SEACOR Marine earnings swung to a net loss of $9.5 million in the third quarter of 2026 from a $9.0 million profit a year earlier, even as higher vessel utilization and day rates lifted direct vessel profit.

Key Takeaways

  • Revenue fell to $57.3 million from $59.2 million a year earlier.
  • Direct vessel profit rose to $18.9 million from $11.5 million.
  • The company’s strategic review remains ongoing, with no set completion timetable.

SEACOR Marine earnings and vessel performance

The offshore support vessel company reported a loss of $0.36 per basic and diluted share for the quarter ended September 30, compared with earnings of $0.35 per share a year earlier. Revenue declined 3.3% year over year but rose 4.8% from the second quarter of 2026.

Average day rates increased to $21,100 from $19,490 a year earlier, while fleet utilization rose to 71% from 66%. Direct vessel profit margin increased to 33.1% from 19.4%.

Direct vessel profit is operating revenue less operating costs and expenses. The company cautions that the measure does not reflect all fleet ownership and operating costs and is not a substitute for results reported under generally accepted accounting principles.

SEACOR recorded a $1.4 million operating loss, compared with $18.1 million in operating income a year earlier. The prior-year quarter included $30.2 million in net gains on asset dispositions and impairments, while the latest quarter recorded a small net loss on those items.

Fleet and Middle East conditions

Chief Executive Officer John Gellert said the platform supply vessel fleet led improvements in utilization, day rates and margins. He said ongoing maintenance on two premium liftboats and lower utilization of fast support vessels, particularly in the Middle East, partly offset those gains.

Gellert attributed the softer Middle East market primarily to delays in construction and drilling projects amid current operating conditions. The company expects delivery of two newly built platform supply vessels in the coming months and said it remains confident in their charter prospects.

Strategic review continues

The board is continuing the strategic alternatives review announced in July. In its July announcement of the review, SEACOR said possible alternatives could include a company sale, merger, asset sales or other transactions.

As of the October results announcement, the company had set no timetable for completing the review and cautioned that it might not result in a transaction or another strategic outcome.

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