SEACOR Marine Holdings Inc. (NYSE: SMHI) reported financial results for the three months ended September 30, 2026, revealing an operating loss and a net loss for the period.
For the third quarter of 2026, the company reported consolidated operating revenues of $57.3 million. This figure represents a 3.3% decrease compared to the third quarter of 2025, which saw revenues of $59.2 million, and a 4.8% increase from the second quarter of 2026, which reported $54.6 million.
The company recorded an operating loss of $1.4 million for the third quarter of 2026. In contrast, the same period in 2025 resulted in an operating income of $18.1 million. Sequentially, the second quarter of 2026 also showed an operating income of $16.0 million.
Despite the operating loss, the company reported a direct vessel profit (DVP) of $18.9 million for Q3 2026. This metric compares to $11.5 million in Q3 2025 and $7.9 million in Q2 2026. The DVP margin for the third quarter of 2026 was 33.1%.
Key operational statistics for the third quarter of 2026 included an average day rate of $21,100 and a fleet utilization rate of 71%.
On the income statement, SEACOR Marine recorded a net loss of $9.5 million for the third quarter of 2026, or a loss of $0.36 per basic and diluted share. This compares to a net income of $9.0 million ($0.35 per share) in the third quarter of 2025 and a net income of $3.3 million ($0.13 per basic share and $0.12 diluted share) in the second quarter of 2026.
SEACOR Marine’s Chief Executive Officer, John Gellert, stated that the results reflect improved utilization, day rates, and margins led by the platform supply vessel (PSV) fleet. He noted that these positive trends were offset by ongoing maintenance for two premium liftboats and lower utilization in the fast support vessel (FSV) fleet, particularly in the Middle East due to delays in construction and drilling projects.
The company also noted that it is continuing with an evaluation of strategic alternatives to maximize shareholder value, with the assistance of independent financial advisors. The company has not established a timetable for the completion of this review process.
