SEACOR Marine Holdings Inc. reported fourth‑quarter 2025 financial results that included consolidated operating revenues of $52.3 million, an operating loss of $5.2 million, a direct vessel profit (DVP) of $9.7 million, and a net loss of $14.6 million, or $0.57 per share. The company’s earnings per share beat analyst expectations by $0.08, while revenue fell short of the consensus estimate by $3.48 million.
Comparing the quarter to the prior year, revenue declined 25.5% from $69.8 million in Q4 2024, and the operating loss widened to $5.2 million from a $10.6 million operating income in the same period. Sequentially, Q3 2025 revenue was $59.2 million, indicating a further decline into Q4 2025. The net loss also increased from $26.2 million in Q4 2024 to $14.6 million in Q4 2025, reflecting the impact of asset sales and reduced utilization.
The DVP margin for the quarter was 18.5%, a contraction from the 25.5% figure originally reported. The margin decline is attributable to the sale of two 335‑foot liftboats and one 201‑foot PSV, which removed higher‑margin assets from the operating book, and to lower liftboat utilization driven by seasonal and contractual changes in the offshore support market.
Revenue missed expectations because the company sold older liftboats and a PSV during the quarter, reducing the top‑line. Additionally, liftboat utilization fell as seasonal demand waned and contractual agreements shifted, limiting the company’s ability to generate revenue from its existing fleet. These factors combined to produce a revenue shortfall relative to analyst forecasts.
The EPS beat was largely driven by disciplined cost control. Management implemented a $1.2 million severance charge and projected annualized SG&A savings of $3.9 million, offsetting the revenue decline. The company’s focus on reducing operating expenses helped mitigate the impact of the asset sales and utilization drop, allowing it to outperform earnings expectations.
The company maintained a backlog of over $500 million at year‑end 2025 and announced that its PSV fleet is now sold‑out for the first time in five years. Newbuild PSVs are expected to enter service in late 2026 and early 2027, supporting a strategic shift toward a more modern, high‑margin fleet. Management emphasized that the asset rotation and cost‑control initiatives position SEACOR to capitalize on future offshore support opportunities, particularly outside the United States.
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