Quarterly ResultApr 29, 2026, 05:19 PM
SMHI Q1 Revenue $44.3M, Down 20.2%; Net Loss $15.8M
AI Summary
SEACOR Marine Holdings Inc. reported Q1 2026 operating revenues of $44.3 million, a 20.2% decrease from Q1 2025, and a net loss of $15.8 million ($0.61 per share). Direct vessel profit (DVP) also declined to $6.7 million. The company's utilization decreased to 59%, while average day rates saw a slight increase sequentially. During the quarter, SEACOR Marine completed the sale of one platform supply vessel for $14.6 million, generating a $7.3 million gain, and expects to sell additional vessels in Q2 2026. Management noted lower revenues due to fewer available days and vessels repositioning, but expressed optimism for future utilization and growth in Latin America and West Africa.
Key Highlights
- SMHI Q1 2026 operating revenues decreased 20.2% YoY to $44.3M.
- Net loss for Q1 2026 was $15.8M ($0.61 loss per share), compared to $15.5M ($0.56 loss per share) in Q1 2025.
- Direct Vessel Profit (DVP) was $6.7M, down from $13.6M in Q1 2025.
- Average day rates were $18,199, a 3.3% decrease YoY but a 3.9% increase QoQ.
- Vessel utilization was 59%, down from 60% in Q1 2025 and 69% in Q4 2025.
- Company sold one PSV for $14.6M, realizing a $7.3M gain.
- Five additional vessels were held for sale at quarter-end, with two sold in April 2026.