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Here are 1-3 brief analogies to describe Seacor Marine (SMHI):

• United Rentals for the offshore energy industry.
• The FedEx or UPS for offshore oil rigs and wind farms.

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• Offshore Support Vessel Services: Provides a diverse fleet of specialized vessels to support offshore oil and gas exploration, development, and production activities.
• Crew Transfer Services: Transports personnel and essential supplies to and from offshore platforms and other marine installations.
• Platform Supply Services: Delivers equipment, materials, and other necessities to offshore drilling rigs and production platforms.
• Anchor Handling and Towing Services: Assists in the towing, anchoring, and positioning of mobile offshore drilling units and other floating structures.

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Seacor Marine (SMHI) sells primarily to other companies, providing offshore support vessels (OSVs) and services to support offshore energy exploration, development, production, and increasingly, offshore wind farm construction and maintenance. Due to the nature of their business and customer confidentiality, Seacor Marine typically does not publicly disclose a definitive list of its "major customers" by name unless a single customer represents a significant portion of their revenue (e.g., over 10%), which is rare given their diverse client base across multiple regions and projects.

However, based on their business description and industry standard practices, their major customers fall into the following categories:

• International and National Oil and Gas Companies (IOCs and NOCs): These companies utilize SMHI's vessels for various phases of offshore operations, including exploration, drilling, production, and decommissioning support.
  • Examples of companies that would typically be customers or potential customers in this category:
  • ExxonMobil (XOM)
  • Chevron (CVX)
  • Shell plc (SHEL)
  • BP p.l.c. (BP)
  • TotalEnergies SE (TTE)
  • Equinor ASA (EQNR)
  • Petrobras (PBR)
• Offshore Drilling Contractors: Companies that operate offshore drilling rigs and platforms often charter OSVs from SMHI for crew changes, supply runs, and anchor handling services.
  • Examples of companies that would typically be customers or potential customers in this category:
  • Transocean Ltd. (RIG)
  • Valaris Limited (VAL)
  • Noble Corporation plc (NE)
  • Diamond Offshore Drilling, Inc. (DO)
• Offshore Construction, Installation, and Windfarm Developers: These companies hire SMHI's specialized vessels for supporting the construction, installation, and maintenance of offshore infrastructure, including pipelines, platforms, subsea systems, and offshore wind turbines.
  • Examples of companies that would typically be customers or potential customers in this category:
  • Subsea 7 S.A. (SUBC.OL - listed on Oslo Børs)
  • TechnipFMC plc (FTI)
  • Ørsted A/S (ORSTED.CO - listed on Nasdaq Copenhagen)
  • RWE AG (RWE.DE - listed on XETRA)

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• Fincantieri (BIT: FCT)
• Rolls-Royce (LSE: RR.)
• Caterpillar (NYSE: CAT)
• Wärtsilä (HEL: WRT1V)
• Kongsberg Gruppen (OSE: KOG)

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John Gellert, President & Chief Executive Officer

Mr. Gellert has served as President, Chief Executive Officer, and a director of SEACOR Marine since June 1, 2017. Previously, he was Co-Chief Operating Officer of SEACOR Holdings Inc. from February 2015 and President of SEACOR Holdings Inc.'s Offshore Marine Services segment from July 2005. He joined SEACOR Holdings Inc. in June 1992, where he held various financial, analytical, chartering, and marketing roles. As President and CEO of SEACOR Marine, he oversaw the sale of the company's North Sea standby vessel business. Mr. Gellert graduated from Harvard College and serves as a member of the executive council at Cohesive Capital Management, L.P.

Jesús Llorca, Executive Vice President & Chief Financial Officer

Mr. Llorca has been Executive Vice President and Chief Financial Officer of SEACOR Marine since April 2, 2018. His prior roles include Executive Vice President of Corporate Development for SEACOR Marine since June 1, 2017, and Vice President of SEACOR Holdings Inc. since 2007. From 2004 to 2007, he worked in the corporate group of SEACOR Holdings Inc. Before joining SEACOR, Mr. Llorca held various international operational and management positions at Nabors Drilling from 2000 to 2004. He holds degrees in business and law from ICADE.

Gregory Rossmiller, Senior Vice President & Chief Accounting Officer

Mr. Rossmiller has served as Senior Vice President and Chief Accounting Officer since April 17, 2018.

Andrew H. Everett, Senior Vice President, General Counsel and Secretary

Mr. Everett has been Senior Vice President, General Counsel and Secretary since January 22, 2018. Prior to his appointment, he was an associate in the Global Corporate Group of Milbank LLP from 2008 to 2018. He received his J.D. from Boston College Law School and a B.S. from Bentley University.

Andrew R. Morse, Non-Executive Chairman of the Board

Mr. Morse serves as the Non-Executive Chairman of the Board for SEACOR Marine.

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Key Risks to SEACOR Marine (SMHI)

The following are key risks to SEACOR Marine's business:

1. Persistent Lack of Profitability and Financial Health: SEACOR Marine has consistently faced challenges with profitability, reporting negative return on equity and net margins, and increasing losses over the past five years. Although the company achieved a positive net income in Q3 2025, this was primarily driven by significant one-time gains from asset sales, with the underlying operating profit margin remaining low or negative. This ongoing unprofitability renders the company vulnerable to market fluctuations and raises concerns about its overall financial stability.
2. Market Volatility and Subdued Offshore Activity: SEACOR Marine operates in a highly volatile offshore energy market, making it susceptible to fluctuating oil and gas prices and geopolitical instability. The company has experienced "prolonged periods of softer demand due to deferrals and cancellations" in crucial sectors like offshore wind and decommissioning. Furthermore, "subdued offshore drilling activity is likely to persist in the near- to medium-term," which directly impacts fleet utilization and day rates, especially in regions such as the North Sea.
3. High Debt Load and Liquidity Concerns: SEACOR Marine carries a substantial debt load, with its debt-to-equity ratio being a metric to monitor closely. While strategic asset sales have been undertaken to improve liquidity and fund new vessel construction, the company's financial position has historically presented challenges in covering its debt obligations.

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The clear emerging threat for Seacor Marine (SMHI) is the increasing adoption and technological advancement of **Autonomous and Unmanned Surface/Underwater Vessels (AUVs/USVs)** for offshore inspection, survey, and monitoring tasks. These uncrewed technologies offer a more cost-effective, safer, and often more environmentally friendly alternative for data acquisition, seabed mapping, asset integrity inspection, and environmental monitoring compared to traditional manned support vessels. Companies specializing in autonomous marine solutions are scaling their fleets and capabilities, directly eroding the market for certain services historically provided by manned offshore support vessels.

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Seacor Marine (SMHI) operates in several addressable markets related to offshore energy and marine transportation services.

• Offshore Support Vessel (OSV) Market: The global offshore support vessel market was valued at approximately USD 18.57 billion in 2024, with projections to grow to USD 29.27 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.71% during the forecast period. The U.S. offshore support vessel market is also predicted to grow significantly, reaching an estimated value of USD 4.51 billion by 2032. Other estimates for the global market in 2024 range from USD 21.63 billion to USD 24.3 billion.
• Offshore Wind Energy Market: The global offshore wind energy market size was valued at USD 55.9 billion in 2024 and is anticipated to reach USD 298.8 billion by 2034, growing at a CAGR of 14.6% from 2025 to 2034. The U.S. offshore wind energy market reached USD 7.2 billion in 2024.
• Offshore Decommissioning Market: The global offshore decommissioning market was valued at approximately USD 6.1 billion in 2024 and is projected to expand to USD 13.6 billion by 2035, with a CAGR of 7.10% during the forecast period. North America is identified as the dominant region in this market.
• Tugboat Services Market (Harbor Tugboats): The global harbor tugboats market is projected to grow from USD 4.125 billion in 2024 to USD 5.9565 billion by 2032, registering a CAGR of 4.7%. Asia Pacific holds the largest share in the harbor tugboats market, followed by North America and Europe.

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Here are 3-5 expected drivers of future revenue growth for Seacor Marine (SMHI) over the next 2-3 years:

• Increasing Day Rates: SEACOR Marine has demonstrated an ability to increase its average day rates, with a 4.8% increase in Q4 2024 compared to Q4 2023 and a 3.2% increase in Q3 2025 compared to Q3 2024. This trend of improved pricing power for their offshore support vessels is expected to continue.
• Improved Fleet Utilization: The company is focused on maximizing fleet utilization, which has shown improvements in certain periods, such as 72% in Q4 2024, up from 67% in Q3 2024. Higher utilization rates directly translate to increased revenue generation from their existing fleet.
• Fleet Modernization and Expansion: SEACOR Marine is investing in its fleet by funding the construction of new, modern, and fuel-efficient platform supply vessels (PSVs). These new vessels are scheduled for delivery in Q4 2026 and Q1 2027 and are expected to meet current and future demand, contributing to revenue growth.
• Strategic Market Focus and Long-Term Contracts: The company has secured multi-year PSV contracts in Brazil, set to commence in Q1 2026, and is strategically reallocating its fleet away from more volatile markets. This focus on securing stable, long-term contracts in key regions is anticipated to drive consistent revenue.
• Growth in Offshore Wind Farm Support: SEACOR Marine provides marine support services to offshore energy facilities globally, including offshore wind farms. As the offshore wind industry expands, the demand for specialized support vessels is expected to increase, presenting a growth opportunity for the company.

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Share Repurchases

• In April 2025, SEACOR Marine repurchased 1,355,761 common shares at $4.90 per share and warrants for 1,280,195 shares at $4.89 per warrant from Carlyle-affiliated funds for a total of approximately $12.9 million.
• This transaction represented about 9.1% of SMHI's outstanding common stock and simplified the company's capital structure by eliminating all outstanding warrants.
• The repurchase was funded by proceeds from the sale of a 201-foot, DP-2 platform supply vessel.

Inbound Investments

• First Eagle Investment Management LLC increased its stake in SEACOR Marine by 4.8% in the second quarter of 2025, acquiring an additional 52,000 shares to own a total of 1,137,894 shares, valued at $5,803,000.
• As of November 2025, institutional investors and hedge funds collectively owned approximately 59.05% of SEACOR Marine's stock.
• Nuveen LLC also purchased a new stake in the company during the first quarter of 2025, valued at approximately $444,000.

Capital Expenditures

• SEACOR Marine's capital expenditures were $7.29 million in 2025, $0.46 million in 2024, and $10.60 million in 2023.
• The company has focused on fleet modernization and environmental upgrades, including updating four platform supply vessels (PSVs) with hybrid propulsion by Q2 2025.
• Capital expenditures also support the installation of air quality technology, ultrasonic antifouling systems, and water purification systems across the fleet for ESG and energy transition goals.