Key Highlights

  • Operating revenues were $57.3 million in the third quarter, versus $59.2 million a year earlier.
  • Net loss was $9.5 million, or $0.36 per share, compared with Net Income of $9.0 million, or $0.35.
  • The average time charter day rate increased to $21,100 from $19,490.
  • Direct operating costs declined to $38.3 million from $47.7 million.
  • Outstanding Debt was $313.0 million at September 30, 2026.

Revenue slips while pricing improves

SEACOR Marine (NYSE:SMHI) provides marine and support transportation to offshore energy facilities, serving oil and gas and offshore wind customers. It filed its Quarterly Report for the period ended September 30, 2026 and, as of that date, operated 38 owned support vessels, none of them cold-stacked.

Operating revenues were $57.3 million, down from $59.2 million. Time charter revenue came in at $52.2 million versus $56.0 million, while other marine services rose to $4.2 million from $2.4 million.

Average day rates reached $21,100 compared with $19,490, but fleet available days fell to 3,496 from 4,321 after vessel sales.

Leaner costs lift vessel profit but not the bottom line

Direct operating expenses dropped to $38.3 million from $47.7 million, with personnel costs of $14.9 million versus $17.6 million and repairs and maintenance of $9.4 million versus $14.6 million. Direct vessel profit was $18.9 million, compared with about $11.5 million a year earlier on a calculated basis.

Even so, it posted an operating loss of $1.4 million against Operating Income of $18.1 million. The prior year quarter included $30.2 million of gains on asset dispositions, versus a $4 thousand loss this time.

Other expense, net was $6.9 million versus $4.1 million. The net loss was $9.5 million, compared with net income of $9.0 million.

Regional picture: Africa and Europe strengthen, Middle East and Asia soften

In Africa and Europe, charter revenues were $3.9 million higher. The regional core fleet of 15 vessels posted utilization of 88% versus 75% and average day rates of $19,283 versus $17,310.

In the Middle East and Asia, charter revenues were $4.8 million lower. Core fleet utilization fell to 54% from 63%, and day rates dropped to $15,804 from $17,958. Other marine services gained from an early termination fee on a vessel contract in Qatar and recharges of insurance and labor costs tied to the Iran conflict.

In the Americas, charter revenues were $3.0 million lower, mainly from disposing of six vessels, though core fleet utilization edged up to 67% from 66%.

Nine-month results, fleet renewal and a strategic review

For the nine months, operating revenues were $156.2 million versus $175.5 million, and the net loss was $22.0 million, or $0.85 per share, compared with a net loss of $13.2 million, or $0.50. Gains on asset dispositions were $38.8 million versus $55.2 million.

On July 29, 2026, the board announced it is evaluating strategic alternatives that may include a sale, merger, Business combination or asset sales. The company set no timetable and will not update until a definitive agreement is signed.

Two platform Supply vessels under construction, each priced at $41.0 million, are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027.

Liquidity and what to watch

Cash, cash equivalents and restricted cash totaled $75.6 million, versus $108.2 million a year earlier. Outstanding debt was $313.0 million, net of discount and issue costs, and the at-the-market program has about $25.0 million of remaining capacity.

Investors following the name may track the strategic review, day rates in the Middle East and Asia, and the two vessel deliveries.