Seacor Marine Direct Vessel Profit Rebounds After Fleet Sales
Direct vessel profit reached $18.9 million in the third quarter as utilization and day rates rose, even as the company reported a $9.5 million net loss.
SEACOR Marine Holdings (SMHI), a provider of marine and support transportation services to offshore energy facilities, reported a $1.4 million operating loss for the third quarter ended September 30, 2026, after $18.1 million of operating income a year earlier.
Consolidated operating revenues were $57.3 million, down 3.3% from $59.2 million in the third quarter of 2025 and up 4.8% from $54.6 million in the second quarter of 2026. Direct vessel profit, the company’s measure of segment profitability that excludes depreciation, interest and lease costs, rose to $18.9 million from $11.5 million a year earlier and from $7.9 million in the prior quarter. The DVP margin expanded to 33.1% from 19.4% a year earlier and from 14.5% in the second quarter.
Average day rates were $21,100, compared with $19,490 a year earlier and $20,227 in the second quarter. Fleet utilization was 71%, versus 66% a year earlier and 68% in the prior quarter. Adjusting for vessels sold during or after the third quarter of 2025, the company said revenues increased 25.6% from the third quarter of 2025 and 6.2% from the second quarter of 2026, and DVP increased 110.9% from the third quarter of 2025 and 120.8% from the second quarter of 2026.
Net loss was $9.5 million, or $0.36 a share, versus net income of $9.0 million, or $0.35 a share, a year earlier. Sequentially, the third-quarter net loss compared with net income of $3.3 million, or $0.13 a basic share, in the second quarter of 2026. The second quarter had included $31.3 million of gains on the sale of five vessels and other equipment.
Chief Executive Officer John Gellert said third-quarter results reflected improved utilization, day rates and margins led by the platform supply vessel fleet, partially offset by ongoing maintenance for two premium liftboats and lower utilization in the fast support vessel fleet, especially in the Middle East. He said that reflected a softening market in the Middle East primarily due to delays in both construction and drilling projects in the region as a result of current operating conditions.
Platform supply vessels were the operating core. PSV utilization rose to 81% from 70% in the second quarter, with average rates per day worked of $28,052 versus $28,443. PSV operating revenues were $33.5 million versus $30.9 million. Liftboat utilization rose to 33% from 24%, with average rates per day worked of $26,855 versus $16,417; liftboat operating revenues were $3.2 million versus $2.2 million. Fast support vessel utilization fell to 69% from 74%, with average rates per day worked of $14,567 versus $14,411; FSV operating revenues were $20.2 million versus $21.5 million.
Americas DVP was $7.7 million, up from $3.9 million in the prior quarter, as average rates per day worked rose to $31,003 from $28,394 and utilization rose to 70% from 58%; Americas time-charter revenue was $18.0 million versus $15.5 million. Africa and Europe DVP was $13.6 million, up from $8.5 million, with average rates per day worked of $18,854 versus $18,877 and utilization of 80% versus 77%; segment revenue was $27.9 million versus $26.3 million. Middle East and Asia DVP loss narrowed to $2.3 million from a $4.4 million loss, as utilization fell to 54% from 60% and average rates per day worked were $15,804 versus $15,588; segment revenue was $9.8 million versus $10.6 million.
Gellert said the company looks forward to taking delivery of two newbuild PSVs in the coming months and remains confident in their charter prospects. He said the company remains focused on operational execution and continues to implement its strategy of improving term coverage in less volatile markets.
The Board is continuing its previously announced evaluation of strategic alternatives to maximize shareholder value with the assistance of independent financial advisors. The company said there can be no assurance the review will result in a transaction, has not established 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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