SEACOR Marine Reports Decline in Q2 2025 Revenues, Net Loss Improves

SEACOR Marine Holdings Inc. reported a decline in financial performance for the second quarter of 2025, with operating revenues of $60.8 million, down from $69.9 million in the same period last year. For the first half of 2025, revenues totaled $116.3 million, compared to $132.6 million in the first half of 2024. The company recorded a net loss of $6.7 million for the quarter, an improvement from a loss of $12.5 million in the prior year, while the six-month net loss was $22.2 million, compared to a loss of $35.6 million in the same period last year. The basic loss per share for the quarter was $0.26, compared to $0.45 in the previous year.

The company experienced a decrease in operating expenses, which totaled $73.9 million for the quarter, slightly up from $73.8 million a year earlier. Notably, the company reported gains on asset dispositions of $19.2 million during the quarter, contributing to a positive operating income of $6.1 million, a significant turnaround from an operating loss of $3.9 million in the prior year. The reduction in losses was attributed to improved asset management and strategic vessel sales, including the sale of one fast support vessel and two platform supply vessels.

In terms of operational metrics, SEACOR Marine's fleet utilization was 68% for the quarter, slightly down from 69% a year earlier. The average rates per day for time charters increased to $19,731, compared to $19,141 in the previous year. The company operated a fleet of 49 vessels as of June 30, 2025, down from 54 vessels at the end of 2024, reflecting its strategy to optimize fleet size in response to market conditions. The company also reported a decrease in cash and cash equivalents, totaling $34.4 million as of June 30, 2025, down from $59.5 million at the end of 2024.

Strategically, SEACOR Marine has focused on optimizing its asset portfolio, including the repurchase of 1.4 million shares of common stock for approximately $12.9 million, which was funded through proceeds from vessel sales. The company has also made significant capital commitments, totaling $65.1 million, primarily for the construction of two new platform supply vessels. The company expects these vessels to enhance its operational capabilities and support future growth in offshore energy services.

Looking ahead, SEACOR Marine remains cautiously optimistic about market conditions, anticipating increased demand for offshore support services as oil and gas prices stabilize. The company plans to continue monitoring market dynamics and adjust its operations accordingly, including the potential reactivation of cold-stacked vessels as demand increases. The management emphasized the importance of maintaining liquidity and compliance with debt covenants to support ongoing operations and capital expenditures.