,784,915 27,908,297 SEACOR MARINE HOLDINGS INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)(in thousands, except statistics and per share data) Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Time Charter Statistics: Average Rates Per Day $18,199 $17,519 $19,490 $19,731 $18,825 Fleet Utilization 59% 69% 66% 68% 60%Fleet Available Days(2) 3,897 4,127 4,321 4,310 4,583 Operating Revenues: Time charter $41,957 $49,817 $55,958 $57,673 $51,933 Bareboat charter 828 843 846 838 708 Other marine services 1,497 1,669 2,390 2,299 2,858 44,282 52,329 59,194 60,810 55,499 Costs and Expenses: Operating: Personnel 15,422 16,539 17,616 18,969 18,537 Repairs and maintenance 10,600 11,752 14,603 13,648 8,520 Drydocking 1,252 1,175 2,430 5,143 3,869 Insurance and loss reserves 1,792 1,570 1,948 2,982 2,153 Fuel, lubes and supplies 3,308 4,601 4,465 4,296 4,546 Other 5,199 7,030 6,622 4,455 4,303 37,573 42,667 47,684 49,493 41,928 Direct Vessel Profit(1) 6,709 9,662 11,510 11,317 13,571 Other Costs and Expenses: Lease expense 250 261 280 325 337 Administrative and general 9,954 12,730 11,269 11,998 11,486 Depreciation and amortization 10,330 10,045 12,125 12,090 12,810 20,534 23,036 23,674 24,413 24,633 Gains on Asset Dispositions and Impairments, Net 7,448 8,210 30,230 19,163 5,809 Operating (Loss) Income (6,377) (5,164) 18,066 6,067 (5,253)Other Income (Expense): Interest income 491 751 297 372 436 Interest expense (8,239) (8,673) (8,947) (8,844) (9,586)Derivative (losses) gains, net — (73) 17 87 125 Foreign currency gains (losses), net 478 (38) 218 (2,119) (1,196)Gains on insurance claim settlement — — 4,581 — — Other, net — 32 (221) — — (7,270) (8,001) (4,055) (10,504) (10,221)(Loss) Income Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies (13,647) (13,165) 14,011 (4,437) (15,474)Income Tax Expense 2,208 1,688 5,410 2,508 904 (Loss) Income Before Equity in Earnings of 50% or Less Owned Companies (15,855) (14,853) 8,601 (6,945) (16,378)Equity in Earnings of 50% or Less Owned Companies 50 231 393 218 889 Net (Loss) Income $(15,805) $(14,622) $8,994 $(6,727) $(15,489) Net (Loss) Earnings Per Share: Basic $(0.61) $(0.57) $0.35 $(0.26) $(0.56)Diluted $(0.61) $(0.57) $0.35 $(0.26) $(0.56)Weighted Average Common Stock and Warrants Outstanding: Basic 25,785 25,671 25,658 25,687 27,908 Diluted 25,785 25,671 25,888 25,687 27,908 Common Shares and Warrants Outstanding at Period End 27,062 26,952 26,976 26,976 29,488 (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 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 United States, primarily Gulf of America Time Charter Statistics: Average rates per day worked $15,587 $15,350 $20,419 $25,262 $23,874 Fleet utilization 24% 40% 53% 48% 25%Fleet available days 562 705 926 1,007 1,121 Out-of-service days for repairs, maintenance and drydockings 119 127 191 144 153 Out-of-service days for cold-stacked status 61 92 116 270 173 Operating Revenues: Time charter $2,093 $4,377 $10,024 $12,205 $6,765 Other marine services 201 437 1,108 1,175 235 2,294 4,814 11,132 13,380 7,000 Direct Costs and Expenses: Operating: Personnel 2,275 3,844 5,815 6,854 6,486 Repairs and maintenance 388 423 1,309 1,950 1,479 Drydocking 363 (98) 1,079 3,684 1,066 Insurance and loss reserves 131 267 816 1,067 702 Fuel, lubes and supplies 274 460 700 1,010 819 Other 10 206 118 631 349 3,441 5,102 9,837 15,196 10,901 Direct Vessel (Loss) Profit(1) $(1,147) $(288) $1,295 $(1,816) $(3,901)Other Costs and Expenses: Lease expense $128 $129 $148 $139 $136 Depreciation and amortization 1,169 1,579 3,106 3,203 3,705 Africa and Europe Time Charter Statistics: Average rates per day worked $18,711 $17,095 $17,983 $19,140 $17,294 Fleet utilization 78% 84% 75% 77% 70%Fleet available days 1,538 1,559 1,656 1,668 1,710 Out-of-service days for repairs, maintenance and drydockings 202 144 229 248 382 Operating Revenues: Time charter $22,534 $22,317 $22,357 $24,535 $20,835 Other marine services 577 580 733 806 852 23,111 22,897 23,090 25,341 21,687 Direct Costs and Expenses: Operating: Personnel 4,982 4,656 4,465 5,515 5,183 Repairs and maintenance 2,957 4,694 6,531 4,646 3,462 Drydocking 176 987 1,413 901 1,241 Insurance and loss reserves 330 481 326 899 594 Fuel, lubes and supplies 1,334 1,292 1,781 1,714 2,180 Other 3,192 2,558 3,573 2,357 2,727 12,971 14,668 18,089 16,032 15,387 Direct Vessel Profit(1) $10,140 $8,229 $5,001 $9,309 $6,300 Other Costs and Expenses: Lease expense $— $8 $8 $51 $63 Depreciation and amortization 4,063 3,968 4,302 4,263 4,402 (1) See full description of footnote above. SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)(in thousands, except statistics) Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Middle East and Asia Time Charter Statistics: Average rates per day worked $15,400 $17,587 $17,818 $15,506 $17,848 Fleet utilization 63% 73% 64% 73% 75%Fleet available days 990 1,091 1,104 1,089 1,170 Out-of-service days for repairs, maintenance and drydockings 268 72 157 204 82 Operating Revenues: Time charter $9,580 $13,940 $12,606 $12,365 $15,710 Other marine services 638 570 319 432 292 10,218 14,510 12,925 12,797 16,002 Direct Costs and Expenses: Operating: Personnel 4,433 4,768 4,956 4,511 4,927 Repairs and maintenance 5,999 5,103 5,798 6,338 2,505 Drydocking 636 290 (1) 13 1,031 Insurance and loss reserves 1,039 624 611 842 702 Fuel, lubes and supplies 899 1,691 1,241 1,279 883 Other 623 1,376 1,167 1,104 881 13,629 13,852 13,772 14,087 10,929 Direct Vessel (Loss) Profit(1) $(3,411) $658 $(847) $(1,290) $5,073 Other Costs and Expenses: Lease expense $73 $68 $70 $72 $83 Depreciation and amortization 3,101 3,160 3,231 3,227 3,230 Latin America Time Charter Statistics: Average rates per day worked $22,477 $19,946 $25,541 $23,764 $22,084 Fleet utilization 43% 60% 68% 66% 67%Fleet available days(2) 807 772 635 546 582 Out-of-service days for repairs, maintenance and drydockings 71 — 7 26 — Operating Revenues: Time charter $7,750 $9,183 $10,971 $8,568 $8,623 Bareboat charter 828 843 846 838 708 Other marine services 81 82 230 (114) 1,479 8,659 10,108 12,047 9,292 10,810 Direct Costs and Expenses: Operating: Personnel 3,732 3,271 2,380 2,089 1,941 Repairs and maintenance 1,256 1,532 965 714 1,074 Drydocking 77 (4) (61) 545 531 Insurance and loss reserves 292 198 195 174 155 Fuel, lubes and supplies 801 1,158 743 293 664 Other 1,374 2,890 1,764 363 346 7,532 9,045 5,986 4,178 4,711 Direct Vessel Profit(1) $1,127 $1,063 $6,061 $5,114 $6,099 Other Costs and Expenses: Lease expense $49 $56 $54 $63 $55 Depreciation and amortization 1,997 1,338 1,486 1,397 1,473 (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 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 AHTS Operating Revenues: Time charter $— $— $— $(22) $15 Other marine services — — (7) (9) 9 — — (7) (31) 24 Direct Costs and Expenses: Operating: Personnel $— $12 $11 $9 $1 Repairs and maintenance — — (24) 255 38 Insurance and loss reserves — — — (4) — Fuel, lubes and supplies — 1 3 (125) 66 Other — 9 18 (4) 12 — 22 8 131 117 Other Costs and Expenses: Depreciation and amortization $— $4 $4 $3 $4 FSV Time Charter Statistics: Average rates per day worked $13,833 $14,114 $14,007 $13,468 $13,786 Fleet utilization 73% 75% 71% 67% 71%Fleet available days 1,862 1,932 1,932 1,935 1,980 Out-of-service days for repairs, maintenance and drydockings 353 209 236 181 135 Out-of-service days for cold-stacked status 61 92 116 270 90 Operating Revenues: Time charter $18,929 $20,546 $19,131 $17,573 $19,357 Other marine services 471 492 566 516 762 19,400 21,038 19,697 18,089 20,119 Direct Costs and Expenses: Operating: Personnel $5,166 $4,980 $4,502 $4,526 $4,933 Repairs and maintenance 3,179 5,862 6,041 3,542 2,983 Drydocking 576 1,098 678 666 353 Insurance and loss reserves 663 509 270 683 517 Fuel, lubes and supplies 1,503 1,850 1,480 1,449 1,173 Other 1,683 2,147 2,889 1,428 1,782 12,770 16,446 15,860 12,294 11,741 Other Costs and Expenses: Depreciation and amortization $4,719 $4,707 $4,695 $4,703 $4,932 SEACOR MARINE HOLDINGS INC.UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)(in thousands, except statistics) Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 PSV Time Charter Statistics: Average rates per day worked $25,352 $20,118 $21,507 $22,231 $19,424 Fleet utilization 54% 68% 65% 68% 55%Fleet available days (1) 1,585 1,735 1,748 1,738 1,890 Out-of-service days for repairs, maintenance and drydockings 37 48 161 247 396 Operating Revenues: Time charter $21,688 $23,801 $24,439 $26,440 $20,286 Bareboat charter 828 843 846 838 708 Other marine services 811 440 592 433 508 23,327 25,084 25,877 27,711 21,502 Direct Costs and Expenses: Operating: Personnel $7,348 $8,322 $7,882 $8,567 $8,351 Repairs and maintenance 2,801 3,501 4,618 3,799 3,949 Drydocking 133 (166) 1,113 1,993 2,513 Insurance and loss reserves 448 656 546 906 631 Fuel, lubes and supplies 1,201 1,985 2,030 1,858 2,594 Other 3,292 4,378 3,262 2,199 2,018 15,223 18,676 19,451 19,322 20,056 Other Costs and Expenses: Depreciation and amortization $3,574 $3,301 $3,968 $3,943 $4,133 (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 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Liftboats Time Charter Statistics: Average rates per day worked $16,420 $26,703 $33,566 $31,904 $39,559 Fleet utilization 18% 45% 58% 67% 44%Fleet available days 450 460 641 637 713 Out-of-service days for repairs, maintenance and drydockings 270 87 188 194 87 Out-of-service days for cold-stacked status — — — — 83 Operating Revenues: Time charter $1,340 $5,470 $12,388 $13,682 $12,275 Other marine services 178 359 1,128 1,168 1,289 1,518 5,829 13,516 14,850 13,564 Direct Costs and Expenses: Operating: Personnel $2,897 $3,241 $5,209 $5,673 $5,247 Repairs and maintenance 4,594 2,375 3,943 6,022 1,571 Drydocking 543 243 639 2,484 1,003 Insurance and loss reserves 943 415 1,145 1,376 1,241 Fuel, lubes and supplies 600 715 951 1,114 712 Other 182 564 407 803 482 9,759 7,553 12,294 17,472 10,256 Other Costs and Expenses: Depreciation and amortization $2,027 $2,026 $3,450 $3,424 $3,719 Other Activity Operating Revenues: Other marine services $37 $378 $111 $191 $290 37 378 111 191 290 Direct Costs and Expenses: Operating: Personnel $11 $(16) $12 $194 $5 Repairs and maintenance 26 14 25 30 (21)Insurance and loss reserves (262) (10) (13) 21 (236)Fuel, lubes and supplies 4 50 1 — 1 Other 42 (68) 46 29 9 (179) (30) 71 274 (242)Other Costs and Expenses: Lease expense $250 $261 $280 $325 $337 Depreciation and amortization 10 7 8 17 22 SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands) Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 ASSETS Current Assets: Cash and cash equivalents $38,721 $68,934 $90,953 $34,381 $42,988 Restricted cash 36,711 24,182 17,255 17,174 2,440 Receivables: Trade, net of allowance for credit loss 69,200 64,522 62,788 63,287 63,946 Other 4,897 3,965 17,308 10,946 10,413 Inventories 2,746 2,196 2,552 2,539 2,827 Prepaid expenses and other 6,007 5,173 3,448 4,716 6,075 Assets held for sale 13,376 10,812 — — 12,195 Total current assets 171,658 179,784 194,304 133,043 140,884 Property and Equipment: Historical cost 752,640 776,833 797,381 887,408 881,961 Accumulated depreciation (341,790) (348,812) (344,899) (377,265) (365,422) 410,850 428,021 452,482 510,143 516,539 Construction in progress 52,429 47,002 40,394 31,772 27,248 Net property and equipment 463,279 475,023 492,876 541,915 543,787 Right-of-use asset - operating leases 929 982 903 1,179 3,293 Right-of-use asset - finance leases 17 19 22 25 28 Investments, at equity, and advances to 50% or less owned companies 2,951 2,938 2,707 2,310 4,507 Other assets 1,913 1,855 1,686 1,558 1,665 Total assets $640,747 $660,601 $692,498 $680,030 $694,164 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $481 $405 $510 $543 $540 Current portion of finance lease liabilities 12 12 11 11 11 Current portion of long-term debt 30,350 30,000 30,000 30,000 30,000 Accounts payable 16,355 21,268 25,928 26,737 28,445 Other current liabilities 25,476 19,044 24,702 24,182 16,414 Total current liabilities 72,674 70,729 81,151 81,473 75,410 Long-term operating lease liabilities 470 607 567 812 2,926 Long-term finance lease liabilities 5 8 11 14 17 Long-term debt 297,072 304,644 311,858 310,980 310,108 Deferred income taxes 18,894 19,376 20,609 18,330 20,312 Deferred gains and other liabilities 3,794 565 639 625 1,356 Total liabilities 392,909 395,929 414,835 412,234 410,129 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 284 280 281 281 293 Additional paid-in capital 473,241 471,862 470,228 468,669 480,904 Accumulated deficit (224,249) (208,444) (193,822) (202,816) (196,089)Shares held in treasury (11,428) (9,691) (9,639) (9,639) (9,628)Accumulated other comprehensive income, net of tax 9,669 10,344 10,294 10,980 8,234 247,517 264,351 277,342 267,475 283,714 Noncontrolling interests in subsidiaries 321 321 321 321 321 Total equity 247,838 264,672 277,663 267,796 284,035 Total liabilities and equity $640,747 $660,601 $692,498 $680,030 $694,164 SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Cash Flows from Operating Activities: Net (Loss) Income $(15,805) $(14,622) $8,994 $(6,727) $(15,489)Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation and amortization 10,330 10,045 12,125 12,090 12,810 Deferred financing costs amortization 42 173 (86) 43 43 Stock-based compensation expense 1,383 1,633 1,559 1,510 1,627 Debt discount amortization 236 243 236 232 226 Allowance for credit losses 57 (620) 627 (213) (407)Gains from equipment sales, retirements or impairments (7,448) (8,210) (30,230) (19,163) (5,809)Derivative losses (gains) — 73 (17) (87) (125)Interest on finance lease 1 1 1 1 1 Settlements on derivative transactions, net — 65 — — (373)Currency (gains) losses (478) 38 (218) 2,119 1,196 Deferred income taxes (482) (1,233) 2,279 (1,982) (1,725)Equity earnings (50) (231) (393) (218) (889)Dividends received from equity investees — — — 3,199 — Changes in Operating Assets and Liabilities: Accounts receivables (5,735) 12,222 (6,700) 284 5,333 Other assets (1,306) (1,530) 1,385 1,901 (1,681)Accounts payable and accrued liabilities 4,122 (10,246) (221) 4,934 (6,204)Net cash used in operating activities (15,133) (12,199) (10,659) (2,077) (11,466)Cash Flows from Investing Activities: Purchases of property and equipment (6,088) (8,427) (9,348) (10,213) (20,795)Proceeds from disposition of property and equipment 12,778 13,087 76,068 31,592 8,472 Net cash provided by (used in) investing activities 6,690 4,660 66,720 21,379 (12,323)Cash Flows from Financing Activities: Payments on long-term debt (7,500) (7,500) (7,500) (7,500) (5,000)Proceeds from issuance of long-term debt, net of debt discount and issuance costs — — 8,098 8,097 (396)Payments on finance leases (3) (4) (3) (4) (9)Payments for repurchase of common stock — — — (7,089) — Payments for repurchase of warrants — — — (6,668) — Tax withholdings on restricted stock vesting (1,737) (52) — (11) (1,518)Net cash (used in) provided by financing activities (9,240) (7,556) 595 (13,175) (6,923)Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents (1) 3 (3) — — Net Change in Cash, Restricted Cash and Cash Equivalents (17,684) (15,092) 56,653 6,127 (30,712)Cash, Restricted Cash and Cash Equivalents, Beginning of Period 93,116 108,208 51,555 45,428 76,140 Cash, Restricted Cash and Cash Equivalents, End of Period $75,432 $93,116 $108,208 $51,555 $45,428 SEACOR MARINE HOLDINGS INC.UNAUDITED FLEET COUNTS Owned Total March 31, 2026 FSV 21 21 PSV 17 17 Liftboats 5 5 43 43 December 31, 2025 FSV 21 21 PSV 18 18 Liftboats 5 5 44 44