Here are a few analogies to describe Seacor Marine (SMHI):

• Think of them as the **United Rentals for offshore oil rigs and wind farms**, providing specialized vessels and marine support services.
• They are like a highly specialized **FedEx for offshore oil and gas facilities**, delivering personnel, cargo, and critical operational support.

• Offshore Support Vessel Services: These services involve the transportation of cargo and personnel to various offshore installations, including oil, natural gas, and windfarm facilities.
• Anchor Handling and Rig Moving Services: The company provides vessels and expertise for handling anchors and mooring equipment, as well as assisting in the precise placement and relocation of offshore drilling rigs.
• Offshore Construction and Maintenance Support: This category includes vessel support for construction, well work-over, maintenance, and decommissioning projects, alongside carrying and launching specialized underwater equipment.
• Offshore Accommodation Services: SEACOR Marine offers accommodation solutions for technicians and specialists working offshore, ensuring comfortable living quarters for extended periods.
• Safety and Emergency Response Services: The company delivers crucial safety support and emergency response capabilities to enhance operational safety and address unforeseen incidents at sea.

Seacor Marine (SMHI) sells primarily to other companies. Its major customers fall into the following categories:

• Integrated oil companies
• Large independent oil and natural gas exploration and production companies
• Emerging independent oil and natural gas exploration and production companies
• Windfarm operations and installation contractors

John Gellert
President and Chief Executive Officer

John Gellert has served as President and Chief Executive Officer of SEACOR Marine Holdings Inc. and a director since June 1, 2017. He previously held the role of Co-Chief Operating Officer of SEACOR Holdings Inc. starting in February 2015 and was President of SEACOR Holdings Inc.'s Offshore Marine Services segment since July 2005. Mr. Gellert began his extensive career with SEACOR Holdings Inc. in June 1992 as a financial and market analyst after graduating from Harvard College. During his tenure, he held various financial, analytical, chartering, and marketing positions, including international appointments in Europe, West Africa, and Southeast Asia. He was instrumental in steering SEACOR Marine through its transition to a standalone company following its spin-off from SEACOR Holdings in May 2017, a process that included restructuring the management team and selling the North Sea standby vessel business. Mr. Gellert also serves as Vice Chairman of the Board at the National Ocean Industries Association and as a Member of the Executive Council at Cohesive Capital Management, L.P.

Jesús Llorca
Executive Vice President and Chief Financial Officer

Jesús Llorca has been the Executive Vice President and Chief Financial Officer of SEACOR Marine since April 2018, bringing over 17 years of industry experience to his role. Prior to his current position, he served as the company's Executive Vice President of Corporate Development from June 2017. Mr. Llorca was also a Vice President of SEACOR Holdings Inc. from May 2007 to May 2017. From 2004 to 2007, he worked in the corporate group of SEACOR Holdings, supporting the General Counsel. Earlier in his career, between 2000 and 2004, he gained operational and management experience in energy services as a Manager at Nabors Drilling. He holds degrees in business and law from ICAD.

Gregory S. Rossmiller
Senior Vice President and Chief Accounting Officer

Gregory Rossmiller joined SEACOR Marine as Senior Vice President and Chief Accounting Officer on April 17, 2018. Before this, he was the Chief Financial Officer, North America, for Applus Energy and Industry, a division of Applus Services S.A., a position he held since June 2009. From 2005 to 2009, Mr. Rossmiller served as Corporate Controller for Pride International, a major drilling contractor. He also worked at PricewaterhouseCoopers from 2000 to 2005. Mr. Rossmiller is an alumnus of Harvard Business School.

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

Andrew Everett has served as Senior Vice President, General Counsel, and Secretary of SEACOR Marine since joining the company on January 22, 2018. Prior to his tenure at SEACOR Marine, Mr. Everett was an associate in the Global Corporate Group of Milbank, Tweed, Hadley & McCloy LLP from 2008 to 2018. He earned his J.D. from Boston College Law School and his B.S. from Bentley University.

Philippe Wulfers
Vice President of Finance

Philippe Wulfers became Vice President of Finance at SEACOR Marine on April 1, 2022. Before joining SEACOR Marine, he was the Corporate Finance Manager at SBM Offshore. Mr. Wulfers brings 13 years of corporate and investment banking experience, with a focus on maritime infrastructure and offshore energy in the Americas, from his previous roles at DNB Bank and DVB Bank. He holds an MBA in Finance and Strategy from New York University, Stern School of Business.

Here are the key risks to Seacor Marine's business:

1. Persistent Unprofitability and Weak Financial Position: Seacor Marine has consistently reported unprofitability, with increasing losses over the past five years and forecasts indicating a continued decline in earnings. The company closed FY 2025 with a net loss, and analysts predict earnings will decrease by approximately 24.5% per year over the next three years. This ongoing unprofitability raises concerns about the company's long-term financial viability and its ability to generate sustainable returns. Furthermore, the company's financial position is described as not strong, with less than one year of cash runway, which poses significant liquidity risks. Its weak Piotroski F-Score (2/9) points to an elevated risk of financial distress, and there are concerns about its capacity to service debt given low operating income relative to interest expenses.

2. Exposure to Oil Price Volatility and Cyclicality of Offshore Energy Markets: Seacor Marine's primary revenue source is chartering offshore support vessels to oil and natural gas companies. Consequently, the company is highly susceptible to the inherent volatility of oil and natural gas prices and the cyclical nature of the offshore energy industry. Fluctuations in these markets directly impact the demand for offshore drilling and production activities, which, in turn, affects the utilization rates and day rates for Seacor Marine's vessels. While the company is also involved with windfarm facilities, its significant reliance on the oil and gas sector makes it vulnerable to downturns in that market.

3. Intense Competition and Pressure on Day Rates and Margins: The market for offshore support vessels is highly competitive, leading to downward pressure on charter rates (day rates) and profit margins. This competitive environment has contributed to uneven profitability and tight margins for Seacor Marine, as evidenced by declining average day rates and compressed direct vessel profit margins. Despite strategic efforts to secure multi-year contracts in higher-margin regions, the ongoing competitive landscape presents a continuous challenge to the company's ability to improve its financial performance.

Autonomous and remotely operated vessels.

The addressable market for Seacor Marine's main products and services is the global offshore support vessel (OSV) market. This market encompasses the marine and support transportation services provided to offshore oil, natural gas, and windfarm facilities worldwide.

The global offshore support vessel market was valued at approximately USD 21.63 billion in 2024 and is projected to grow to around USD 37.57 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.11% from 2025 to 2032.

Seacor Marine's services cater to two primary segments within this market:

• Offshore Oil and Gas: This segment represents the largest portion of the offshore support vessel market. While specific percentage estimates vary across reports, it consistently holds the majority share, with some reports indicating approximately 50.9% in 2025. The increasing global energy demand and rising offshore exploration and production activities drive this segment.
• Offshore Windfarm Facilities: This segment is experiencing significant growth. The offshore wind support vessel market is projected to reach USD 15 billion by 2033. The offshore wind segment within the broader OSV market is anticipated to show strong growth, driven by the expansion of offshore renewable energy projects globally.

Drivers of Future Revenue Growth for Seacor Marine (SMHI)

Seacor Marine (SMHI) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Sustained Strong Day Rates and Pricing Power: The offshore support vessel (OSV) market has seen improved utilization, with high-spec platform supply vessel (PSV) day rates increasing significantly. Management expects this sustained pricing power to continue through 2025–2026, supported by high tendering activity, particularly in international markets.
2. Expansion into the Offshore Wind Market: Seacor Marine is actively participating in the growing offshore wind market, providing logistics and vessel support in regions like the U.S. Northeast and North Sea. Projections indicate substantial growth in global offshore wind capacity by 2030, with a "second uplift" in construction activity expected in 2026–2028. The U.S. liftboat market is also poised for significant activity in supporting offshore wind farm development.
3. Increased Utilization and Strategic Redeployment in Key International Basins: The company is focused on maximizing fleet utilization and actively redeploying fast support vessels (FSVs) to international markets. It targets regions such as Brazil pre-salt, the U.S. Gulf of Mexico, West Africa, and the Middle East, where day rates and vessel utilization have strengthened since 2024.
4. Fleet Modernization and Investment in High-Specification and Hybrid Vessels: Seacor Marine is executing an asset rotation strategy that involves divesting older, non-core assets and investing in new, high-specification, and hybrid PSVs. This strategy aims to secure premium, multi-year charters with better margins, as these modern vessels offer improved efficiency and meet evolving customer demands, including ESG considerations.

Share Repurchases

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

Capital Expenditures

• In the fourth quarter of 2025, the company reported using $8.4 million for capital expenditures.
• Seacor Marine is undertaking a PSV newbuild program, with steel cutting and keel laying achieved for the first PSV, and steel cutting for the second PSV. The capital expenditure for this program is fully funded.
• These newbuilds are focused on acquiring high-specification, environmentally efficient assets, including hybrid propulsion, consistent with an asset rotation strategy to renew the fleet. The first newbuild PSV is expected for delivery in Q4 2026, with the second following in Q1 2027.