# EDGAR Filing Document

**Accession Number:** 0001690334
**File Stem:** 0000950170-25-100351
**Filing Date:** 2025-7
**Character Count:** 183319
**Document Hash:** 9e183a4d15501c835ab0b6a025a04bf5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100351.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100351

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEACOR Marine Holdings Inc.
- **CENTRAL INDEX KEY:** 0001690334
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 472564547
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37966
- **FILM NUMBER:** 251167856

**BUSINESS ADDRESS:**
- **STREET 1:** 12121 WICKCHESTER LANE
- **STREET 2:** SUITE 500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079
- **BUSINESS PHONE:** 9858765400

**MAIL ADDRESS:**
- **STREET 1:** 12121 WICKCHESTER LANE
- **STREET 2:** SUITE 500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

------

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **June 30,** 2025 **or** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to**

**Commission file number** 1-37966

SEACOR Marine Holdings Inc.

**(Exact Name of Registrant as Specified in Its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 47-2564547 |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(IRS Employer**<br>**Identification No.)** |
| 12121 Wickchester Lane**,** Suite 500**,** Houston**,** TX | 77079 |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (**346**)** 980-1700

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common stock, par value $0.01 per share | SMHI | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The total number of shares of common stock, par value $.01 per share ("Common Stock"), outstanding as of July 25, 2025 was 26,976,259. The registrant has no other class of common stock outstanding.

------

**SEACOR MARINE HOLDINGS INC.**

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
| Part I. | [<u>Financial Information</u>](#part_ifinancial_information) | [<u>Financial Information</u>](#part_ifinancial_information) | 1 |
|  | Item 1. | [<u>Financial Statements (Unaudited)</u>](#item_1_financial_statements) | 1 |
|  |  | [<u>Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024</u>](#unaudited_condensed_consolidated_balance) | 1 |
|  |  | [<u>Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024</u>](#unaudited_condensed_consolidated) | 2 |
|  |  | [<u>Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three</u>](#unaudited_condensed_consolidated_stateme)[<u>and Six Months</u>](#unaudited_condensed_consolidated)[<u>Ended June 30, 2025 and 2024</u>](#unaudited_condensed_consolidated_stateme) | 3 |
|  |  | [<u>Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2025 and 2024</u>](#unaudited_condensed_equity) | 4 |
|  |  | [<u>Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024</u>](#unaudited_consolidated_cash_flow) | 5 |
|  |  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_to_condensed_consolidated_financia) | 6 |
|  | Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 20 |
|  | Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | 43 |
|  | Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | 43 |
| Part II. | [<u>Other Information</u>](#part_iior_information) | [<u>Other Information</u>](#part_iior_information) | 44 |
|  | Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 44 |
|  | Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 44 |
|  | Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 44 |
|  | Item 3. | [<u>Default Upon Senior Securities</u>](#item_3_default_upon_senior_securities) | 44 |
|  | Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 44 |
|  | Item 5. | [<u>Other Information</u>](#item_5_or_information) | 44 |
|  | Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 45 |

---

i

------

**PART I—FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**SEACOR MARINE HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $34381 | $59491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 17174 | 16649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade, net of allowance for credit loss of $4,125 and $4,745 as of June 30, 2025 and December 31, 2024, respectively | 63287 | 69888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 10439 | 7913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax receivable | 507 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2539 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 4716 | 4406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  | 10943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 133043 | 173651 |
| Property and Equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical cost | 887408 | 900414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (377265) | (367448) |
|  | 510143 | 532966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 31772 | 11904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property and equipment | 541915 | 544870 |
| Right-of-use asset - operating leases | 1179 | 3436 |
| Right-of-use asset - finance leases | 25 | 36 |
| Investments, at equity, and advances to 50% or less owned companies | 2310 | 3541 |
| Other assets | 1558 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $680030 | $727111 |
| **LIABILITIES AND EQUITY** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | $543 | $606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease liabilities | 11 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 30000 | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 26737 | 29236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued wages and benefits | 3423 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest |  | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued capital, repair and maintenance expenditures | 8823 | 8791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 3462 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued insurance deductibles and premiums | 3676 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 4798 | 5486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 81473 | 85042 |
| Long-term operating lease liabilities | 812 | 2982 |
| Long-term finance lease liabilities | 14 | 20 |
| Long-term debt | 310980 | 317339 |
| Deferred income taxes | 18330 | 22037 |
| Deferred gains and other liabilities | 625 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 412234 | 428789 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SEACOR Marine Holdings Inc. stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $.01 par value, 60,000,000 shares authorized; 28,066,298 and 28,466,326 shares issued as of June 30, 2025 and December 31, 2024, respectively | 281 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 468669 | 479283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (202816) | (180600) |
| &nbsp;&nbsp;&nbsp;Shares held in treasury of 1,090,039 and 796,965 as of June 30, 2025 and December 31, 2024, respectively, at cost | (9639) | (8110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income, net of tax | 10980 | 7141 |
|  | 267475 | 298001 |
| Noncontrolling interests in subsidiaries | 321 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 267796 | 298322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $680030 | $727111 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

------

**SEACOR MARINE HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)**

**(in thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating Revenues | $60810 | $69867 | $116309 | $132637 |
| Costs and Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 49493 | 49520 | 91421 | 97619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general | 11998 | 10889 | 23484 | 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | 325 | 486 | 662 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12090 | 12939 | 24900 | 25821 |
|  | 73906 | 73834 | 140467 | 147213 |
| Gains on Asset Dispositions and Impairments, Net | 19163 | 37 | 24972 | 36 |
| Operating Income (Loss) | 6067 | (3930) | 814 | (14540) |
| Other Income (Expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 372 | 445 | 808 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (8844) | (10190) | (18430) | (20499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative gains (losses), net | 87 | 104 | 212 | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency losses, net | (2119) | (560) | (3315) | (640) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net |  |  |  | (95) |
|  | (10504) | (10201) | (20725) | (20635) |
| Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (4437) | (14131) | (19911) | (35175) |
| Income Tax Expense (Benefit) | 2508 | (682) | 3412 | 243 |
| Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (6945) | (13449) | (23323) | (35418) |
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 218 | 966 | 1107 | (134) |
| Net Loss | $(6727) | $(12483) | $(22216) | $(35552) |
| Net Loss Per Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.26) | $(0.45) | $(0.83) | $(1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | (0.26) | (0.45) | (0.83) | (1.29) |
| Weighted Average Common Stock and Warrants Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 25686560 | 27729033 | 26791291 | 27536319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 25686560 | 27729033 | 26791291 | 27536319 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

------

**SEACOR MARINE HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net Loss | $(6727) | $(12483) | $(22216) | $(35552) |
| Other Comprehensive Income (Loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gains (losses) | 2746 | (57) | 3839 | (128) |
|  | 2746 | (57) | 3839 | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense |  |  |  |  |
|  | 2746 | (57) | 3839 | (128) |
| Comprehensive Loss | $(3981) | $(12540) | $(18377) | $(35680) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

------

**SEACOR MARINE HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**(in thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares of<br>Common<br>Stock<br>Outstanding** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Shares<br>Held in <br>Treasury** | **Treasury<br>Stock** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income** | **Non-<br>Controlling<br>Interests In<br>Subsidiaries** | **Total<br>Equity** |
| &nbsp;&nbsp;**For the Six Months Ended June 30, 2025** |  |  |  |  |  |  |  |  |  |
| **December 31, 2024** | 27669361 | $287 | $479283 | 796965 | $(8110) | $(180600) | $7141 | $321 | $298322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Stock | (1355761) | (13) | (7076) |  |  |  |  |  | (7089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of warrants |  |  | (6668) |  |  |  |  |  | (6668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock grants | 644880 | 6 |  |  |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share awards |  |  | 3131 |  |  |  |  |  | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock vesting | (216874) |  |  | 216874 | (1141) |  |  |  | (1141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance restricted stock vesting | 110741 |  |  | 74189 | (377) |  |  |  | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Director share awards | 125923 | 1 | (1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Director restricted stock vesting | (2011) |  |  | 2011 | (11) |  |  |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (22216) |  |  | (22216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  |  | 3839 |  | 3839 |
| **June 30, 2025** | 26976259 | $281 | $468669 | 1090039 | $(9639) | $(202816) | $10980 | $321 | $267796 |
| &nbsp;&nbsp;**For the Three Months Ended June 30, 2025** |  |  |  |  |  |  |  |  |  |
| **March 31, 2025** | 28208108 | $293 | $480904 | 1088028 | $(9628) | $(196089) | $8234 | $321 | $284035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Stock | (1355761) | (13) | (7076) |  |  |  |  |  | (7089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of warrants |  |  | (6668) |  |  |  |  |  | (6668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share awards |  |  | 1510 |  |  |  |  |  | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Director share awards | 125923 | 1 | (1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Director restricted stock vesting | (2011) |  |  | 2011 | (11) |  |  |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (6727) |  |  | (6727) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  |  | 2746 |  | 2746 |
| **June 30, 2025** | 26976259 | $281 | $468669 | 1090039 | $(9639) | $(202816) | $10980 | $321 | $267796 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares of<br>Common<br>Stock<br>Outstanding** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Shares<br>Held in <br>Treasury** | **Treasury<br>Stock** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income** | **Non-<br>Controlling<br>Interests In<br>Subsidiaries** | **Total<br>Equity** |
| &nbsp;&nbsp;**For the Six Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |  |
| **December 31, 2023** | 27184778 | $280 | $472692 | 481014 | $(4221) | $(102425) | $7577 | $321 | $374224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock grants | 563271 | 6 |  |  |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share awards |  |  | 3226 |  |  |  |  |  | 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of options | 9166 |  | 102 |  |  |  |  |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock vesting | (251333) |  |  | 251333 | (3120) |  |  |  | (3120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance restricted stock vesting | 96150 |  |  | 61305 | (769) |  |  |  | (769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Director share awards | 37426 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Director restricted stock vesting | (3274) |  |  | 3274 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (35552) |  |  | (35552) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  |  | (51) | (128) |  | (179) |
| **June 30, 2024** | 27636184 | $286 | $476020 | 796926 | $(8110) | $(138028) | $7449 | $321 | $337938 |
| &nbsp;&nbsp;**For the Three Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |  |
| **March 31, 2024** | 27602032 | $286 | $474433 | 793652 | $(8071) | $(125609) | $7506 | $321 | $348866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of share awards |  |  | 1587 |  |  |  |  |  | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock vesting |  |  |  |  | (39) |  |  |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Director share awards | 37426 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Director restricted stock vesting | (3274) |  |  | 3274 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (12483) |  |  | (12483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  | 64 | (57) |  | 7 |
| **June 30, 2024** | 27636184 | $286 | $476020 | 796926 | $(8110) | $(138028) | $7449 | $321 | $337938 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

------

**SEACOR MARINE HOLDINGS INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Cash Flows from Operating Activities: |  |  |
| Net Loss | $(22216) | $(35552) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 24900 | 25821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs amortization | 86 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3137 | 3232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt discount amortization | 458 | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (620) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains from equipment sales, retirements or impairments | (24972) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative (gains) losses | (212) | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on finance leases | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements on derivative transactions, net | (373) | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency losses | 3315 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (3707) | (5635) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity (earnings) losses | (1107) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends received from 50% or less owned companies | 3199 | 1418 |
| Changes in Operating Assets and Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables | 5617 | (2637) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 220 | (3685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (1270) | (8273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (13543) | (19416) |
| Cash Flows from Investing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (31008) | (4074) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of property and equipment | 40064 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 9056 | (3988) |
| Cash Flows from Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (12500) | (14063) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt, net of debt discount and issuance costs | 7701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on finance leases | (13) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for repurchase of common stock | (7089) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for repurchase of warrants | (6668) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings on restricted stock vesting and director share awards | (1529) | (3889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (20098) | (17868) |
| Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents |  | 1 |
| Net Change in Cash, Restricted Cash and Cash Equivalents | (24585) | (41271) |
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 76140 | 84131 |
| Cash, Restricted Cash and Cash Equivalents, End of Period | $51555 | $42860 |
| Supplemental disclosures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest, excluding capitalized interest | $19504 | $16122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes (paid) refunded, net | (1095) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash Investing and Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in capital expenditures in accounts payable and accrued liabilities | (4928) | (703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of a new right-of-use asset - financing leases |  | 7 |

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The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

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**SEACOR MARINE HOLDINGS INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**1.** **BASIS OF PRESENTATION AND ACCOUNTING POLICIES**

The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the "Company"). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").

Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the "Company" refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to "SEACOR Marine" refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.

***<u>Recently Adopted Accounting Standards.</u>***

On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. The Company adopted the standard as of December 31, 2024 and the adoption of the standard did not have a material effect on the Company's consolidated financial position, results of operations or disclosures.

***<u>Recently Issued Accounting Standards.</u>***

On December 14, 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose, on an annual basis, information about their effective tax rate reconciliation and information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Company's consolidated financial position or results of operations.

On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the United States Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification ("ASC"). The effective date is contingent on when the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company does not believe the adoption of the standard will have a material effect on the Company's consolidated financial position, results of operations or disclosures.

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***<u>Accounting Policies.</u>*** 

***Basis of Consolidation.*** The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation.

Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company's and the noncontrolling interests' share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.

The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company's ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.

***Use of Estimates.*** The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S.") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates and those differences may be material.

***Revenue Recognition***. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue, net of sales taxes, based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.

The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of America, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.

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In the Company's operating areas, contracts or charters vary in length from several days to multi-year periods. Many of the Company's contracts and charters include cancellation clauses without early termination penalties. As a result of cancellations, options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.

The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.

Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in unearned revenue in the accompanying consolidated balance sheets, as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Balance at beginning of period | $2534 | $687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenues during the period | 4659 | 6689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues recognized during the period | (3731) | (4842) |
| Balance at end of period | $3462 | $2534 |

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As of June 30, 2025 and December 31, 2024, the Company had unearned revenue of $3.5 million and $2.5 million, respectively, primarily related to mobilization of vessels.

***Direct Operating Expenses.*** Direct operating costs and expenses that are considered significant, other than leased-in equipment expense, consist primarily of costs and expenses such as: personnel; repairs and maintenance; drydocking; insurance and loss reserves; and fuel, lubes and supplies. Other direct operating expenses consist of costs such as brokers' commissions, communication costs, expenses incurred in mobilizing vessels between geographic regions, third party ship management fees, freight expenses, and customs and importation duties. Direct operating costs are expensed as incurred.

***Cash and Cash Equivalents.*** The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.

***Restricted Cash.*** Restricted cash primarily relates to banking and credit facility requirements.

***Trade and Other Receivables and Allowance for Credit Losses.*** Customers are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for expected credit losses utilizing the Current Expected Credit Losses model ("CECL"). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. After collection efforts have been exhausted, trade receivables that are deemed uncollectible are removed from both accounts receivable and the allowance for credit losses.

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***Property and Equipment.*** Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company's useful life policy, in which case the Company depreciates such assets based on its best estimate of the asset's remaining useful life, typically the period until the next survey or certification date. As of June 30, 2025, the estimated useful life of the Company's new offshore support vessels was 20 years.

Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.

Certain interest costs incurred during the construction of equipment are capitalized as part of the assets' carrying values and are amortized over such assets' estimated useful lives. There was $0.8 million of capitalized interest recognized during the six months ended June 30, 2025 and no capitalized interest recognized during the six months ended June 30, 2024.

***Impairment of Long-Lived Assets.*** The Company performs an impairment analysis of long-lived assets used in operations when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.

During the six months ended June 30, 2025 and 2024, the Company did not record impairment charges on any owned or leased-in vessels. Impairment charges are included in gains (losses) on asset dispositions and impairments in the accompanying consolidated statements of income (loss). Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data.

For vessel classes and individual vessels with indicators of impairment as of June 30, 2025, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company's estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, changes in the Company's expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.

***Impairment of* 50% *or Less Owned Companies.*** Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is

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other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company's estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee's actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the six months ended June 30, 2025 and 2024, the Company did not recognize any impairment charges related to its 50% or less owned companies.

***Income Taxes.*** During the six months ended June 30, 2025, the Company's effective income tax rate of 17.1% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes.

***Earnings*** (***Loss) Per Share.*** Basic earnings/loss per share of Common Stock of SEACOR Marine is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share ("Warrants") issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the New Convertible Notes unless anti-dilutive. As of December 31, 2024, the Company no longer had New Convertible Notes as a result of the completion of the 2024 SMFH Credit Facility as previously described in the 2024 Annual Report. As of June 30, 2025, the Company no longer had any warrants to purchase Common Stock outstanding as a result of the completion of the Securities Repurchase (as defined in "Note 9. Stockholders' Equity").

For the six months ended June 30, 2024, diluted loss per share of Common Stock excluded 2,978,724 shares of Common Stock issuable upon conversion of the New Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive.

In addition, for the three and six months ended June 30, 2025 and 2024 diluted loss per share of Common Stock excluded 1,349,373 and 1,386,148 shares of restricted stock, respectively, and 1,008,865 and 1,016,865 shares of Common Stock, respectively, issuable upon exercise of outstanding stock options, as the effect of their inclusion in the computation would be anti-dilutive.

**2.** **EQUIPMENT ACQUISITIONS AND DISPOSITIONS**

During the six months ended June 30, 2025, capital expenditures were $31.0 million and there were no equipment deliveries. During the six months ended June 30, 2025, the Company sold one fast support vessel ("FSV") and two platform supply vessels ("PSV"), previously classified as held for sale, as well as one liftboat and other equipment not previously classified as such, for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million. During the six months ended June 30, 2024, there were no equipment deliveries and no vessel sales.

**3.** **INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED COMPANIES**

Investments, at equity, and advances to 50% or less owned companies as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Ownership** | **June 30, 2025** | **December 31, 2024** |
| Seabulk Angola | 49.0% | $1003 | $962 |
| SEACOR Marine Arabia | 45.0% | 1234 | 2508 |
| Other | 20.0% - 50.0% | 73 | 71 |
|  |  | $2310 | $3541 |

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**4.** **LONG-TERM DEBT**

The Company's long-term debt obligations as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 SMFH Credit Facility | $345700 | $350000 |
| Current portion due within one year | (30000) | (27500) |
| Unamortized debt discount | (3984) | (4338) |
| Deferred financing costs | (736) | (823) |
| Long-term debt, less current portion | $310980 | $317339 |

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As of June 30, 2025, the Company was in compliance with all debt covenants and lender requirements.

***Letters of Credit***. As of June 30, 2025 and December 31, 2024, the Company had outstanding letters of credit of $0.4 million securing lease obligations, labor and performance guaranties.

**5.** **LEASES**

As of June 30, 2025, the Company leased-in certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. The lease terms of certain facilities and other equipment had a duration ranging from six to 258 months.

As of June 30, 2025, future minimum payments for leases for the remainder of 2025 and the years ended December 31, noted below, were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **Operating Leases** | **Finance Leases** |
| Remainder of 2025 | $443 | $7 |
| 2026 | 476 | 13 |
| 2027 | 248 | 9 |
| 2028 | 30 |  |
| 2029 | 30 |  |
| Years subsequent to 2029 | 510 |  |
|  | 1737 | 29 |
| Interest component | (382) | (4) |
|  | 1355 | 25 |
| Current portion of long-term lease liabilities | 543 | 11 |
| Long-term lease liabilities | $812 | $14 |

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For the three and six months ended June 30, 2025 and 2024 the components of lease expense were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating lease costs | $207 | $398 | $407 | $792 |
| Finance lease costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of finance lease assets <sup>(1)</sup> | 4 | 10 | 15 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on finance lease liabilities <sup>(2)</sup> | 1 |  | 2 | 1 |
| Short-term lease costs | 118 | 88 | 255 | 175 |
|  | $330 | $496 | $679 | $988 |

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<sup>(1)</sup> Included in amortization costs in the consolidated statements of income (loss).

<sup>(2)</sup> Included in interest expense in the consolidated statements of income (loss).

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For the six months ended June 30, 2025 supplemental cash flow information related to leases was as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Operating cash outflows from operating leases | $364 | $1131 |
| Financing cash outflows from finance leases | 13 | 18 |
| Right-of-use assets obtained for operating lease liabilities |  |  |
| Right-of-use assets obtained for finance lease liabilities |  | 7 |

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For the six months ended June 30, 2025 other information related to leases was as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Weighted average remaining lease term, in years - operating leases | 9.3 | 11.2 |
| Weighted average remaining lease term, in years - finance leases | 2.2 | 1.2 |
| Weighted average discount rate - operating leases | 8.4% | 6.4% |
| Weighted average discount rate - finance leases | 11.0% | 5.8% |

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**6.** **INCOME TAXES**

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the six months ended June 30, 2025:

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| | |
|:---|:---|
| Statutory rate | (21.0)% |
| Foreign taxes | 33.1% |
| Income (loss) of foreign subsidiaries not includable in U.S. return and foreign withholding tax | 1.6% |
| 162(m) - Executive compensation | 1.9% |
| Subpart F Income and GILTI | 2.8% |
| Share Award Plans | (2.3)% |
| Other | 1.0% |
| Effective income tax rate | 17.1% |

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**7.** **DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES**

Derivative instruments are classified as either assets, which are included in other receivables in the accompanying consolidated balance sheets, or liabilities based on their individual fair values. The fair values of the Company's derivative instruments were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Derivative<br>Asset** | **Derivative<br>Liability** | **Derivative<br>Asset** | **Derivative<br>Liability** |
| **Derivatives not designated as hedging instruments:** |  |  |  |  |
| Forward Exchange Contract | $120 | $— | $— | $464 |

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***Economic Hedges.*** The Company may enter and settle forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company's business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond 12 to 18 months. During the fourth quarter of 2023, the Company entered into a forward exchange contract related to the purchase of four hybrid battery power systems, the purchase price for which is denominated in Norwegian Kroner. The Company recognized gains of $0.2 million during the six months ended June 30, 2025 and losses of $0.4 million during the six months ended June 30, 2024 on this contract, which were recognized in earnings.

***Cash Flow Hedges.*** The Company may from time to time enter into interest rate swap agreements designated as cash flow hedges. By entering into interest rate swap agreements, the Company can convert the

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variable interest component of certain of their outstanding borrowings to a fixed interest rate. As of June 30, 2025 and December 31, 2024, there were no interest rate swaps held by the Company.

***Other Derivative Instruments.*** The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the six months ended June 30, 2025 and 2024 as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Forward currency exchange, option, and future contracts | $87 | $104 | $212 | $(439) |

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The forward currency exchange contract relates to the purchase of four hybrid battery power systems discussed in "—Economic Hedges" above.

**8.** **FAIR VALUE MEASUREMENTS**

The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. *Level* 1 inputs are quoted prices in active markets for identical assets or liabilities. *Level* 2 inputs are observable inputs other than quoted prices included in *Level* 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. *Level* 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

The Company's financial assets and liabilities as of June 30, 2025 and December 31, 2024 that are measured at fair value on a recurring basis were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **ASSETS** |  |  |  |
| Derivative instruments | $— | $120 | $— |
| **December 31, 2024** |  |  |  |
| **LIABILITIES** |  |  |  |
| Derivative instruments | $— | $464 | $— |

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The fair value of the Company's derivative instruments was estimated by utilizing a spot rate as of the measurement date provided by an independent third party.

The estimated fair values of the Company's other financial assets and liabilities as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| <br>**June 30, 2025** | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** |
| **LIABILITIES** |  |  |  |  |
| Long-term debt, including current portion | 340980 |  | 351821 |  |
| **December 31, 2024** |  |  |  |  |
| **LIABILITIES** |  |  |  |  |
| Long-term debt, including current portion | 344839 |  | 345662 |  |

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The carrying value of cash, cash equivalents, restricted cash and trade receivables approximates fair value. The fair value of the Company's long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates

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presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

***Property and equipment***. During the six months ended June 30, 2025, the Company recognized no impairment charges. During the year ended December 31, 2024, the Company recognized impairment charges totaling $3.7 million for other equipment designated for a construction project that was indefinitely deferred and will no longer be completed.

**9.** **STOCKHOLDERS' EQUITY**

On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the "Carlyle Investors"), 1,355,761 shares of Common Stock, at $4.90 per share, and warrants to purchase 1,280,195 shares of Common Stock at an exercise price of $0.01 per share, at $4.89 per warrant, representing approximately 9.1% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the "Securities Repurchase"). The aggregate purchase price was approximately $12.9 million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.

**10.** **COMMITMENTS AND CONTINGENCIES**

As of June 30, 2025, the Company had unfunded capital commitments of $65.1 million consisting of $59.3 million in respect of the construction of two PSVs, $2.2 million in respect of four hybrid battery power systems and $3.6 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $13.1 million is payable during the remainder of 2025, $33.4 million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility as previously described in the 2024 Annual Report, $18.0 million of the proceeds from the sale of two anchor handling towing supply vessels ("AHTS") was designated to make payments on the construction of the two PSVs. In addition, during the second quarter of 2025, $3.8 million of the proceeds from the sale of one FSV and $10.9 million of the proceeds from the sale of two PSVs were also designated to make payments on the construction of the two PSVs. As of June 30, 2025, $16.5 million remained in a restricted account as a result of these transactions. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. $8.2 million of this tranche was drawn as of June 30, 2025.

In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda., an indirect wholly-owned subsidiary of SEACOR Marine ("Seabulk Offshore do Brasil"), with respect to certain profit participation contributions (also known as "PIS") and social security financing contributions (also known as "COFINS") requirements alleged to be due from Seabulk Offshore do Brasil ("Deficiency Notice") in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a 70%/30% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. A local Brazilian law has been enacted that supports the Company's position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$26.7 million based on a historical potential levy of R$12.87 million (USD $4.9 million and USD $2.4 million, respectively, based on the exchange rate as of June 30, 2025).

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In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company's potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company's estimates of that exposure could occur, but the Company does not expect that such changes in estimated costs would have a material effect on the Company's consolidated financial position, results of operations or cash flows.

Certain of the Company's subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund ("MNOPF") and the U.K. Merchant Navy Ratings Pension Fund ("MNRPF"). The Company's participation in the MNOPF began with the acquisition of the Stirling group of companies (the "Stirling Group") in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company's participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of June 30, 2025, all invoices received related to MNOPF and MNRPF have been settled in full.

**11.** **STOCK BASED COMPENSATION**

Transactions in connection with the Company's Equity Incentive Plans during the six months ended June 30, 2025 were as follows:

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| | |
|:---|:---|
| **Restricted Stock Activity:** |  |
| Outstanding as of December 31, 2024 <sup>(1)</sup> | 1392226 |
| Granted | 770803 |
| Vested <sup>(2)</sup> | (813656) |
| Forfeited |  |
| Outstanding as of June 30, 2025 <sup>(3)</sup> | 1349373 |
| **Stock Option Activity:** |  |
| Outstanding as of December 31, 2024 | 1013865 |
| Granted |  |
| Exercised |  |
| Forfeited | (5000) |
| Outstanding as of June 30, 2025 | 1008865 |

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<sup>(1)</sup> Includes 215,853 grants of performance-based restricted stock units that satisfied the performance obligation and are therefore likely to vest and excludes 326,597 grants of performance-based restricted stock units that are not considered outstanding until such time that they become probable to vest.

<sup>(2)</sup> Includes 184,930 vested grants of performance-based restricted stock units.

<sup>(3)</sup> Includes 30,923 grants of performance-based restricted stock units that satisfied the performance obligation and are therefore likely to vest and excludes 590,657 grants of performance-based restricted stock units that are not considered outstanding until such time that they become probable to vest.

For the six months ended June 30, 2025, the Company acquired for treasury (i) 218,885 shares of Common Stock from its directors and employees to cover their tax withholding obligations upon the vesting of restricted share awards for an aggregate purchase price of $1.2 million, and (ii) 74,189 shares of Common Stock from its employees to cover their tax withholding obligations upon the vesting of performance-based restricted stock units for an aggregate purchase price of $0.4 million. These shares were purchased in accordance with the terms of the Company's 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.

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**12.** **SEGMENT INFORMATION**

The Company's segment presentation and basis of measurement of segment profit or loss are as previously described in the 2024 Annual Report. The following tables summarize the operating results, capital expenditures and assets of the Company's reportable segments for the periods indicated (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Three Months Ended June 30, 2025** |  |  |  |  |  |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $12205 | $24535 | $12365 | $8568 | $57673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 838 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1175 | 806 | 432 | (114) | 2299 |
|  | 13380 | 25341 | 12797 | 9292 | 60810 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 6854 | 5515 | 4511 | 2089 | 18969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 1950 | 4646 | 6338 | 714 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 3684 | 901 | 13 | 545 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1067 | 899 | 842 | 174 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1010 | 1714 | 1279 | 293 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 631 | 2357 | 1104 | 363 | 4455 |
|  | 15196 | 16032 | 14087 | 4178 | 49493 |
| **Direct Vessel (Loss) Profit** | $(1816) | $9309 | $(1290) | $5114 | 11317 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $139 | $51 | $72 | $63 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 11998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3203 | 4263 | 3227 | 1397 | 12090 |
|  |  |  |  |  | 24413 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 19163 |
| Operating income |  |  |  |  | $6067 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |  |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $18970 | $45370 | $28075 | $17191 | $109606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 1546 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1410 | 1658 | 724 | 1365 | 5157 |
|  | 20380 | 47028 | 28799 | 20102 | 116309 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 13340 | 10698 | 9438 | 4030 | 37506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 3429 | 8108 | 8843 | 1788 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 4750 | 2142 | 1044 | 1076 | 9012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1769 | 1493 | 1544 | 329 | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1829 | 3894 | 2162 | 957 | 8842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 980 | 5084 | 1985 | 709 | 8758 |
|  | 26097 | 31419 | 25016 | 8889 | 91421 |
| **Direct Vessel (Loss) Profit** | $(5717) | $15609 | $3783 | $11213 | 24888 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $275 | $114 | $155 | $118 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 23484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6908 | 8665 | 6457 | 2870 | 24900 |
|  |  |  |  |  | 49046 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 24972 |
| Operating income |  |  |  |  | $814 |
| **As of June 30, 2025** |  |  |  |  |  |
| Property and Equipment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical Cost | $215413 | $315018 | $252011 | $104966 | $887408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Depreciation | (110640) | (122999) | (109171) | (34455) | (377265) |
|  | $104773 | $192019 | $142840 | $70511 | $510143 |
| Total Assets <sup>(1)</sup> | $123923 | $229966 | $191228 | $85490 | $630607 |

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<sup>(1)</sup> Total Assets by region does not include corporate assets of $49.4 million as of June 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Three Months Ended June 30, 2024** |  |  |  |  |  |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $7697 | $27047 | $18073 | $12832 | $65649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 364 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 480 | 1028 | 619 | 1727 | 3854 |
|  | 8177 | 28075 | 18692 | 14923 | 69867 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 6284 | 4969 | 6930 | 3383 | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 1879 | 3161 | 3443 | 1761 | 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 2570 | 1226 | 707 | 1707 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 943 | 819 | 798 | 539 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 866 | 1170 | 1103 | 827 | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 226 | 2801 | 989 | 419 | 4435 |
|  | 12768 | 14146 | 13970 | 8636 | 49520 |
| **Direct Vessel (Loss) Profit** | $(4591) | $13929 | $4722 | $6287 | 20347 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $141 | $172 | $71 | $102 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 10889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3194 | 4565 | 3247 | 1933 | 12939 |
|  |  |  |  |  | 24314 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 37 |
| Operating loss |  |  |  |  | $(3930) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |  |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $14654 | $47602 | $34550 | $28106 | $124912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 728 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1506 | 1197 | 969 | 3325 | 6997 |
|  | 16160 | 48799 | 35519 | 32159 | 132637 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 12065 | 10150 | 12893 | 8128 | 43236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 3283 | 6370 | 6155 | 4199 | 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 4538 | 3258 | 2190 | 2930 | 12916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1339 | 1153 | 1416 | 929 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1533 | 2457 | 2301 | 2198 | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 55 | 5000 | 1989 | 1090 | 8134 |
|  | 22813 | 28388 | 26944 | 19474 | 97619 |
| **Direct Vessel (Loss) Profit** | $(6653) | $20411 | $8575 | $12685 | 35018 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $279 | $350 | $156 | $182 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5944 | 8480 | 6743 | 4654 | 25821 |
|  |  |  |  |  | 49594 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 36 |
| Operating loss |  |  |  |  | $(14540) |
| **As of June 30, 2024** |  |  |  |  |  |
| Property and Equipment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical Cost | $198810 | $335688 | $247605 | $139340 | $921443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Depreciation | (100019) | (116851) | (93382) | (39547) | (349799) |
|  | $98791 | $218837 | $154223 | $99793 | $571644 |
| Total Assets <sup>(1)</sup> | $123505 | $259228 | $178859 | $119142 | $680734 |

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<sup>(1)</sup> Total Assets by region does not include corporate assets of $40.8 million as of June 30, 2024.

The Company's investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of June 30, 2025, and 2024, the Company's investments, at equity and advances to 50% or less owned companies were $2.3 million and $2.6 million, respectively. Equity in earnings (losses) of 50% or less owned companies for the six months ended June 30, 2025 and 2024 were $1.1 million and ($0.1) million, respectively.

**13.** **SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements other than described below.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA"), which includes a broad range of tax reform provisions, was signed into law in the United States. The Company is currently evaluating the potential impact of this legislation on the Company's financial position and results of operations; however, due to the complexity and nature of this legislation and the uncertainties involved, the Company is unable to reasonably estimate the financial effect at this time.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*This Form 10-Q includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters and 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 discussed in the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's 2024 Annual Report on Form 10-K and this Quarterly Report on Form 10-Q. However, it should be understood that it is not possible to identify or predict all such risks, uncertainties and factors, and others may arise from time to time. All of these forward-looking statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. The words "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify 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. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the United States Securities and Exchange Commission.*

*The following Management's Discussion and Analysis (the "MD&A") is intended to help the reader understand the Company's financial condition and results of operations. The MD&A is provided as a supplement to and should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q, as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the 2024 Annual Report.*

**Overview**

The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of June 30, 2025, the Company operated a diverse fleet of 49 support vessels, of which 47 were owned and two were managed on behalf of unaffiliated third parties. The primary users of the Company's services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.

The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support and (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company's vessels provide emergency response services and accommodations for technicians and specialists.

The Company operates its fleet in four principal geographic regions: the United States ("U.S."), primarily Gulf of America; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Mexico and Guyana. The Company's vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company's vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.

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***Significant items affecting our results of operations***

The number and type of vessels operated, their rates per day worked and their utilization levels are the key determinants of the Company's operating results and cash flows. Unless a vessel is cold-stacked, there is little reduction in daily running costs for the vessels and, consequently, operating margins are most sensitive to changes in rates per day worked and utilization. The Company manages its fleet utilizing a global network of shore side support, administrative and finance personnel.

Offshore oil and natural gas market conditions are highly volatile. Oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the six months ended June 30, 2025, WTI oil prices reached a high of $81 per barrel and a low of $57 per barrel, ending the period at $65 per barrel.

While the Company has experienced difficult market conditions over the past few years due to low and volatile oil and natural gas prices and the focus of oil and natural gas producing companies on cost and capital spending budget reductions, the increases since the lows experienced during the COVID-19 pandemic in oil and natural gas prices has led to an increase in utilization, day rates and customer inquiries about potential new charters.

The Company closely monitors the availability of vessels in the offshore support vessel market as the utilization and day rates of the Company's fleet is dependent on the supply and demand dynamics for its vessels. For example, low oil and natural gas prices and a corresponding decline in offshore exploration may reduce demand for the Company's vessels and in the past such declines have forced many operators in the industry to restructure, liquidate assets or consolidate with other operators. Additionally, the delivery of newly built offshore support vessels to the industry-wide fleet has in the past contributed to an oversupply of vessels in the market, thereby further decreasing the demand for the Company's existing offshore support vessel fleet. A combination of low customer exploration and drilling activity levels, and excess supply of offshore support vessels whether from laid up fleets or newly built vessels could, in isolation or together, have a material adverse effect on the Company's business, financial position, results of operations, cash flows and growth prospects. Alternatively, increasing activity levels and a stable supply of offshore support vessels could support higher utilization and day rates and improved financial performance of the Company's business.

Certain macro drivers somewhat independent of oil and natural gas prices may support the Company's business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world's energy mix, especially as certain governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for electricity from natural gas. Some alternative forms of energy such as offshore wind farms support some of the Company's operations and the Company expects such support to increase as development of these forms of renewable energy expands.

The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain

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cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels' return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel's physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of June 30, 2025, three of the Company's 47 owned vessels were cold-stacked worldwide.

**Recent Developments**

***Securities Repurchase***

On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the "Carlyle Investors"), 1,355,761 shares of Common Stock, at $4.90 per share, and warrants to purchase 1,280,195 shares of Common Stock at an exercise price of $0.01 per share, at $4.89 per warrant, representing approximately 9.1% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the "Securities Repurchase"). The aggregate purchase price was approximately $12.9 million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.

***Vessel Sales***

On April 24, 2025, the Company completed the sale of one FSV built in 2009 for total proceeds of $4.6 million and a gain of approximately $3.0 million. Of these sale proceeds, approximately $3.8 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.

On April 7, 2025, the Company completed the sale of two 201 foot, DP-2 PSVs built in 2014 for total proceeds of $28.8 million and a gain of $16.1 million. Of these sale proceeds, approximately $12.9 million was used to complete the Securities Repurchase described above, and approximately $10.9 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.

On December 10, 2024, the Company completed the sale of two AHTS for total proceeds of $22.5 million and a gain of $15.6 million. This sale marked the Company's exit from the AHTS asset class and a portion of the proceeds were used to partially fund the contract price for the newbuild PSVs described below. As of June 30, 2025, the Company managed one sold AHTS on behalf of the new owners. On April 12, 2025, the Company handed over the management of one of the two sold AHTS to the new owners. On July 2, 2025, the Company handed over the management of the second of the two sold AHTS to the new owners.

***Debt Refinancing, Maturity Extension and Newbuild Orders***

On November 27, 2024, SEACOR Marine, as parent guarantor, SEACOR Marine Foreign Holdings Inc. ("SMFH"), as borrower, and certain other wholly-owned subsidiaries of SEACOR Marine, as subsidiary guarantors, entered into a credit agreement providing for a senior secured term loan of up to $391.0 million (the "2024 SMFH Credit Facility" and such agreement, the "2024 SMFH Credit Agreement") with an affiliate of EnTrust Global, as lender, Kroll Agency Services Limited, as facility agent, and Kroll Trustee Services Limited, as security trustee.

The 2024 SMFH Credit Facility is divided into two tranches, Tranche A consists of up to $350.0 million and Tranche B consists of up to $41.0 million. Tranche A has been fully drawn with the proceeds used to, among

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other things, refinance $328.7 million of principal indebtedness under multiple debt facilities, including $203.7 million of secured indebtedness and $125.0 million of unsecured indebtedness due in 2026, inclusive of $35.0 million of convertible debt. $32.8 million of Tranche B remained undrawn as of June 30, 2025 with the proceeds available solely to finance up to 50% of the payments to Fujian Mawei Shipbuilding Ltd. with respect to the shipbuilding contracts for the construction of two PSVs with a contract price of $41.0 million per vessel. The remainder of the purchase price of the vessels will be paid through asset sale proceeds and cash on hand. The PSVs are each 4,650 tons deadweight with a 1,000 square meter deck area and equipped with medium speed diesel engines and an integrated battery energy storage system for higher fuel efficiency and lower running costs. The PSVs are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, respectively. The 2024 SMFH Credit Facility matures in December 2029.

***At the Market Program***

On February 7, 2025, SEACOR Marine entered into an at-the-market offering program ("ATM Program") pursuant to a sales agreement (the "Sales Agreement") with B. Riley Securities, Inc. (the "Sales Agent"), relating to the issuance and sale from time to time by SEACOR Marine, as principal or through the Sales Agent, of shares of Common Stock having an aggregate gross sales price of up to $25.0 million (the "ATM Shares"). The sale of the ATM Shares if any, under the Sales Agreement may be made in ordinary brokers' transactions, to or through a market maker, on or through the NYSE, the existing trading market for the Common Stock, or any other market venue where the Common Stock may be traded, in the over-the-counter market, in privately negotiated transactions, or through a combination of any such methods of sale. The Sales Agent may also sell the ATM Shares by any other method permitted by law. Upon the execution and effectiveness of the Sales Agreement, the at-the-market offering program entered into with the Sales Agent in November of 2023 was terminated. No sales have been made under the Sales Agreement since it was entered into.

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**Consolidated Results of Operations**

The sections below provide an analysis of the Company's results of operations for the three and six months ("Current Year Quarter" and "Current Year Six Months") ended June 30, 2025 compared with the three and six months ("Prior Year Quarter" and "Prior Year Six Months") ended June 30, 2024. Except as otherwise noted, there have been no material changes since the end of the Company's fiscal year ended December 31, 2024, in the Company's results of operations. For the periods indicated, the Company's consolidated results of operations were as follows (in thousands, except statistics):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Time Charter Statistics: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $19731 |  | $19141 |  | $19291 |  | $19094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 68% |  | 69% |  | 64% |  | 65% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 4310 |  | 4994 |  | 8893 |  | 9999 |  |
| Operating Revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $57673 | 95% | $65649 | 94% | $109606 | 94% | $124912 | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter | 838 | 1% | 364 | 1% | 1546 | 1% | 728 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 2299 | 4% | 3854 | 5% | 5157 | 5% | 6997 | 5% |
|  | 60810 | 100% | 69867 | 100% | 116309 | 100% | 132637 | 100% |
| Costs and Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 18969 | 31% | 21566 | 31% | 37506 | 32% | 43236 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 13648 | 22% | 10244 | 15% | 22168 | 19% | 20007 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 5143 | 9% | 6210 | 9% | 9012 | 8% | 12916 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 2982 | 5% | 3099 | 4% | 5135 | 4% | 4837 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 4296 | 7% | 3966 | 6% | 8842 | 8% | 8489 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 4455 | 7% | 4435 | 6% | 8758 | 8% | 8134 | 6% |
|  | 49493 | 81% | 49520 | 71% | 91421 | 79% | 97619 | 74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense - operating | 325 | 1% | 486 | 1% | 662 | 1% | 967 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general | 11998 | 20% | 10889 | 16% | 23484 | 20% | 22806 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12090 | 20% | 12939 | 19% | 24900 | 21% | 25821 | 19% |
|  | 73906 | 122% | 73834 | 106% | 140467 | 121% | 147213 | 111% |
| Gains on Asset Dispositions and Impairments, Net | 19163 | 32% | 37 | 0% | 24972 | 21% | 36 | 0% |
| Operating Income (Loss) | 6067 | 10% | (3930) | (6)% | 814 | 1% | (14540) | (11)% |
| Other Expense, Net | (10504) | (17)% | (10201) | (15)% | (20725) | (18)% | (20635) | (16)% |
| Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | (4437) | (7)% | (14131) | (20)% | (19911) | (17)% | (35175) | (27)% |
| Income Tax Expense (Benefit) | 2508 | 4% | (682) | (1)% | 3412 | 3% | 243 | 0% |
| Loss Before Equity in Earnings of 50% or Less Owned Companies | (6945) | (11)% | (13449) | (19)% | (23323) | (20)% | (35418) | (27)% |
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 218 | 0% | 966 | 1% | 1107 | 1% | (134) | (0)% |
| Net Loss | $(6727) | (11)% | $(12483) | (18)% | $(22216) | (19)% | $(35552) | (27)% |

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***Direct Vessel Profit.*** Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, "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 leased-in vessels). See "Note 11. Segment Information" in the unaudited consolidated financial statements included in Part I. Item 1. "Financial Statements" elsewhere in this Quarterly Report on Form 10-Q.

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The following tables summarize the operating results and property and equipment for the Company's reportable segments for the periods indicated (in thousands, except statistics):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Three Months Ended June 30, 2025** |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $25262 | $19140 | $15506 | $23764 | $19731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 48% | 77% | 73% | 66% | 68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 1007 | 1668 | 1089 | 546 | 4310 |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $12205 | $24535 | $12365 | $8568 | $57673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 838 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1175 | 806 | 432 | (114) | 2299 |
|  | 13380 | 25341 | 12797 | 9292 | 60810 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 6854 | 5515 | 4511 | 2089 | 18969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 1950 | 4646 | 6338 | 714 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 3684 | 901 | 13 | 545 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1067 | 899 | 842 | 174 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1010 | 1714 | 1279 | 293 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 631 | 2357 | 1104 | 363 | 4455 |
|  | 15196 | 16032 | 14087 | 4178 | 49493 |
| **Direct Vessel (Loss) Profit** | $(1816) | $9309 | $(1290) | $5114 | 11317 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $139 | $51 | $72 | $63 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 11998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3203 | 4263 | 3227 | 1397 | 12090 |
|  |  |  |  |  | 24413 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 19163 |
| Operating income |  |  |  |  | $6067 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $24749 | $18246 | $16735 | $22891 | $19291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 36% | 74% | 74% | 67% | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 2128 | 3378 | 2259 | 1128 | 8893 |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $18970 | $45370 | $28075 | $17191 | $109606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 1546 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1410 | 1658 | 724 | 1365 | 5157 |
|  | 20380 | 47028 | 28799 | 20102 | 116309 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 13340 | 10698 | 9438 | 4030 | 37506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 3429 | 8108 | 8843 | 1788 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 4750 | 2142 | 1044 | 1076 | 9012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1769 | 1493 | 1544 | 329 | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1829 | 3894 | 2162 | 957 | 8842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 980 | 5084 | 1985 | 709 | 8758 |
|  | 26097 | 31419 | 25016 | 8889 | 91421 |
| **Direct Vessel (Loss) Profit** | $(5717) | $15609 | $3783 | $11213 | 24888 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $275 | $114 | $155 | $118 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 23484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6908 | 8665 | 6457 | 2870 | 24900 |
|  |  |  |  |  | 49046 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 24972 |
| Operating income |  |  |  |  | $814 |
| **As of June 30, 2025** |  |  |  |  |  |
| Property and Equipment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical cost | $215413 | $315018 | $252011 | $104966 | $887408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (110640) | (122999) | (109171) | (34455) | (377265) |
|  | $104773 | $192019 | $142840 | $70511 | $510143 |
| Total Assets <sup>(1)</sup> | $123923 | $229966 | $191228 | $85490 | $630607 |

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------

<sup>(1)</sup> Total Assets by region does not include corporate assets of $49.4 million as of June 30, 2025.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Three Months Ended June 30, 2024** |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $22356 | $18580 | $17083 | $22437 | $19141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 37% | 74% | 82% | 71% | 69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 921 | 1969 | 1296 | 808 | 4994 |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $7697 | $27047 | $18073 | $12832 | $65649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 364 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 480 | 1028 | 619 | 1727 | 3854 |
|  | 8177 | 28075 | 18692 | 14923 | 69867 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 6284 | 4969 | 6930 | 3383 | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 1879 | 3161 | 3443 | 1761 | 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 2570 | 1226 | 707 | 1707 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 943 | 819 | 798 | 539 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 866 | 1170 | 1103 | 827 | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 226 | 2801 | 989 | 419 | 4435 |
|  | 12768 | 14146 | 13970 | 8636 | 49520 |
| **Direct Vessel (Loss) Profit** | $(4591) | $13929 | $4722 | $6287 | $20347 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $141 | $172 | $71 | $102 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 10889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3194 | 4565 | 3247 | 1933 | 12939 |
|  |  |  |  |  | 24314 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 37 |
| Operating loss |  |  |  |  | $(3930) |

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United<br>States<br>(primarily<br>Gulf of<br>America)** | **Africa<br>and Europe** | **Middle<br>East<br>and Asia** | **Latin<br>America** | **Total** |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $24779 | $16951 | $17012 | $25287 | $19094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 32% | 75% | 76% | 64% | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 1848 | 3744 | 2661 | 1746 | 9999 |
| Operating Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $14654 | $47602 | $34550 | $28106 | $124912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  |  | 728 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1506 | 1197 | 969 | 3325 | 6997 |
|  | 16160 | 48799 | 35519 | 32159 | 132637 |
| Direct Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 12065 | 10150 | 12893 | 8128 | 43236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 3283 | 6370 | 6155 | 4199 | 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 4538 | 3258 | 2190 | 2930 | 12916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1339 | 1153 | 1416 | 929 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1533 | 2457 | 2301 | 2198 | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 55 | 5000 | 1989 | 1090 | 8134 |
|  | 22813 | 28388 | 26944 | 19474 | 97619 |
| **Direct Vessel (Loss) Profit** | $(6653) | $20411 | $8575 | $12685 | $35018 |
| Other Costs and Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $279 | $350 | $156 | $182 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  | 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5944 | 8480 | 6743 | 4654 | 25821 |
|  |  |  |  |  | 49594 |
| Gains on asset dispositions and impairments, net |  |  |  |  | 36 |
| Operating loss |  |  |  |  | $(14540) |
| **As of June 30, 2024** |  |  |  |  |  |
| Property and Equipment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical cost | $198810 | $335688 | $247605 | $139340 | $921443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (100019) | (116851) | (93382) | (39547) | (349799) |
|  | $98791 | $218837 | $154223 | $99793 | $571644 |
| Total Assets <sup>(1)</sup> | $123505 | $259228 | $178859 | $119142 | $680734 |

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------

<sup>(1)</sup> Total Assets by region does not include corporate assets of $40.8 million as of June 30, 2024.

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For additional information, the following tables summarize the worldwide operating results and property and equipment for each of the Company's vessel classes for the periods indicated (in thousands, except statistics):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AHTS** <sup>(1)</sup> | **FSV** <sup>(2)</sup> | **PSV** <sup>(3)</sup> | **Liftboats** | **Other<br>activity** | **Total** |
| **For the Three Months Ended June 30, 2025** |  |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $— | $13468 | $22231 | $31904 | $— | $19731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | —% | 67% | 68% | 67% | —% | 68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days |  | 1935 | 1738 | 637 |  | 4310 |
| Operating Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $(22) | $17573 | $26440 | $13682 | $— | $57673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  | 838 |  |  | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | (9) | 516 | 433 | 1168 | 191 | 2299 |
|  | (31) | 18089 | 27711 | 14850 | 191 | 60810 |
| Direct Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 9 | 4526 | 8567 | 5673 | 194 | 18969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 255 | 3542 | 3799 | 6022 | 30 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking |  | 666 | 1993 | 2484 |  | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | (4) | 683 | 906 | 1376 | 21 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | (125) | 1449 | 1858 | 1114 |  | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (4) | 1428 | 2199 | 803 | 29 | 4455 |
|  | 131 | 12294 | 19322 | 17472 | 274 | 49493 |
| Other Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $— | $— | $— | $— | $325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  |  | 11998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3 | 4703 | 3943 | 3424 | 17 | 12090 |
|  |  |  |  |  |  | 24413 |
| Gains on asset dispositions and impairments, net |  |  |  |  |  | 19163 |
| Operating income |  |  |  |  |  | $6067 |

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------

<sup>(1)</sup> Anchor handling towing supply vessel ("AHTS").

<sup>(2)</sup> Fast support vessel ("FSV").

<sup>(3)</sup> Platform support vessel ("PSV").

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AHTS** <sup>(1)</sup> | **FSV** <sup>(2)</sup> | **PSV** <sup>(3)</sup> | **Liftboats** | **Other<br>activity** | **Total** |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $— | $13633 | $20919 | $35118 | $— | $19291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | —% | 69% | 62% | 55% | —% | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days |  | 3915 | 3628 | 1350 |  | 8893 |
| Operating Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $(7) | $36930 | $46726 | $25957 | $— | $109606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  | 1546 |  |  | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services |  | 1278 | 941 | 2457 | 481 | 5157 |
|  | (7) | 38208 | 49213 | 28414 | 481 | 116309 |
| Direct Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 10 | 9459 | 16918 | 10920 | 199 | 37506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 293 | 6525 | 7748 | 7593 | 9 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking |  | 1019 | 4506 | 3487 |  | 9012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | (4) | 1200 | 1537 | 2617 | (215) | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | (59) | 2622 | 4452 | 1826 | 1 | 8842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 8 | 3210 | 4217 | 1285 | 38 | 8758 |
|  | 248 | 24035 | 39378 | 27728 | 32 | 91421 |
| Other Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $— | $— | $— | $— | $662 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  |  | 23484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 7 | 9635 | 8076 | 7143 | 39 | 24900 |
|  |  |  |  |  |  | 49046 |
| Gains on asset dispositions and impairments, net |  |  |  |  |  | 24972 |
| Operating income |  |  |  |  |  | $814 |
| **As of June 30, 2025** |  |  |  |  |  |  |
| Property and Equipment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical cost | $948 | $341426 | $296183 | $229920 | $18931 | $887408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (833) | (168742) | (74359) | (114641) | (18690) | (377265) |
|  | $115 | $172684 | $221824 | $115279 | $241 | $510143 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AHTS** | **FSV** | **PSV** | **Liftboats** | **Other<br>activity** | **Total** |
| **For the Three Months Ended June 30, 2024** |  |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $8125 | $12978 | $20952 | $43204 | $— | $19141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 49% | 80% | 66% | 54% | —% | 69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 364 | 2002 | 1900 | 728 |  | 4994 |
| Operating Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $1459 | $20698 | $26390 | $17102 | $— | $65649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  | 364 |  |  | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 219 | 516 | 2266 | 666 | 187 | 3854 |
|  | 1678 | 21214 | 29020 | 17768 | 187 | 69867 |
| Direct Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 1045 | 5829 | 8979 | 6842 | (1129) | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 465 | 4572 | 3151 | 2054 | 2 | 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 280 | 457 | 2616 | 2857 |  | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 97 | 546 | 1037 | 1482 | (63) | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 69 | 993 | 1575 | 1329 |  | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 230 | 1850 | 1850 | 519 | (14) | 4435 |
|  | 2186 | 14247 | 19208 | 15083 | (1204) | 49520 |
| Other Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $164 | $— | $3 | $— | $319 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  |  | 10889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 175 | 4746 | 4128 | 3865 | 25 | 12939 |
|  |  |  |  |  |  | 24314 |
| Gains on asset dispositions and impairments, net |  |  |  |  |  | 37 |
| Operating loss |  |  |  |  |  | $(3930) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AHTS** | **FSV** | **PSV** | **Liftboats** | **Other<br>activity** | **Total** |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |  |  |
| Time Charter Statistics: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Rates Per Day | $8374 | $12434 | $20141 | $48266 | $— | $19094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Utilization | 62% | 76% | 60% | 54% | —% | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fleet Available Days | 728 | 4004 | 3811 | 1456 |  | 9999 |
| Operating Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $3790 | $37779 | $45780 | $37563 | $— | $124912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter |  |  | 728 |  |  | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 219 | 642 | 2682 | 2438 | 1016 | 6997 |
|  | 4009 | 38421 | 49190 | 40001 | 1016 | 132637 |
| Direct Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel | 2109 | 11478 | 17829 | 12982 | (1162) | 43236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 685 | 7665 | 7544 | 4089 | 24 | 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 348 | 2326 | 6002 | 4240 |  | 12916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 140 | 823 | 1432 | 2764 | (322) | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 685 | 2044 | 3464 | 2296 |  | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 517 | 3499 | 3245 | 862 | 11 | 8134 |
|  | 4484 | 27835 | 39516 | 27233 | (1449) | 97619 |
| Other Costs and Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | $335 | $— | $3 | $— | $629 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general |  |  |  |  |  | 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 350 | 9490 | 8201 | 7731 | 49 | 25821 |
|  |  |  |  |  |  | 49594 |
| Gains on asset dispositions and impairments, net |  |  |  |  |  | 36 |
| Operating loss |  |  |  |  |  | $(14540) |
| **As of June 30, 2024** |  |  |  |  |  |  |
| Property and Equipment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Historical cost | $12669 | $341536 | $303673 | $244462 | $19103 | $921443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (5485) | (151788) | (61363) | (112357) | (18806) | (349799) |
|  | $7184 | $189748 | $242310 | $132105 | $297 | $571644 |

---

***Fleet Counts.*** The Company's fleet count as of June 30, 2025 and December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Owned** | **Managed** | **Total** |
| **June 30, 2025** |  |  |  |
| AHTS |  | 1 | 1 |
| FSV | 21 | 1 | 22 |
| PSV | 19 |  | 19 |
| Liftboats | 7 |  | 7 |
|  | 47 | 2 | 49 |
| **December 31, 2024** |  |  |  |
| AHTS |  | 2 | 2 |
| FSV | 22 | 1 | 23 |
| PSV | 21 |  | 21 |
| Liftboats | 8 |  | 8 |
|  | 51 | 3 | 54 |

---

------

**Operating Income (Loss)**

***United States, primarily Gulf of America.*** For the three and six months ended June 30, 2025 and 2024 the Company's time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Time Charter Statistics: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rates Per Day Worked: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | $— |  | $10345 |  | $10782 |  | $10021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 14300 |  | 14405 |  | 14270 |  | 14191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats | 30230 |  | 37544 |  | 32090 |  | 40623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 25262 |  | 22356 |  | 24749 |  | 24779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilization: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV |  | —% |  | 39% |  | 11% |  | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV |  | 54% |  | 56% |  | 38% |  | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats |  | 73% |  | 29% |  | 48% |  | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall |  | 48% |  | 37% |  | 36% |  | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Available Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | 273 |  | 273 |  | 543 |  | 546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 279 |  | 182 |  | 629 |  | 364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats | 455 |  | 466 |  | 956 |  | 938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 1007 |  | 921 |  | 2128 |  | 1848 |  |
| Operating revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $12205 | 91% | $7697 | 94% | $18970 | 93% | $14654 | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 1175 | 9% | 480 | 6% | 1410 | 7% | 1506 | 9% |
|  | 13380 | 100% | 8177 | 100% | 20380 | 100% | 16160 | 100% |
| Direct operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 6854 | 51% | 6284 | 77% | 13340 | 65% | 12065 | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 1950 | 15% | 1879 | 23% | 3429 | 17% | 3283 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 3684 | 27% | 2570 | 31% | 4750 | 23% | 4538 | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 1067 | 8% | 943 | 11% | 1769 | 9% | 1339 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1010 | 8% | 866 | 11% | 1829 | 9% | 1533 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 631 | 5% | 226 | 3% | 980 | 5% | 55 | 0% |
|  | 15196 | 114% | 12768 | 156% | 26097 | 128% | 22813 | 141% |
| Direct Vessel Loss | $(1816) | (14)% | $(4591) | (56)% | $(5717) | (28)% | $(6653) | (41)% |

---

**<u>Current Year Quarter compared with Prior Year Quarter</u>**

*Operating Revenues*. Charter revenues were $4.5 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $5.7 million higher due to the repositioning of four vessels into the region subsequent to the Prior Year Quarter and $0.5 million lower due to the disposition of two vessels subsequent to the Prior Year Quarter. Charter revenues were $0.7 million lower for the vessels included in the results of this region in both comparative periods (as applicable to each region, the "Regional Core Fleet"), which consists of seven vessels, due to lower average day rates of $22,658 in the Current Year Quarter compared to $23,380 in the Prior Year Quarter and lower utilization of 45% in the Current Year Quarter compared to 48% in the Prior Year Quarter. Other marine services were $0.7 million higher primarily due to higher catering revenues. As of June 30, 2025, the Company had three of 11 owned vessels (three FSVs) cold-stacked in this region compared with one of ten vessels (one liftboat) as of June 30, 2024.

*Direct Operating Expenses*. Direct operating expenses were $2.4 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.9 million higher due to the repositioning of vessels between geographic regions offset by $1.5 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and $1.0 million lower due to net asset dispositions.

------

**<u>Current Year Six Months compared with Prior Year Six Months</u>**

*Operating Revenues*. Charter revenues were $4.3 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $8.8 million higher due to the repositioning of four vessels into the region subsequent to the Prior Year Six Months. Charter revenues were $3.8 million lower for the Regional Core Fleet, which consists of seven vessels, due to lower average day rates of $20,861 in the Current Year Six Months compared to $25,983 in the Prior Year Six Months, and lower utilization of 38% in the Current Year Six Months compared to 42% in the Prior Year Six Months. Charter revenues were $0.7 million lower due to the disposition of two vessels subsequent to the Prior Year Six Months.

*Direct Operating Expenses*. Direct operating expenses were $3.3 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $8.8 million higher due to the repositioning of vessels between geographic regions offset by $3.1 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $2.4 million lower due to net asset dispositions.

***Africa and Europe.*** For the three and six months ended June 30, 2025 and 2024 the Company's time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Time Charter Statistics: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rates Per Day Worked: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHTS | $— |  | $10350 |  | $— |  | $10062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | 15278 |  | 15416 |  | 15702 |  | 14460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 25473 |  | 25032 |  | 22825 |  | 23612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 19140 |  | 18580 |  | 18246 |  | 16951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilization: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHTS |  | —% |  | 34% |  | —% |  | 50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV |  | 84% |  | 85% |  | 83% |  | 87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV |  | 67% |  | 74% |  | 61% |  | 68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall |  | 77% |  | 74% |  | 74% |  | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Available Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHTS |  |  | 273 |  |  |  | 546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | 940 |  | 979 |  | 1930 |  | 1889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 728 |  | 717 |  | 1448 |  | 1309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 1668 |  | 1969 |  | 3378 |  | 3744 |  |
| Operating revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $24535 | 97% | $27047 | 96% | $45370 | 96% | $47602 | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 806 | 3% | 1028 | 4% | 1658 | 4% | 1197 | 2% |
|  | 25341 | 100% | 28075 | 100% | 47028 | 100% | 48799 | 100% |
| Direct operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 5515 | 22% | 4969 | 18% | 10698 | 23% | 10150 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 4646 | 18% | 3161 | 11% | 8108 | 17% | 6370 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 901 | 4% | 1226 | 4% | 2142 | 5% | 3258 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 899 | 3% | 819 | 3% | 1493 | 3% | 1153 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1714 | 7% | 1170 | 4% | 3894 | 8% | 2457 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2357 | 9% | 2801 | 10% | 5084 | 11% | 5000 | 10% |
|  | 16032 | 63% | 14146 | 50% | 31419 | 67% | 28388 | 58% |
| Direct Vessel Profit | $9309 | 37% | $13929 | 50% | $15609 | 33% | $20411 | 42% |

---

------

**<u>Current Year Quarter compared with Prior Year Quarter</u>**

*Operating Revenues.* Charter revenues were $2.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.0 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.7 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Quarter. Charter revenues were $0.8 million lower for the Regional Core Fleet, which consists of 18 vessels, primarily due to lower average day rates of $19,157 in the Current Year Quarter compared to $19,582 in the Prior Year Quarter and lower utilization of 78% in the Current Year Quarter compared to 81% in the Prior Year Quarter. As of June 30, 2025, the Company had no vessels cold-stacked in this region compared with one of 22 owned and leased-in vessels (one AHTS) as of June 30, 2024.

*Direct Operating Expenses.* Direct operating expenses were $1.9 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.6 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $1.5 million lower due to net asset dispositions and $0.2 million lower due to the repositioning of vessels between geographic regions.

**<u>Current Year Six Months compared with Prior Year Six Months</u>**

*Operating Revenues.* Charter revenues were $2.2 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $2.8 million lower due to the disposition of three vessels subsequent to the Prior Year Six Months. Charter revenues were $1.0 million lower for the Regional Core Fleet, which consists of 17 vessels, primarily due to lower utilization of 74% in the Current Year Six Months compared to 79% in the Prior Year Six Months offset by higher average day rates of $18,409 in the Current Year Six Months compared to $18,284 in the Prior Year Six Months. Charter revenues were $1.6 million higher due to the repositioning of two vessels into the region subsequent to the Prior Year Six Months. Other marine services were $0.5 million higher primarily due to higher mobilization revenues.

*Direct Operating Expenses.* Direct operating expenses were $3.0 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $5.3 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.5 million higher due to the repositioning of vessels between geographic regions and $2.8 million lower due to net asset dispositions.

------

***Middle East and Asia.*** For the three and six months ended June 30, 2025 and 2024 the Company's time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Time Charter Statistics: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rates Per Day Worked: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHTS | $— |  | $5786 |  | $— |  | $5784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | 9201 |  | 8656 |  | 8867 |  | 8159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 16467 |  | 16499 |  | 15790 |  | 15902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats | 37678 |  | 45900 |  | 40232 |  | 45900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 15506 |  | 17083 |  | 16735 |  | 17012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilization: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHTS |  | —% |  | 96% |  | —% |  | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV |  | 72% |  | 85% |  | 69% |  | 74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV |  | 86% |  | 67% |  | 80% |  | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats |  | 53% |  | 100% |  | 76% |  | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall |  | 73% |  | 82% |  | 74% |  | 76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Available Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHTS |  |  | 91 |  |  |  | 182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | 540 |  | 568 |  | 1080 |  | 1205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 367 |  | 455 |  | 817 |  | 910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats | 182 |  | 182 |  | 362 |  | 364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 1089 |  | 1296 |  | 2259 |  | 2661 |  |
| Operating revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $12365 | 97% | $18073 | 97% | $28075 | 97% | $34550 | 97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | 432 | 3% | 619 | 3% | 724 | 3% | 969 | 3% |
|  | 12797 | 100% | 18692 | 100% | 28799 | 100% | 35519 | 100% |
| Direct operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 4511 | 35% | 6930 | 37% | 9438 | 33% | 12893 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 6338 | 49% | 3443 | 19% | 8843 | 31% | 6155 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 13 | 0% | 707 | 4% | 1044 | 4% | 2190 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 842 | 7% | 798 | 4% | 1544 | 5% | 1416 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 1279 | 10% | 1103 | 6% | 2162 | 7% | 2301 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1104 | 9% | 989 | 5% | 1985 | 7% | 1989 | 6% |
|  | 14087 | 110% | 13970 | 75% | 25016 | 87% | 26944 | 76% |
| Direct Vessel (Loss) Profit | $(1290) | -10% | $4722 | 25% | $3783 | 13% | $8575 | 24% |

---

**<u>Current Year Quarter compared with Prior Year Quarter</u>**

*Operating Revenues.* Charter revenues were $5.7 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.5 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower utilization of 79% in the Current Year Quarter compared to 81% in the Prior Year Quarter and lower average day rates of $15,698 in the Current Year Quarter compared to $19,535 in the Prior Year Quarter. Charter revenues were $2.3 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.1 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Quarter. As of June 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.

*Direct Operating Expenses.* Direct operating expenses were $0.1 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.9 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.6 million higher due to the repositioning of vessels between geographic regions and $2.4 million lower due to net asset dispositions.

------

**<u>Current Year Six Months compared with Prior Year Six Months</u>**

*Operating Revenues.* Charter revenues were $6.5 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $3.3 million lower due to the disposition of three vessels subsequent to the Prior Year Six Months and $0.5 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Six Months. Charter revenues were $2.7 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower average day rates of $16,935 in the Current Year Six Months compared to $20,079 in the Prior Year Six Months offset by higher utilization of 79% in the Current Year Six Months compared to 73% in the Prior Year Six Months.

*Direct Operating Expenses.* Direct operating expenses were $1.9 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $3.7 million lower due to net asset dispositions, $0.4 million lower due to the repositioning of vessels between geographic regions and $2.2 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

***Latin America (Brazil, Mexico, Central and South America).*** For the three and six months ended June 30, 2025 and 2024 the Company's time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Time Charter Statistics: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rates Per Day Worked: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | $15188 |  | $14950 |  | $15046 |  | $14950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 28254 |  | 20539 |  | 28228 |  | 20798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats |  |  | 46904 |  |  |  | 67293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 23764 |  | 22437 |  | 22891 |  | 25287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilization: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV |  | 68% |  | 93% |  | 84% |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV |  | 65% |  | 60% |  | 61% |  | 50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats |  | —% |  | 96% |  | —% |  | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall |  | 66% |  | 71% |  | 67% |  | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Available Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSV | 182 |  | 182 |  | 362 |  | 364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSV | 364 |  | 546 |  | 734 |  | 1228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liftboats |  |  | 80 |  | 32 |  | 154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall | 546 |  | 808 |  | 1128 |  | 1746 |  |
| Operating revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time charter | $8568 | 92% | $12832 | 86% | $17191 | 86% | $28106 | 88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bareboat charter | 838 | 9% | 364 | 2% | 1546 | 7% | 728 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other marine services | (114) | -1% | 1727 | 12% | 1365 | 7% | 3325 | 10% |
|  | 9292 | 100% | 14923 | 100% | 20102 | 99% | 32159 | 100% |
| Direct operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 2089 | 22% | 3383 | 23% | 4030 | 20% | 8128 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 714 | 8% | 1761 | 12% | 1788 | 9% | 4199 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drydocking | 545 | 6% | 1707 | 11% | 1076 | 5% | 2930 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and loss reserves | 174 | 2% | 539 | 4% | 329 | 2% | 929 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel, lubes and supplies | 293 | 3% | 827 | 5% | 957 | 5% | 2198 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 363 | 4% | 419 | 3% | 709 | 3% | 1090 | 4% |
|  | 4178 | 45% | 8636 | 58% | 8889 | 44% | 19474 | 61% |
| Direct Vessel Profit | $5114 | 55% | $6287 | 42% | $11213 | 56% | $12685 | 39% |

---

------

**<u>Current Year Quarter compared with Prior Year Quarter</u>**

*Operating Revenues.* Charter revenues were $3.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $6.6 million lower due to the repositioning of three vessels out of the region subsequent to the Prior Year Quarter. Charter revenues were $2.8 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 66% in the Current Year Quarter compared to 60% in the Prior Year Quarter and higher average day rates of $23,764 in the Current Year Quarter compared to $18,820 in the Prior Year Quarter. Other marine services were $1.8 million lower primarily due to lower mobilization and catering revenues. As of June 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.

*Direct Operating Expenses.* Direct operating expenses were $4.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.9 million lower due to the repositioning of vessels between geographic regions and $1.6 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

**<u>Current Year Six Months compared with Prior Year Six Months</u>**

*Operating Revenues.* Charter revenues were $10.1 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $15.4 million lower due to the repositioning of four vessels out of the region subsequent to the Prior Year Six Months. Charter revenues were $5.3 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 68% in the Current Year Six Months compared to 62% in the Prior Year Six Months and higher average day rates of $23,210 in the Current Year Six Months compared to $18,786 in the Prior Year Six Months. Other marine services were $2.0 million lower primarily due to lower mobilization and catering revenues.

*Direct Operating Expenses.* Direct operating expenses were $10.6 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $7.6 million lower due to the repositioning of vessels between geographic regions and $3.0 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

**<u>Other Operating Expenses</u>**

***Lease Expense.*** Leased-in equipment expense for the Current Year Quarter and Current Year Six Months was $0.2 million lower and $0.3 million lower compared to the Prior Year Quarter and Prior Year Six Months due to having no leased-in vessels in the Current Year Quarter and Current Year Six Months compared to one in the Prior Year Quarter and Prior Year Six Months.

***Administrative and general.*** Administrative and general expenses for the Current Year Quarter and Current Year Six Months were $1.1 million higher and $0.7 million higher compared to the Prior Year Quarter and Prior Year Six Months due to increases in professional fees and increases in wages and benefits expenses offset by decreases in allowance for credit losses.

***Depreciation and amortization.*** Depreciation and amortization expense for the Current Year Quarter and Current Year Six Months were $0.8 million lower and $0.9 million lower compared to the Prior Year Quarter and Prior Year Six Months due to net fleet changes.

------

***Gains (Losses) on Asset Dispositions and Impairments, Net.*** During the Current Year Quarter, the Company sold one FSV and two PSVs, previously classified as held for sale, and other equipment not previously classified as such for net cash proceeds of $31.6 million, after transaction costs, and a gain of $19.2 million. During the Prior Year Quarter, the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.

During the Current Year Six Months, the Company sold one FSV and two PSVs, previously classified as held for sale, as well as one liftboat and other equipment not previously classified as such for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million. During the Prior Year Six Months, the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.

**Other Income (Expense), Net**

For the three and six months ended June 30, 2025 and 2024, the Company's other income (expense) was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Other Income (Expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $372 | $445 | $808 | $1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (8844) | (10190) | (18430) | (20499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative gains (losses), net | 87 | 104 | 212 | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency losses, net | (2119) | (560) | (3315) | (640) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net |  |  |  | (95) |
|  | $(10504) | $(10201) | $(20725) | $(20635) |

---

***Interest income.*** Interest income was lower for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months due to reduced cash balances held in interest bearing accounts.

***Interest expense.*** Interest expense was lower in the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months primarily due to a lower interest rate on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum), which was entered into on November 27, 2024 compared to the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023.

***Derivative gains (losses), net.*** Net derivative gains for the Current Year Quarter compared with the Prior Year Quarter was nearly flat. Net derivative gains for the Current Year Six Months compared with net derivative losses for the Prior Year Six Months were due to the weakening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner.

***Foreign currency (losses), net.*** Net foreign currency losses for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months increased primarily due to the weakening of the U.S. dollar in relation to the pound sterling.

**Income Tax Expense**

During the six months ended June 30, 2025, the Company's effective income tax rate of 17.1% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes.

------

**Equity in Earnings of 50% or Less Owned Companies**

Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.7 million lower and earnings for the Current Year Six Months compared with the Prior Year Six Months were $1.2 million higher due to the following changes in equity earnings (losses) (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| SEACOR Marine Arabia | $355 | $1698 | $1064 | $1292 |
| Other | (137) | (732) | 43 | (1426) |
|  | $218 | $966 | $1107 | $(134) |

---

**Liquidity and Capital Resources**

**General**

The Company's ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its debt facilities. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company's ATM Program, which has approximately $25.0 million of remaining sales capacity as of June 30, 2025. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.

As of June 30, 2025 and June 30, 2024, the Company held balances of cash, cash equivalents and restricted cash totaling $51.6 million and $42.9 million, respectively.

As of June 30, 2025, the Company had outstanding debt of $341.0 million, net of debt discount and issue costs. The Company's contractual long-term debt maturities as of June 30, 2025, are as follows (in thousands):

---

| | |
|:---|:---|
|  | **Actual** |
| Remainder 2025 | $15000 |
| 2026 | 30000 |
| 2027 | 30677 |
| 2028 | 30621 |
| 2029 | 239402 |
| Years subsequent to 2029 |  |
|  | $345700 |

---

As of June 30, 2025, the Company had unfunded capital commitments of $65.1 million consisting of $59.3 million in respect of the construction of two PSVs, $2.3 million in respect of four hybrid battery power systems and $3.5 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $13.1 million is payable during 2025, $33.4 million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility, previously described in the 2024 Annual Report, $18.0 million of the proceeds from the sale of two AHTS was designated to make payments on the construction of two PSVs. In addition, during the second quarter of 2025, $3.8 million of the proceeds from the sale of one FSV and $10.9 million of the proceeds from the sale of two PSVs were also designated to make payments on the construction of the two PSVs. As of June 30, 2025, $16.5 million remained in a restricted account as a result of these transactions. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. $8.2 million of this tranche was drawn as of June 30, 2025.

------

**Summary of Cash Flows**

The following is a summary of the Company's cash flows for the six months ended June 30, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Cash flows provided by or (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Activities | $(13543) | $(19416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing Activities | 9056 | (3988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Activities | (20098) | (17868) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents |  | 1 |
| Net Change in Cash, Restricted Cash and Cash Equivalents | $(24585) | $(41271) |

---

**Operating Activities**

Cash flows used in operating activities was $13.5 million in the Current Year Six Months, a decrease of $5.9 million compared to $19.4 million in the Prior Year Six Months due to changes in working capital and a decrease in days worked primarily due to net fleet changes. The components of cash flows provided by and/or used in operating activities during the Current Year Six Months and Prior Year Six Months were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| DVP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States, primarily Gulf of America | $(5717) | $(6653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa and Europe | 15609 | 20411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Middle East and Asia | 3783 | 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | 11213 | 12685 |
| Operating, leased-in equipment | (364) | (1131) |
| Administrative and general (excluding provisions for bad debts and amortization of share awards) | (20967) | (19532) |
| Other, net (excluding non-cash losses) |  | (95) |
| Dividends received from 50% or less owned companies | 3199 | 1418 |
|  | 6756 | 15678 |
| Changes in operating assets and liabilities before interest and income taxes | (2325) | (20124) |
| Cash settlements on derivative transactions, net | (373) | 164 |
| Interest paid, excluding capitalized interest <sup>(1)</sup> | (19504) | (16122) |
| Interest received | 808 | 1038 |
| Income taxes refunded (paid) , net | 1095 | (50) |
| Total cash flows used in operating activities | $(13543) | $(19416) |

---

------

<sup>(1)</sup> During the Current Year Six Months capitalized interest paid and included in the purchase of property and equipment was $0.8 million. During the Prior Year Six Months, the Company paid no capitalized interest.

For a detailed discussion of the Company's financial results for the reported periods, see "Consolidated Results of Operations" included above. Changes in operating assets and liabilities before interest and income taxes are the result of the Company's working capital requirements.

**Investing Activities**

During the Current Year Six Months, net cash provided by investing activities was $9.1 million, primarily as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•capital expenditures were $31.0 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company sold one FSV and two PSVs, previously classified as held for sale, as well as one liftboat and other equipment not previously classified as such for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million.

------

During the Prior Year Six Months, net cash provided by investing activities was $4.0 million, primarily as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•capital expenditures were $4.1 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.

**Financing Activities**

During the Current Year Six Months, net cash used in financing activities was $20.1 million, primarily as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company made scheduled payments on long-term debt and other obligations of $12.5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company received proceeds from the issuance of long-term debt of $7.7 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company made payments for the repurchase of common stock of $7.1 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company made payments for the repurchase of warrants of $6.7 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company made payments on tax withholdings for restricted stock vesting of $1.5 million.

During the Prior Year Six Months, net cash used in financing activities was $17.9 million primarily as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company made scheduled payments on long-term debt and other obligations of $14.1 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company received $0.1 million proceeds from the exercise of stock options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company made payments on tax withholdings for restricted stock vesting of $3.9 million.

**Short and Long-Term Liquidity Requirements**

The Company believes that a combination of cash balances on hand, cash generated from operating activities and access to the credit and capital markets, including the $25.0 million in remaining sales capacity under the ATM Program, will provide sufficient liquidity to meet its obligations, including to support its capital expenditures, working capital needs, debt service requirements and covenant compliance over the short to long term. With respect to capital expenditures related to the construction of two PSVs, up to $32.8 million remains available under Tranche B of the 2024 SMFH Credit Facility as of June 30, 2025. The Company continually evaluates possible acquisitions and dispositions of certain businesses and assets. The Company's sources of liquidity may be impacted by the general condition of the markets in which it operates and the broader economy as a whole, which may limit its access to or the availability of the credit and capital markets on acceptable terms. Management continuously monitors the Company's liquidity and compliance with covenants in its credit facilities.

**Debt Securities and Credit Agreements**

For a discussion of the Company's debt securities and credit agreements, see "Note 4. Long-Term Debt" in the unaudited consolidated financial statements included in Part I. Item 1. "Financial Statements" elsewhere in this Quarterly Report on Form 10-Q and in "Note 5. Long-Term Debt" in the Company's audited consolidated financial statements included in its 2024 Annual Report. There have been no material changes to the Company's long-term debt during the period.

------

**Future Cash Requirements**

For a discussion of the Company's future cash requirements, refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources" in the Company's 2024 Annual Report. There has been no material change in the Company's future cash requirements since our fiscal year ended December 31, 2024, except as described in "Results of Operations - Liquidity and Capital Resources" in this Quarterly Report on Form 10-Q.

**Contingencies**

For a discussion of the Company's contingencies, see "Note 10. Commitments and Contingencies" in the unaudited consolidated financial statements included in Part I. Item 1. "Financial Statements" elsewhere in this Quarterly Report on Form 10-Q.

------

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

For a discussion of the Company's exposure to market risk, refer to "Quantitative and Qualitative Disclosures About Market Risk" included in the Company's 2024 Annual Report. There has been no material change in the Company's exposure to market risk during the six months ended June 30, 2025.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

With the participation of the Company's principal executive officer and principal financial officer, management evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2025. Based on their evaluation, the Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025 to provide reasonable assurance that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the United States Securities and Exchange Commission's ("SEC") rules and forms and (ii) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

The Company's disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its principal executive and principal financial officers, to allow timely decisions regarding required disclosures. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those internal control systems determined to be effective can provide only a level of reasonable assurance with respect to financial statement preparation and presentation.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the Current Year Quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

------

**PART II—OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

For a description of developments with respect to pending legal proceedings described in the Company's 2024 Annual Report, see "Note 9. Commitments and Contingencies" in the unaudited consolidated financial statements included in Part I. Item 1. "Financial Statements" elsewhere in this Quarterly Report on Form 10-Q.

**ITEM 1A. RISK FACTORS**

For a discussion of the Company's risk factors, refer to "Risk Factors" included in the Company's 2024 Annual Report. There have been no material changes in the Company's risk factors during the Current Year Quarter.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

(a), (b) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This table provides information with respect to purchases by the Company of shares of its Common Stock during the Current Year Quarter:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Number of<br>Shares Purchased** | **Average Price per<br>Share** | **Total Number of<br>Shares Purchased<br>as Part of a Publicly<br>Announced Plan** | **Maximum Number<br>of Shares that may<br>be Purchased Under<br>the Plan** |
| April 1, 2025 to April 30, 2025 |  | $— |  |  |
| May 1, 2025 to May 31, 2025 |  | $— |  |  |
| June 1, 2025 to June 30, 2025 | 2011 | $5.73 |  |  |

---

For the three months ended June 30, 2025, the Company acquired for treasury (i) 2,011 shares of Common Stock from its directors to cover their tax withholding obligations upon the vesting of restricted share awards for an aggregate purchase price of $11,523. These shares were purchased in accordance with the terms of the Company's 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.

**ITEM 3. DEFAULT UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

During the second quarter of 2025, none of our directors or Section 16 officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as each term is defined in Item 408(a) of Regulation S-K).

------

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| 10.1\*+ | [<u>SEACOR Marine Holdings Inc. 2025 Equity Incentive Plan (incorporated by reference to Annex A of SEACOR Marine Holdings Inc.'s definitive proxy statement on Schedule 14A as filed with the Commission on April 23, 2025 (SEC File No. 001-37966)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1690334/000119312525091402/d873072ddef14a.htm#toc873072_77) |
| 10.2+ | [<u>Form of Director Restricted Stock Grant Agreement under the SEACOR Marine Holdings Inc. 2025 Equity Incentive Plan.</u>](smhi-ex10_2.htm) |
| 31.1 | [<u>Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.</u>](smhi-ex31_1.htm) |
| 31.2 | [<u>Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.</u>](smhi-ex31_2.htm) |
| 32.1 | [<u>Certification by the Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](smhi-ex32.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| 104 | The cover page for the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, has been formatted in Inline XBRL. |

---

\* Incorporated by reference.

+ Management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | SEACOR Marine Holdings Inc. |
| Date: | July 30, 2025 | By: | /s/ John Gellert |
|  |  |  | John Gellert, *President,* <br>*Chief Executive Officer*<br>*(Principal Executive Officer)* |
| Date: | July 30, 2025 | By: | /s/ Jesús Llorca |
|  |  |  | Jesús Llorca, *Executive Vice President*<br>*and Chief Financial Officer*<br>*(Principal Financial Officer)*<br>|
| Date: | July 30, 2025 | By: | /s/ Gregory S. Rossmiller |
|  |  |  | Gregory S. Rossmiller,<br>*Senior Vice President*<br>*and Chief Accounting Officer*<br>*(Principal Accounting Officer)*<br>|

---

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## Exhibit 10.2

**<u>Exhibit 10.2</u>**

**<u>FORM OF DIRECTOR RESTRICTED STOCK GRANT AGREEMENT</u>**

**DIRECTOR RESTRICTED STOCK GRANT AGREEMENT<br>PURSUANT TO THE SEACOR MARINE HOLDINGS INC.<br>2025 EQUITY INCENTIVE PLAN**

**THIS DIRECTOR RESTRICTED STOCK GRANT AGREEMENT** (this "<u>Agreement</u>"), dated as of [__________], is between SEACOR Marine Holdings Inc., a Delaware corporation (the "<u>Company</u>"), and [__________] (the "<u>Grantee</u>").

**W I T N E S S E T H :**

**WHEREAS,** the Grantee is a non-employee director of the Company; and

**WHEREAS,** the Company desires to issue and grant to the Grantee, and the Grantee desires to accept, Shares, upon the terms and subject to the conditions herein set forth;

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:

**1.** **Grant of Restricted Stock**. The Company hereby grants to the Grantee a total of [__________] restricted Shares (the "<u>Restricted Stock</u>"). Except as otherwise provided herein including, without limitation, the provisions of Paragraph 4 hereof, the Grantee shall have with respect to the Restricted Stock all of the rights of a holder of Shares, including the right to receive dividends, if paid, and the right to vote the Shares, provided, however, that the amount of any dividend otherwise payable on the Restricted Stock prior to the date on which the Restricted Stock has become vested shall instead be held in escrow from and after the dividend payment date until the Restricted Stock vests, at which time the amount of the dividend shall be paid to the Grantee (or, if such Restricted Stock is forfeited prior to becoming vested, the amount of any dividend related to such Restricted Stock shall also be forfeited). Unless otherwise directed by the Committee, the Restricted Stock shall be held in book entry form with appropriate restrictions relating to the transfer of such Shares.

**2.** **Vesting**.

Subject to the terms and conditions set forth herein, including, without limitation, the provisions of Paragraph 5 hereof, beneficial ownership without the restrictions set forth in Paragraph 1 hereof ("<u>Beneficial Ownership</u>") of the Restricted Stock shall vest in the Grantee on [__________] (such date, the "<u>Vesting Date</u>"); provided, however, that, if any scheduled Vesting Date occurs during a trading "blackout" period with respect to the Grantee (a "<u>Blackout Period</u>"), then the Restricted Stock otherwise ordinarily scheduled to vest on such Vesting Date shall instead vest on the earlier of (a) the first day following the termination of the applicable Blackout Period, or (b) December 31 of the year in which the Vesting Date was originally scheduled to occur:

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Notwithstanding the foregoing, Beneficial Ownership of all of the aforementioned shares of Restricted Stock shall vest immediately, without any action on the part of the Company (or its successor as applicable) or the Grantee if, prior to a Forfeiture (as defined below) by the Grantee pursuant to Paragraph 4 hereof, any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the death of the Grantee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Grantee's formal retirement from service with the Company under acceptable circumstances as determined by the Committee in its sole discretion.

**3.** **Non-Transferability of Restricted Stock**. Except as expressly provided in Paragraph 2 hereof, prior to the applicable date on which Restricted Stock vests hereunder, no unvested Restricted Stock (nor any interest therein) may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, shall not be assignable by operation of law and shall not be subject to execution, attachment or similar process. Any attempted sale, assignment, transfer, pledge, hypothecation or other disposition of any unvested Restricted Stock contrary to the provisions hereof shall be null and void and without effect. Notwithstanding the foregoing, unvested Restricted Stock may be transferred by the Grantee solely to the Grantee's spouse, siblings, parents, children and grandchildren or trusts for the benefit of such persons or partnerships, corporations, limited liability companies or other entities owned solely by such persons, including trusts for such persons.

**4.** **Forfeiture**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Except upon occurrence of the events set forth in Paragraphs 2 hereof, or as otherwise provided pursuant to Paragraph 5 hereof, or as otherwise provided by the Committee, upon termination of the Grantee's service with the Company prior to vesting of Beneficial Ownership in all of the Restricted Stock, and notwithstanding the provisions of Paragraph 2 hereof, Beneficial Ownership of the remaining unvested Restricted Stock shall not vest in the Grantee and all such unvested Restricted Stock shall immediately thereupon be forfeited by the Grantee to the Company (a "<u>Forfeiture</u>") without any consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.From and after the occurrence of such Forfeiture, and notwithstanding any provision herein to the contrary including, without limitation, the provisions of Paragraph 1 hereof, the Grantee shall have no rights to or interests in any of the forfeited Restricted Stock.

**5.** **Adjustment Provisions; Change of Control**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Restricted Stock shall be subject to adjustment as provided in Section 4(b) of the Plan (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Restricted Stock shall be subject to Section 12 of the Plan upon and following a Change of Control.

**6.** **Representations and Warranties of Grantee**. The Grantee hereby represents and warrants to the Company as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Grantee has the legal right and capacity to enter into this Agreement and fully understands the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Grantee is acquiring the Restricted Stock for investment purposes only and not with a view to, or in connection with, the public distribution thereof in violation of the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.If any Restricted Stock shall be registered under the Securities Act, no public offering (otherwise than on a national securities exchange, as defined in the Securities Exchange Act of 1934, as amended) of any Shares acquired hereunder shall be made by the Grantee (or any other person) under such circumstances that he or she (or such person) may be deemed an underwriter, as defined in the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Grantee understands and agrees that none of the Restricted Stock may be offered, sold, assigned, transferred, pledged, hypothecated or otherwise disposed of except in compliance with this Agreement and the Securities Act pursuant to an effective registration statement or applicable exemption from the registration requirements of the Securities Act and applicable state securities or "blue sky" laws, and then only in accordance with the SEACOR Marine Holdings Inc. Insider Trading and Tipping Procedures and Guidelines (the "<u>Insider Trading Policy</u>"). The Grantee further understands that the Company has no obligation to cause or to refrain from causing the resale of any of the Restricted Stock or any other Shares or shares of its capital stock to be registered under the Securities Act or to comply with any exemption under the Securities Act which would permit the shares of the Restricted Stock to be sold or otherwise transferred by the Grantee. The Grantee further understands that, without approval in writing pursuant to the Insider Trading Policy, no trade may be executed in any interest or position relating to the future price of Company securities, such as a put option, call option, or short sale (which prohibition includes, among other things, establishing any "collar" or other mechanism for the purpose of establishing a price).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Notwithstanding anything herein to the contrary, the Company shall have no obligation to deliver any Shares hereunder or make any other distribution of benefits under hereunder unless such delivery or distribution would comply with all applicable laws (including, without limitation, the Securities Act), and the applicable requirements of any securities exchange or similar entity.

**7.** **Notices**. Any notice required or permitted hereunder shall be deemed given, if to the Grantee, when delivered (a) by a nationally recognized overnight delivery service (receipt requested), (b) by e-mail or other electronic means, or (c) by certified or registered mail, return receipt requested, postage prepaid, at such address as the Company shall maintain for the Grantee in its personnel records or such other address as he or she may designate in writing to the Company. Grantee will promptly notify the Company in writing upon any change in Grantee's mailing address or e-mail address. Any notice required or permitted hereunder shall be deemed given, if to the Company, when delivered by certified or registered mail, return receipt requested, postage prepaid, to the Company, at 12121 Wickchester Lane, Suite 500, Houston, TX, 77079, Attention: General Counsel or such other address as the Company may designate in writing to the Grantee.

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**8.** **Withholding**. Grantee acknowledges and agrees that Grantee is not an employee of the Company and that, as an independent contractor, Grantee will be required to pay (and the Company will not withhold or remit), and will be solely responsible for, any applicable taxes in connection with the Restricted Stock, unless otherwise determined by the Committee.

**9.** **Failure to Enforce Not a Waiver**. The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

**10.** **Amendment and Termination**. Subject to the terms of the Plan, this Agreement may not be amended or terminated unless such amendment or termination is in writing and duly executed by each of the parties hereto.

**11.** **Tenure**. The Grantee's right to continue to serve the Company or any of its Affiliates as a non-employee director or otherwise, shall not be enlarged or otherwise affected by the award hereunder.

**12.** **Counterparts**. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

**13.** **Benefit and Binding Effect**. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and the Grantee, his or her executors, administrators, personal representatives and heirs. In the event that any part of this Agreement shall be held to be invalid or unenforceable, the remaining parts hereof shall nevertheless continue to be valid and enforceable as though the invalid portions were not a part hereof.

**14.** **Entire Agreement**. This Agreement contains the entire understanding of the parties hereto with respect to the Restricted Stock and supersedes all prior agreements, discussions and understandings with respect to such subject matter.

**15.** **Governing Law**. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to principles and provisions thereof relating to conflict or choice of laws.

**16.** **Clawback**. The Restricted Stock and the Shares issued upon vesting of the Restricted Stock will be subject to such clawback provisions as may be required to be made pursuant to any applicable law, government regulation or stock exchange listing requirement, or other applicable Company policy.

**17.** **2025 Equity Incentive Plan Controls**. This Agreement is subject to all terms and provisions of the SEACOR Marine Holdings Inc. 2025 Equity Incentive Plan (and as amended, modified or supplemented from time to time, the "<u>Plan</u>"), which are incorporated herein by reference. In the event of any conflict, the terms and provisions of the Plan shall control over the terms and provisions of this Agreement. All capitalized terms herein shall have the meanings given to such terms by the Plan unless otherwise defined herein or unless the context clearly indicates otherwise.

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**IN WITNESS WHEREOF,** the Company has executed this Agreement on the date and year first above written.

**SEACOR MARINE HOLDINGS INC.**

___________________________________

**[Name]**

**[Title]**

The undersigned hereby accepts, and agrees to, all terms and provisions of the foregoing Restricted Stock Grant Agreement.

**GRANTEE**

Signature: ______________________________________

Name: ______________________________________

Date: ______________________________________

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14(a) AND 15d-14(a), AS AMENDED**

I, John Gellert, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SEACOR Marine Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | July 30, 2025 |
| /s/ John Gellert | /s/ John Gellert |
| Name: | John Gellert |
| Title: | *President and Chief Executive Officer*<br>*(Principal Executive Officer)* |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO**

**RULE 13a-14(a) AND RULE 15d-14(a), AS AMENDED**

I, Jesús Llorca, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SEACOR Marine Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | July 30, 2025 |
| /s/ Jesús Llorca | /s/ Jesús Llorca |
| Name: | Jesús Llorca |
| Title: | *Executive Vice President and*<br>*Chief Financial Officer*<br>*(Principal Financial Officer)* |

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## Ex-32

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Each of the undersigned, the Chief Executive Officer and the Chief Financial Officer of SEACOR Marine Holdings Inc. (the "Company"), hereby certifies, to the best of her/his knowledge and belief, that the Form 10-Q of the Company for the quarterly period ended June 30, 2025 (the "Periodic Report") accompanying this certification fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely for purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act and is not intended to be used for any other purpose.

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| | |
|:---|:---|
| Date: | July 30, 2025 |
| /s/ John Gellert | /s/ John Gellert |
| Name: | John Gellert |
| Title: | *President and Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

---

| | |
|:---|:---|
| Date: | July 30, 2025 |
| /s/ Jesús Llorca | /s/ Jesús Llorca |
| Name: | Jesús Llorca |
| Title: | *Executive Vice President and*<br>*Chief Financial Officer*<br>*(Principal Financial Officer)* |

---

------