HOUSTON, July 29, 2026 (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, 2026, and separately announced that its Board of Directors (the “Board”) is evaluating potential strategic alternatives to maximize shareholder value.
Second Quarter 2026 Results
SEACOR Marine’s consolidated operating revenues for the second quarter of 2026 were $54.6 million, operating income was $16.0 million, and direct vessel profit (“DVP”)(1) was $7.9 million. This compares to consolidated operating revenues of $60.8 million, operating income of $6.1 million, and DVP of $11.3 million in the second quarter of 2025, and consolidated operating revenues of $44.3 million, operating loss of $6.4 million, and DVP of $6.7 million in the first quarter of 2026.
Notable second quarter items include:
- 10.2% decrease in revenues from the second quarter of 2025 and 23.4% increase from the first quarter of 2026.
- Average day rates of $20,227, compared to $19,731 in the second quarter of 2025 and $18,199 in the first quarter of 2026.
- 68% utilization, compared to 68% in the second quarter of 2025 and 59% in the first quarter of 2026.
- DVP margin of 14.5%, compared to 18.6% in the second quarter of 2025 and 15.2% in the first quarter of 2026.
- During the second quarter of 2026, the Company completed the sale of five vessels and other equipment for net cash proceeds of $44.7 million and after transaction costs, recognized gains of $31.3 million.
- During the quarter, administrative and general costs increased due to professional fees associated with the termination of certain prior engagements; excluding this one-time charge, the Company’s administrative and general costs were $9.3 million for the second quarter of 2026, compared to $12.0 million for the second quarter of 2025 and $10.0 million for the first quarter of 2026.
For the second quarter of 2026, net income was $3.3 million ($0.13 earnings per basic share and $0.12 earnings per diluted share). This compares to a net loss for the second quarter of 2025 of $6.7 million ($0.26 loss per basic and diluted share). Sequentially, the second quarter of 2026 results compare to a net loss of $15.8 million ($0.61 loss per basic and diluted share) in the first quarter of 2026.
Chief Executive Officer John Gellert commented:
“Our second quarter results reflect improved utilization following vessel repositioning and contract commencements. During the quarter, we completed the sale of five vessels as part of our fleet optimization strategy and continued to focus on maximizing fleet efficiency and positioning the business to benefit from improving offshore activity in several of our core international markets.
With regards to the Middle East, the Company continued to observe increased labor and insurance costs in the region because of the conflict, and a general softening in offshore activity while customers wait for operating conditions to improve. The maintenance scope of work for our two premium liftboats in the region continues. Based on observed delays due primarily to the ongoing conflict, we do not expect either of these vessels to operate during the third quarter of 2026. At the end of the second quarter, excluding the two liftboats, we had eight vessels in the region, of which six have continued to operate for our customers in Saudi Arabia and Qatar. The timing of a full recovery in this region will depend on a durable resolution to the conflict.
Looking ahead, we remain constructive on opportunities across several of our international markets while maintaining a disciplined approach to operational execution. We believe SEACOR Marine is well positioned to continue supporting our customers and participating in incremental demand from offshore energy projects.”
Strategic Review Process
Separately, SEACOR Marine today announced that its Board is evaluating potential strategic alternatives to maximize shareholder value.
During the review process, the Board expects to evaluate a range of strategic alternatives that may include a sale of the Company, merger, other business combinations, sale of assets, or other transactions aimed at maximizing value for shareholders. The Board has retained independent financial advisors to assist in evaluating strategic alternatives. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation process.
Andrew R. Morse, Non-Executive Chairman of the Board, commented:
“Over the past several years, the Company has worked diligently to optimize its fleet, strengthen its balance sheet and position SEACOR Marine to benefit from improving offshore market fundamentals. Given the progress we have made and the opportunities we see ahead, the Board and management team are eager to evaluate a range of strategic alternatives to determine the best path forward for maximizing shareholder value. Throughout this process, the team remains focused on executing our strategy, serving our customers and delivering safe and reliable operations worldwide. Our employees, customers, and business partners should expect business as usual as we continue to execute on our operating and financial objectives.”
There can be no assurance that the strategic review process will result in any transaction or other strategic outcome. The Company has not established a timetable for completion of the review process and does not intend to disclose developments related to the review unless and until SEACOR Marine executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.
___________________
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, including our announcement of the commencement of a strategic review of the business, 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. Achievement of these expectations and strategic objectives, including any increase to shareholder value from the strategic review, business prospects, anticipated economic performance and financial condition involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Certain of these risks, uncertainties and other important factors 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 investors, contact:
[email protected]
For media, contact:
H/Advisors – U.S.
Dana Gorman / Amy Feng
[email protected] / [email protected]
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
Three Months Ended June 30, Six months ended June 30, 2026 2025 2026 2025 Operating Revenues $54,630 $60,810 $98,912 $116,309 Costs and Expenses: Operating 46,684 49,493 84,257 91,421 Administrative and general 12,343 11,998 22,297 23,484 Lease expense 266 325 516 662 Depreciation and amortization 10,718 12,090 21,048 24,900 70,011 73,906 128,118 140,467 Gains on Asset Dispositions and Impairments, Net 31,347 19,163 38,795 24,972 Operating Income 15,966 6,067 9,589 814 Other Income (Expense): Interest income 443 372 934 808 Interest expense (8,244) (8,844) (16,483) (18,430)Derivative gains, net — 87 — 212 Foreign currency losses, net (981) (2,119) (503) (3,315)Other, net 4 — 4 — (8,778) (10,504) (16,048) (20,725)Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies 7,188 (4,437) (6,459) (19,911)Income Tax Expense 3,951 2,508 6,159 3,412 Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies 3,237 (6,945) (12,618) (23,323)Equity in Earnings of 50% or Less Owned Companies 56 218 106 1,107 Net Income (Loss) $3,293 $(6,727) $(12,512) $(22,216) Net Earnings (Loss) Per Share: Basic $0.13 $(0.26) $(0.48) $(0.83)Diluted $0.12 $(0.26) $(0.48) $(0.83)Weighted Average Common Stock Outstanding: Basic 26,072,144 25,686,560 25,929,323 26,791,291 Diluted 26,353,556 25,686,560 25,929,323 26,791,291
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Time Charter Statistics: Average Rates Per Day $20,227 $18,199 $17,519 $19,490 $19,731 Fleet Utilization 68% 59% 69% 66% 68%Fleet Available Days(2) 3,635 3,897 4,127 4,321 4,310 Operating Revenues: Time charter $49,697 $41,957 $49,817 $55,958 $57,673 Bareboat charter 834 828 843 846 838 Other marine services 4,099 1,497 1,669 2,390 2,299 54,630 44,282 52,329 59,194 60,810 Costs and Expenses: Operating: Personnel 15,697 15,422 16,539 17,616 18,969 Repairs and maintenance 12,648 10,600 11,752 14,603 13,648 Drydocking 2,961 1,252 1,175 2,430 5,143 Insurance and loss reserves 2,698 1,792 1,570 1,948 2,982 Fuel, lubes and supplies 5,302 3,308 4,601 4,465 4,296 Other 7,378 5,199 7,030 6,622 4,455 46,684 37,573 42,667 47,684 49,493 Direct Vessel Profit(1) 7,946 6,709 9,662 11,510 11,317 Other Costs and Expenses: Lease expense 266 250 261 280 325 Administrative and general 12,343 9,954 12,730 11,269 11,998 Depreciation and amortization 10,718 10,330 10,045 12,125 12,090 23,327 20,534 23,036 23,674 24,413 Gains on Asset Dispositions and Impairments, Net 31,347 7,448 8,210 30,230 19,163 Operating Income (Loss) 15,966 (6,377) (5,164) 18,066 6,067 Other Income (Expense): Interest income 443 491 751 297 372 Interest expense (8,244) (8,239) (8,673) (8,947) (8,844)Derivative (losses) gains, net — — (73) 17 87 Foreign currency (losses) gains, net (981) 478 (38) 218 (2,119)Gains on insurance claim settlement — — — 4,581 — Other, net 4 — 32 (221) — (8,778) (7,270) (8,001) (4,055) (10,504)Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies 7,188 (13,647) (13,165) 14,011 (4,437)Income Tax Expense 3,951 2,208 1,688 5,410 2,508 Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies 3,237 (15,855) (14,853) 8,601 (6,945)Equity in Earnings of 50% or Less Owned Companies 56 50 231 393 218 Net Income (Loss) $3,293 $(15,805) $(14,622) $8,994 $(6,727) Net Earnings (Loss) Per Share: Basic $0.13 $(0.61) $(0.57) $0.35 $(0.26)Diluted $0.12 $(0.61) $(0.57) $0.35 $(0.26)Weighted Average Common Stock Outstanding: Basic 26,072 25,785 25,671 25,658 25,687 Diluted 26,354 25,785 25,671 25,888 25,687 Common Shares Outstanding at Period End 27,133 27,062 26,952 26,976 26,976
(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.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Americas Time Charter Statistics: Average rates per day worked $28,394 $20,546 $18,188 $22,809 $24,622 Fleet utilization 58% 35% 50% 59% 54%Fleet available days(2) 935 1,369 1,477 1,561 1,553 Out-of-service days for repairs, maintenance and drydockings 153 190 127 198 170 Out-of-service days for cold-stacked status — 61 92 116 270 Operating Revenues: Time charter $15,518 $9,843 $13,560 $20,995 $20,773 Bareboat charter 834 828 843 846 838 Other marine services 1,353 282 519 1,338 1,061 17,705 10,953 14,922 23,179 22,672 Direct Costs and Expenses: Operating: Personnel 5,322 6,007 7,115 8,195 8,943 Repairs and maintenance 2,252 1,644 1,955 2,274 2,664 Drydocking 680 440 (102) 1,018 4,229 Insurance and loss reserves 787 423 465 1,011 1,241 Fuel, lubes and supplies 1,494 1,075 1,618 1,443 1,303 Other 3,271 1,384 3,096 1,882 994 13,806 10,973 14,147 15,823 19,374 Direct Vessel Profit (Loss)(1) $3,899 $(20) $775 $7,356 $3,298 Other Costs and Expenses: Lease expense $191 $177 $185 $202 $202 Depreciation and amortization 3,168 3,166 2,917 4,592 4,600 Africa and Europe Time Charter Statistics: Average rates per day worked $18,877 $18,711 $17,095 $17,983 $19,140 Fleet utilization 77% 78% 84% 75% 77%Fleet available days 1,741 1,538 1,559 1,656 1,668 Out-of-service days for repairs, maintenance and drydockings 195 202 144 229 248 Operating Revenues: Time charter $25,248 $22,534 $22,317 $22,357 $24,535 Other marine services 1,041 577 580 733 806 26,289 23,111 22,897 23,090 25,341 Direct Costs and Expenses: Operating: Personnel 5,523 4,982 4,656 4,465 5,515 Repairs and maintenance 5,673 2,957 4,694 6,531 4,646 Drydocking 554 176 987 1,413 901 Insurance and loss reserves 504 330 481 326 899 Fuel, lubes and supplies 2,416 1,334 1,292 1,781 1,714 Other 3,154 3,192 2,558 3,573 2,357 17,824 12,971 14,668 18,089 16,032 Direct Vessel Profit(1) $8,465 $10,140 $8,229 $5,001 $9,309 Other Costs and Expenses: Lease expense $— $— $8 $8 $51 Depreciation and amortization 4,485 4,063 3,968 4,302 4,263
(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.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Middle East and Asia Time Charter Statistics: Average rates per day worked $15,588 $15,400 $17,587 $17,818 $15,506 Fleet utilization 60% 63% 73% 64% 73%Fleet available days 959 990 1,091 1,104 1,089 Out-of-service days for repairs, maintenance and drydockings 300 268 72 157 204 Operating Revenues: Time charter $8,931 $9,580 $13,940 $12,606 $12,365 Other marine services 1,705 638 570 319 432 10,636 10,218 14,510 12,925 12,797 Direct Costs and Expenses: Operating: Personnel 4,852 4,433 4,768 4,956 4,511 Repairs and maintenance 4,723 5,999 5,103 5,798 6,338 Drydocking 1,727 636 290 (1) 13 Insurance and loss reserves 1,407 1,039 624 611 842 Fuel, lubes and supplies 1,392 899 1,691 1,241 1,279 Other 953 623 1,376 1,167 1,104 15,054 13,629 13,852 13,772 14,087 Direct Vessel (Loss) Profit(1) $(4,418) $(3,411) $658 $(847) $(1,290)Other Costs and Expenses: Lease expense $75 $73 $68 $70 $72 Depreciation and amortization 3,065 3,101 3,160 3,231 3,227
(1) See full description of footnote above.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 AHTS Operating Revenues: Time charter $— $— $— $— $(22)Other marine services — — — (7) (9) — — — (7) (31)Direct Costs and Expenses: Operating: Personnel $— $— $12 $11 $9 Repairs and maintenance — — — (24) 255 Insurance and loss reserves — — — — (4)Fuel, lubes and supplies — — 1 3 (125)Other — — 9 18 (4) — — 22 8 131 Other Costs and Expenses: Depreciation and amortization $— $— $4 $4 $3 FSV Time Charter Statistics: Average rates per day worked $14,411 $13,833 $14,114 $14,007 $13,468 Fleet utilization 74% 73% 75% 71% 67%Fleet available days 1,840 1,862 1,932 1,932 1,935 Out-of-service days for repairs, maintenance and drydockings 348 353 209 236 181 Out-of-service days for cold-stacked status — 61 92 116 270 Operating Revenues: Time charter $19,636 $18,929 $20,546 $19,131 $17,573 Other marine services 1,819 471 492 566 516 21,455 19,400 21,038 19,697 18,089 Direct Costs and Expenses: Operating: Personnel $5,416 $5,166 $4,980 $4,502 $4,526 Repairs and maintenance 6,434 3,179 5,862 6,041 3,542 Drydocking 898 576 1,098 678 666 Insurance and loss reserves 951 663 509 270 683 Fuel, lubes and supplies 1,481 1,503 1,850 1,480 1,449 Other 2,548 1,683 2,147 2,889 1,428 17,728 12,770 16,446 15,860 12,294 Other Costs and Expenses: Depreciation and amortization $5,244 $4,719 $4,707 $4,695 $4,703
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 PSV Time Charter Statistics: Average rates per day worked $28,443 $25,352 $20,118 $21,507 $22,231 Fleet utilization 70% 54% 68% 65% 68%Fleet available days(1) 1,427 1,585 1,735 1,748 1,738 Out-of-service days for repairs, maintenance and drydockings 114 37 48 161 247 Operating Revenues: Time charter $28,622 $21,688 $23,801 $24,439 $26,440 Bareboat charter 834 828 843 846 838 Other marine services 1,459 811 440 592 433 30,915 23,327 25,084 25,877 27,711 Direct Costs and Expenses: Operating: Personnel $7,859 $7,348 $8,322 $7,882 $8,567 Repairs and maintenance 2,865 2,801 3,501 4,618 3,799 Drydocking 803 133 (166) 1,113 1,993 Insurance and loss reserves 903 448 656 546 906 Fuel, lubes and supplies 3,290 1,201 1,985 2,030 1,858 Other 4,357 3,292 4,378 3,262 2,199 20,077 15,223 18,676 19,451 19,322 Other Costs and Expenses: Depreciation and amortization $3,565 $3,574 $3,301 $3,968 $3,943
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Liftboats Time Charter Statistics: Average rates per day worked $16,417 $16,420 $26,703 $33,566 $31,904 Fleet utilization 24% 18% 45% 58% 67%Fleet available days 368 450 460 641 637 Out-of-service days for repairs, maintenance and drydockings 188 270 87 188 194 Operating Revenues: Time charter $1,448 $1,340 $5,470 $12,388 $13,682 Other marine services 789 178 359 1,128 1,168 2,237 1,518 5,829 13,516 14,850 Direct Costs and Expenses: Operating: Personnel $2,409 $2,897 $3,241 $5,209 $5,673 Repairs and maintenance 3,294 4,594 2,375 3,943 6,022 Drydocking 1,260 543 243 639 2,484 Insurance and loss reserves 844 943 415 1,145 1,376 Fuel, lubes and supplies 531 600 715 951 1,114 Other 497 182 564 407 803 8,835 9,759 7,553 12,294 17,472 Other Costs and Expenses: Depreciation and amortization $1,734 $2,027 $2,026 $3,450 $3,424 Other Activity Operating Revenues: Time charter (9) $— $— $— $— Other marine services 32 37 378 111 191 23 37 378 111 191 Direct Costs and Expenses: Operating: Personnel $13 $11 $(16) $12 $194 Repairs and maintenance 55 26 14 25 30 Insurance and loss reserves — (262) (10) (13) 21 Fuel, lubes and supplies — 4 50 1 — Other (24) 42 (68) 46 29 44 (179) (30) 71 274 Other Costs and Expenses: Lease expense $266 $250 $261 $280 $325 Depreciation and amortization 175 10 7 8 17
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 ASSETS Current Assets: Cash and cash equivalents $55,397 $38,721 $68,934 $90,953 $34,381 Restricted cash 37,643 36,711 24,182 17,255 17,174 Receivables: Trade, net of allowance for credit loss 61,955 69,200 64,522 62,788 63,287 Other 5,857 4,897 3,965 17,308 10,946 Inventories 2,061 2,746 2,196 2,552 2,539 Prepaid expenses and other 5,407 6,007 5,173 3,448 4,716 Assets held for sale — 13,376 10,812 — — Total current assets 168,320 171,658 179,784 194,304 133,043 Property and Equipment: Historical cost 754,369 752,640 776,833 797,381 887,408 Accumulated depreciation (351,840) (341,790) (348,812) (344,899) (377,265) 402,529 410,850 428,021 452,482 510,143 Construction in progress 56,594 52,429 47,002 40,394 31,772 Net property and equipment 459,123 463,279 475,023 492,876 541,915 Right-of-use asset - operating leases 933 929 982 903 1,179 Right-of-use asset - finance leases 14 17 19 22 25 Investments, at equity, and advances to 50% or less owned companies 3,009 2,951 2,938 2,707 2,310 Other assets 1,925 1,913 1,855 1,686 1,558 Total assets $633,324 $640,747 $660,601 $692,498 $680,030 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $549 $481 $405 $510 $543 Current portion of finance lease liabilities 12 12 12 11 11 Current portion of long-term debt 30,699 30,350 30,000 30,000 30,000 Accounts payable 14,229 16,355 21,268 25,928 26,737 Other current liabilities 25,279 25,476 19,044 24,702 24,182 Total current liabilities 70,768 72,674 70,729 81,151 81,473 Long-term operating lease liabilities 559 470 607 567 812 Long-term finance lease liabilities 3 5 8 11 14 Long-term debt 289,503 297,072 304,644 311,858 310,980 Deferred income taxes 19,580 18,894 19,376 20,609 18,330 Deferred gains and other liabilities 599 3,794 565 639 625 Total liabilities 381,012 392,909 395,929 414,835 412,234 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 284 284 280 281 281 Additional paid-in capital 474,395 473,241 471,862 470,228 468,669 Accumulated deficit (220,956) (224,249) (208,444) (193,822) (202,816)Shares held in treasury (11,470) (11,428) (9,691) (9,639) (9,639)Accumulated other comprehensive income, net of tax 9,738 9,669 10,344 10,294 10,980 251,991 247,517 264,351 277,342 267,475 Noncontrolling interests in subsidiaries 321 321 321 321 321 Total equity 252,312 247,838 264,672 277,663 267,796 Total liabilities and equity $633,324 $640,747 $660,601 $692,498 $680,030
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Cash Flows from Operating Activities: Net Income (Loss) $3,293 $(15,805) $(14,622) $8,994 $(6,727)Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 10,718 10,330 10,045 12,125 12,090 Deferred financing costs amortization 43 42 173 (86) 43 Stock-based compensation expense 1,132 1,383 1,633 1,559 1,510 Debt discount amortization 237 236 243 236 232 Allowance for credit losses 64 57 (620) 627 (213)Gains from equipment sales, retirements or impairments (31,347) (7,448) (8,210) (30,230) (19,163)Derivative losses (gains) — — 73 (17) (87)Interest on finance lease — 1 1 1 1 Settlements on derivative transactions, net — — 65 — — Currency losses (gains) 981 (478) 38 (218) 2,119 Deferred income taxes 686 (482) (1,233) 2,279 (1,982)Equity earnings (56) (50) (231) (393) (218)Dividends received from equity investees — — — — 3,199 Changes in Operating Assets and Liabilities: Accounts receivables 5,763 (5,735) 12,222 (6,700) 284 Other assets 1,415 (1,306) (1,530) 1,385 1,901 Accounts payable and accrued liabilities (6,107) 4,122 (10,246) (221) 4,934 Net cash used in operating activities (13,178) (15,133) (12,199) (10,659) (2,077)Cash Flows from Investing Activities: Purchases of property and equipment (6,429) (6,088) (8,427) (9,348) (10,213)Proceeds from disposition of property and equipment 44,737 12,778 13,087 76,068 31,592 Net cash provided by investing activities 38,308 6,690 4,660 66,720 21,379 Cash Flows from Financing Activities: Payments on long-term debt (7,500) (7,500) (7,500) (7,500) (7,500)Proceeds from issuance of long-term debt, net of debt discount and issuance costs — — — 8,098 8,097 Payments on finance leases (4) (3) (4) (3) (4)Payments for repurchase of common stock — — — — (7,089)Payments for repurchase of warrants — — — — (6,668)Excise tax on stock repurchase 22 — — — — Tax withholdings on restricted stock vesting (42) (1,737) (52) — (11)Net cash (used in) provided by financing activities (7,524) (9,240) (7,556) 595 (13,175)Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents 2 (1) 3 (3) — Net Change in Cash, Restricted Cash and Cash Equivalents 17,608 (17,684) (15,092) 56,653 6,127 Cash, Restricted Cash and Cash Equivalents, Beginning of Period 75,432 93,116 108,208 51,555 45,428 Cash, Restricted Cash and Cash Equivalents, End of Period $93,040 $75,432 $93,116 $108,208 $51,555
UNAUDITED FLEET COUNTS
Owned Total June 30, 2026 FSV 20 20 PSV 15 15 Liftboats 3 3 38 38 December 31, 2025 FSV 21 21 PSV 18 18 Liftboats 5 5 44 44