As of March 31, 2026, the company operated a fleet of 43 owned support vessels serving offshore energy and wind farm clients globally. Cost reduction measures initiated in late 2025 led to $1.0 million in wage and benefit savings in Q1 2026, while lower revenues were attributed to fewer available days due to vessel sales, repositioning, and uncontracted liftboats under repair. Going forward, the company is well positioned to participate in increased offshore drilling activities in South America and West Africa.
Cyborg Score Rationale
Operating revenues for Q1 2026 were $44.3 million, down 20% year-over-year, with a net loss of $15.8 million compared to a net loss of $15.5 million in Q1 2025. Utilization declined to 59% from 60% year-over-year and 69% in the previous quarter. However, the company maintains a strong balance sheet with strategic repositioning underway and new vessel deliveries expected in Q4 2026–Q1 2027.
Top Insights
Q1 2026 revenues declined 20% year-over-year to $44.3 million with continued net losses ($15.8M vs. $15.5M in Q1 2025).
Trailing twelve month revenue was $227.8 million with a net loss of $27.8 million, reflecting a -12.2% net profit margin.
In 2025, SEACOR Marine revenue was $227.83 million, a decrease of -16.04% compared to the previous year's $271.36 million.
The company has orders for two new PSVs scheduled for delivery in Q4 2026 and Q1 2027 and recently refinanced $328.7 million of debt into a single facility due 2029.
Named Competitors
Horizon Offshore Services — Offshore support vessel operator
Gulf Island Fabrication — Marine infrastructure and fabrication services
Tidewater Inc. — Offshore support vessel operator
Recent Developments
(June 2026) Largest shareholder Jorey Chernett delivered letter to board highlighting discount to net asset value, with broker-appraised value above $20 per share