olivLaw · US equity research
SEACOR Marine Holdings Inc. SMHI
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
SEACOR Marine provides marine and support transportation services to offshore energy facilities, including offshore wind farms, with a fleet of PSVs, FSVs and liftboats. The company has started evaluating strategic alternatives, including a possible sale, which makes 2026 an important year for shareholders.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SEACOR Marine Holdings Inc. (SMHI) stock was 8.89 USD (−3.26% on the day), with market capitalisation 241.4 m USD, beta 1.30, 52-week range 5.91–9.96 USD. Latest reported quarter (Q3 2026): revenue of 57.3 m USD (−3.3% YoY), net income of -9.5 m USD (−205.2% YoY), diluted EPS -0.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.9
- neutral
- Bollinger (20, 2)
- 7.83 – 9.71
- in the upper half of the band · %B 0.56 · band width 21.4%
- SMA 50 / 200
- 8.98 / 8.02
- mixed trend
- MACD (12, 26, 9)
- 0.13 / 0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.3% | −1.1% | +3.4 pp | — |
| 3 months | −5.9% | −0.5% | −5.5 pp | — |
| 6 months | +17.0% | +4.4% | +12.6 pp | — |
| Year to date | +47.7% | +12.3% | +35.4 pp | — |
| 1 year | +28.7% | +13.5% | +15.1 pp | +36.7% |
| 3 years | −32.8% | +76.4% | −109.2 pp | +37.7% |
| 5 years | +81.4% | +63.7% | +17.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 69.8 m | 55.5 m | 60.8 m | 59.2 m | 52.3 m | 44.3 m | 54.6 m | 57.3 m |
| Gross profit | 23.1 m | 13.6 m | 11.3 m | 11.5 m | 9.7 m | 6.7 m | 7.9 m | 18.9 m |
| Operating income | 10.6 m | -5.3 m | 6.1 m | 18.1 m | -5.2 m | -6.4 m | 16.0 m | -1.4 m |
| Depreciation & amortisation | 12.9 m | 12.8 m | 12.1 m | 12.1 m | 10.0 m | 10.3 m | 10.7 m | 10.0 m |
| Interest expense | 10.0 m | 9.6 m | 8.8 m | 8.9 m | 8.7 m | 8.2 m | 8.2 m | 7.6 m |
| Pre-tax income | -30.0 m | -15.5 m | -4.4 m | 14.0 m | -13.2 m | -13.6 m | 7.2 m | -8.3 m |
| Income tax | -2.3 m | 904.0 k | 2.5 m | 5.4 m | 1.7 m | 2.2 m | 4.0 m | 1.1 m |
| Net income | -26.2 m | -15.5 m | -6.7 m | 9.0 m | -14.6 m | -15.8 m | 3.3 m | -9.5 m |
| Diluted EPS | -0.94 ≈ | -0.56 | -0.26 | 0.35 | -0.57 ≈ | -0.61 | 0.12 | -0.36 |
| Operating cash flow | 8.5 m | -11.5 m | -2.1 m ≈ | -10.7 m ≈ | -12.2 m | -15.1 m | -13.2 m ≈ | -3.1 m ≈ |
| Capex | 3.0 m | 20.8 m | 10.2 m ≈ | 9.3 m ≈ | 8.4 m | 6.1 m | 6.4 m ≈ | 7.1 m ≈ |
| Share repurchases | 0 | — | — | 0 ≈ | 0 | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 179.2 m | 174.5 m | 141.8 m | 170.9 m | 217.3 m | 279.5 m | 271.4 m | 227.8 m |
| Revenue YoY | +3.1% | −2.6% | −18.7% | +20.5% | +27.1% | +28.6% | −2.9% | −16.0% |
| Net income | -77.6 m | -92.8 m | -78.9 m | 33.1 m | -71.7 m | -9.3 m | -78.1 m | -27.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −316.2% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -3.95 | -3.18 | 1.30 | -2.69 | -0.34 | -2.82 | -1.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −306.9% | unavailable | unavailable | unavailable |
| net % | -43.3% | -53.2% | -55.6% | 19.4% | -33.0% | -3.3% | -28.8% | -12.2% |
| Free cash flow | -88.7 m | unavailable | unavailable | unavailable | -15.1 m | -1.7 m | -17.6 m | -85.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 68.9 m USD
- Financial debt
- 334.6 m USD
- Net debt
- 265.7 m USD
- Equity
- 264.7 m USD
- Total assets
- 660.6 m USD
- Debt / equity
- 1.26x
- Current ratio
- 2.54x
- ROE
- -9.9%
- ROA
- -4.0%
- FCF margin
- -37.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 141.8 m | 170.9 m | 217.3 m | 279.5 m | 271.4 m | 227.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 50.7 m | 43.5 m | 45.3 m | 119.9 m | 74.1 m | 46.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -71.6 m | -37.1 m | -54.0 m | 35.5 m | -10.4 m | 13.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 57.2 m | 57.4 m | 56.0 m | 53.8 m | 51.6 m | 47.1 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -14.5 m ≈ | 20.2 m ≈ | 2.0 m ≈ | 89.3 m ≈ | 41.2 m ≈ | 60.8 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 30.7 m | 28.1 m | 29.7 m | 37.5 m | 40.6 m | 36.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | -98.1 m | 6.6 m | -70.1 m | -4.1 m | -83.0 m | -19.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -22.9 m | 11.5 m | 8.6 m | 8.8 m | -2.6 m | 10.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -78.9 m | 33.1 m | -71.7 m | -9.3 m | -78.1 m | -27.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -3.18 | 1.30 | -2.69 | -0.34 | -2.82 | -1.06 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 24.8 m | 25.5 m | 26.6 m | 27.1 m | 27.7 m | 26.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 32.7 m | 37.6 m | 40.0 m | 67.5 m | 59.5 m | 68.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 45.3 m | 55.5 m | 54.4 m | 63.7 m | 69.9 m | 64.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 576.0 k | 928.0 k | 2.1 m | 1.6 m | 2.8 m | 2.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 178.7 m | 111.0 m | 132.3 m | 164.7 m | 173.7 m | 179.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 753.7 m | 721.3 m | 665.0 m | 605.0 m | 544.9 m | 475.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 1.0 bn | 912.5 m | 815.4 m | 780.3 m | 727.1 m | 660.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 30.0 m | 28.4 m | 38.0 m | 27.6 m | 29.2 m | 21.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 32.4 m | 31.6 m | 61.5 m | 28.4 m | 27.5 m | 30.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 440.5 m | 332.8 m | 260.1 m | 287.5 m | 317.3 m | 304.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 131.8 m | 84.7 m | 121.2 m | 77.1 m | 85.0 m | 70.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 615.8 m | 466.0 m | 436.2 m | 406.1 m | 428.8 m | 395.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 401.8 m | 446.5 m | 379.1 m | 374.2 m | 298.3 m | 264.7 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | -14.6 m | 8.9 m | -10.3 m | -36.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 20.8 m | 7.0 m | 462.0 k | 10.6 m | 7.3 m | 48.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | — | — | -15.1 m ≈ | -1.7 m ≈ | -17.6 m ≈ | -85.2 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | — | — | 57.8 m | 49.1 m | 17.6 m | 80.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | — | — | -41.4 m | -17.0 m | -15.3 m | -27.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 7.1 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 14 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 241.4 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet27
- Valuation12
- Quality6
- Growth13
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 6.90 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA0.00 – 6.90 (Mid 1.48)14 companies used · median multiple 7.1x · quartiles 4.5x – 10.4xCCEC, CMRE, DHT, DSX, ECO, EHLD, GNK, GSL, HSHP, LPG, NVGS, TEN, TRMD, ZIM
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 14/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.5% | 4 (vs peers) | 15% |
| Net margin · Quality | -17.6% | 11 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.6% | 13 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 6.1x | 13 (vs peers) | 15% |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 11.6x | 21 (vs peers) | 15% |
| FCF yield · Valuation | -29.7% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 3/3 factors with a value
- Growth· partial13/100 · 1/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation12/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SEACOR Marine Holdings Inc. (SMHI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 227.8 m USD in 2025; YoY growth -16.0%; net margin -17.6%; ROE -14.0%; net debt/EBITDA 6.1x.
The estimated value range is 0.00–6.90 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.48 USD, the price of 8.89 USD leaves a potential of -83.3% (value / price − 1) and a margin of safety of -499.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 14/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
What contradicts it
- ROIC: 0.5%
- Net margin: -17.6%
- Revenue CAGR 3Y: 1.6%
- Net debt / EBITDA: 6.1x
- Interest coverage: 0.1x
- EV/EBITDA: 11.6x
- FCF yield: -29.7%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| TENTsakos Energy Navigation Limited | 1.4 bn | 10.5 | 9.1% | 20.1% | −0.7% | +91% / +132% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for SMHI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
SEACOR Marine provides marine and support transportation services to offshore energy facilities, including offshore wind farms, with a fleet of PSVs, FSVs and liftboats. The company has started evaluating strategic alternatives, including a possible sale, which makes 2026 an important year for shareholders.3
SWOT
Strengths
- A relatively modern fleet with dynamic positioning systems and hybrid battery technology that supports fuel efficiency 1.
- A simplified capital structure and a smaller fleet that allow a faster reaction to market opportunities 1.
- International presence across several continents that reduces dependence on a single market 1.
Weaknesses
- High dependence on a few large customers, so losing one important client could significantly affect revenue 1.
- High fixed costs regardless of activity levels, which deepen losses in periods of low utilization 1.
- Volatile quarterly results, with a net loss in the first quarter of 2026 and a profit in the second quarter 3.
Opportunities
- A return of offshore activity in the main international markets could lift fleet utilization and day rates 23.
- Growth in offshore wind farms could bring new contracts, especially in the northeast of the United States 1.
- The strategic alternatives review could lead to a transaction that realizes the value of the company's assets 3.
Threats
- Oil price volatility and geopolitical conflicts could reduce client budgets and exploration activity 12.
- Competitive pressure and excess supply of new vessels could push day rates down 1.
- Environmental rules and foreign ownership restrictions, including the Jones Act, could limit operations and options 1.
Risks
- Dependence on oil priceshigh
Demand for the company's vessels is closely tied to oil and gas prices, and prolonged declines could reduce activity and fleet utilization 1.
- Customer concentrationhigh
A small number of clients generate a major share of revenue, and losing one of them could have a significant effect on results 1.
- Middle East conflicthigh
The regional conflict has raised costs and slowed activity, and full recovery depends on a durable resolution 3.
- Foreign ownership restrictionsmedium
Limits on ownership by non-US citizens and Jones Act rules could affect share liquidity and US operations 1.
- Uncertainty of the strategic processmedium
No timetable has been set for the strategic review and no transaction is assured, which may create uncertainty for investors 3.
Investment thesis
What would need to be true (bull case)
- If oil prices and offshore activity keep recovering, fleet utilization and day rates could rise meaningfully, supporting results 23.
- The strategic review could produce a transaction that values the fleet favorably for shareholders 3.
- A modernized fleet and simpler capital structure could let the company capture new market opportunities quickly 1.
What would break the thesis
- If oil prices fall again or the conflicts drag on, clients could cut spending and utilization could stay low 12.
- Revenue concentration in a few large clients makes results sensitive to the decisions of a single important customer 1.
- The strategic process has no set timetable and guarantees no transaction, which could keep uncertainty high in the short term 3.
What to watch
- Third-quarter results and fleet utilization trendsQ3 2026
- Progress of the strategic alternatives review2026
- Return to operation of the two Middle East liftboatsQ4 2026
- Delivery of the two PSVs under construction in ChinaQ4 2026 and Q1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
SEACOR Marine Holdings Inc. provides global marine and support transportation services to offshore energy facilities. It operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to installations, support production and storage operations, assist construction, well work-over and decommissioning, and provide emergency response and accommodation for technicians 1. As of 31 December 2025 the fleet numbered 44 vessels, all owned 1, and by 30 June 2026 it had fallen to 38 2, reflecting sales of lower specification vessels and fleet reconfiguration 13.
Principal customers are major integrated oil companies, independent oil and gas producers, oilfield service and construction companies, and offshore wind farm operators and installers 1. Revenue comes mainly from time charters and bareboat charters billed on daily rates, and in 2025 the ten largest customers accounted for approximately 84% of consolidated operating revenues 1.
Recent quarterly results show a recovery in activity: in the second quarter of 2026 operating revenues were 54.6 million USD, with a DVP margin of 14.5% and fleet utilization of 68% 3. The company says it remains disciplined, but that recovery in the Middle East depends on a durable resolution of the regional conflict 3.
Segments
Market context
The offshore marine services market is fragmented and competitive, and demand depends heavily on oil and natural gas prices, which drive exploration and drilling activity 1. WTI prices were highly volatile: they peaked at 113 USD per barrel in the first half of 2026 and fell to a low of 56 USD 2. The company notes that higher prices since the pandemic lows have lifted utilization, day rates and inquiries about new projects 2.
The market is also shaped by drivers less tied to oil prices, such as years of underspending that could create pent up demand for maintenance and capital work, and the growth of offshore wind farms 1. However, if exploration activity declines or new vessel supply grows, demand for the company's fleet could weaken 1.
Trends
- Recovering prices and utilizationtailwind
Oil prices above the pandemic lows have lifted utilization, day rates and new project inquiries, which could support revenue if offshore activity keeps growing 23.
- Oil price volatilityheadwind
Volatility, heightened by the conflict with Iran, makes near-term demand harder to estimate, and customers could cut spending if prices fall 21.
- Offshore wind farmsmixed
Growth of offshore wind farms, especially in the northeast of the United States, opens opportunities with new customers but depends on obtaining permits 1.
- Cost reduction and fleet optimizationmixed
Cost cuts and sales of older vessels have improved efficiency but also shrink the fleet and may limit the ability to respond quickly to demand 13.
Competitive position
Competition in offshore marine services is intense and varies by region, with the main factors being price, availability and specification of equipment, energy efficiency and reputation 1. The company faces many competitors, from international operators active in several regions to local firms concentrated in a single country 1.
- International offshore marine service operators
Companies active across several regions that compete on price, availability and vessel specifications 1.
- Local operators in Africa, the Middle East and Latin America
Smaller firms concentrated in one country or region that can have local regulatory and flag advantages 1.
- Offshore wind farm construction and service companies
Competitors in wind farm installation and maintenance, a growing segment for the company 1.
- Other oil and gas support vessel operators
Operators bidding for the same contracts with major oil companies that can influence day rates 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report28 Oct 2026
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Current report21 May 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Apr 2026
- Annual report25 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SEACOR Marine Holdings Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SEACOR Marine Holdings Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SEACOR Marine Holdings Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.