Companies

Seacor Marine Board Opens Strategic Alternatives Review

The Tip Desk · July 29, 2026 · 3 min read

Operating income swung to a $16.0 million profit after five vessel sales produced $31.3 million of gains.

SEACOR Marine Holdings Inc. (SMHI), a provider of marine and support transportation services to offshore energy facilities, said its board is evaluating potential strategic alternatives to maximize shareholder value, including a possible sale of the company, a merger, other business combinations, or a sale of assets.

The offshore support-vessel operator also reported a swing to operating profit in the second quarter as utilization recovered after fleet repositioning and contract commencements. Consolidated operating revenues were $54.6 million, up 23.4% from $44.3 million in the first quarter of 2026, reversing the 15.4% sequential decline recorded in that prior quarter. Operating income was $16.0 million, compared with a $6.4 million operating loss in the first quarter.

Net income was $3.3 million, or $0.13 a share basic and $0.12 diluted, versus a $15.8 million net loss, or $0.61 a share, in the first quarter.

Average day rates rose to $20,227 from $18,199 in the first quarter. Fleet utilization increased to 68% from 59%. Direct vessel profit was $7.9 million, up from $6.7 million; the DVP margin was 14.5%, versus 15.2% in the first quarter. Chief Executive Officer John Gellert said the second-quarter results reflected improved utilization following vessel repositioning and contract commencements.

During the quarter the company completed the sale of five vessels and other equipment for net cash proceeds of $44.7 million and recognized $31.3 million of gains after transaction costs. That followed one platform supply vessel sold in the first quarter for $14.6 million of proceeds and a $7.3 million gain. Cash and cash equivalents were $55.4 million at June 30, 2026, versus $38.7 million at March 31. Assets held for sale were zero at quarter-end, down from $13.4 million.

Administrative and general costs were $12.3 million, including a one-time professional-fee charge tied to the termination of certain prior engagements. Excluding that charge, A&G was $9.3 million, versus $10.0 million in the first quarter.

Americas direct vessel profit turned to a $3.9 million profit from a $20 thousand loss in the first quarter. Utilization in the region rose to 58% from 35%, and average rates were $28,394 versus $20,546. Africa and Europe DVP was $8.5 million, with utilization of 77% and average rates of $18,877. Middle East and Asia DVP loss was $4.4 million, with utilization of 60% and average rates of $15,588.

Platform supply vessels posted average day rates of $28,443 and utilization of 70%, versus $25,352 and 54% in the first quarter. Liftboat utilization was 24%, with average rates of $16,417. Gellert said two premium liftboats in the Middle East remain in maintenance and are not expected to operate during the third quarter of 2026. At the end of the second quarter, excluding those two liftboats, eight vessels were in the region, of which six had continued to operate for customers in Saudi Arabia and Qatar. The company said it continued to observe increased labor and insurance costs in the region because of the conflict and a general softening in offshore activity.

The board has retained independent financial advisors. Non-Executive Chairman Andrew R. Morse said the company has worked to optimize its fleet, strengthen its balance sheet and position the business to benefit from improving offshore market fundamentals. The company said there can be no assurance the review will result in a transaction, has not set a timetable, and does not intend to disclose developments unless and until it executes a definitive agreement or the board otherwise determines further disclosure is appropriate.

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