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.”
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(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 [email protected]

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

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(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

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(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

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(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

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(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