SEACOR Marine Holdings Inc. reported a decline in financial performance for the third quarter of 2025, with operating revenues of $59.2 million, down from $68.9 million in the same period last year. The company recorded a net income of $9.0 million, a significant improvement compared to a net loss of $16.3 million in the prior year. For the nine months ended September 30, 2025, total revenues were $175.5 million, down from $201.6 million in 2024, while the net loss for the period narrowed to $13.2 million from $51.9 million.
The company experienced a notable increase in gains from asset dispositions, reporting $30.2 million in the third quarter compared to $1.8 million in the same quarter of 2024. This was primarily due to the sale of two liftboats and other equipment, which generated net cash proceeds of $76.1 million. Operating expenses also decreased, with total costs for the third quarter at $71.4 million, down from $77.2 million in the previous year, reflecting lower personnel and repair costs.
In terms of operational metrics, SEACOR Marine's fleet utilization was 66% for the third quarter, slightly down from 67% in the prior year. The average day rates for time charters increased to $19,490, compared to $18,879 in the same quarter of 2024. The company operated a fleet of 45 support vessels as of September 30, 2025, with no vessels cold-stacked, indicating a full operational capacity.
Strategically, SEACOR Marine has focused on optimizing its asset portfolio, including the recent sale of several vessels to enhance liquidity. The company has also entered into a new credit facility, the 2024 SMFH Credit Facility, which provides up to $391 million to refinance existing debt and support future capital expenditures. Looking ahead, SEACOR Marine anticipates continued challenges in the offshore energy market but expects improved utilization and day rates as market conditions stabilize. The company remains committed to monitoring its fleet and adjusting operations in response to market demands.
About SEACOR Marine Holdings Inc.
SEACOR Marine Holdings Inc. provides global offshore support vessel services for energy and wind farm industries. Its fleet includes platform supply vessels, fast support vessels, liftboats, and specialized vessels supporting exploration, construction, maintenance, and emergency response. Operating mainly in the U.S., Africa, Europe, Middle East, Asia, and Latin America, the company focuses on safety, environmental compliance, and serving major oil and wind energy customers with a flexible, technologically advanced fleet.
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