Seacor results dragged down by vessel sales, reduced utilisation

“Our Q4 results reflect lower revenues primarily as a result of fewer available days following the sale of two liftboats at the end of Q3 2025 and one of our PSVs in Q4 2025, and lower utilisation for our liftboat fleet due to seasonality and changes in the scope of work by one of our international liftboat customers.”

Mr Gellert said average rates for fast supply vessels (FSVs) and PSVs held relatively steady during the quarter, with markedly improved utilisation for FSVs as Seacor continued to redeploy FSVs previously laid up in the US to international markets. 

The company’s PSV fleet saw continued improvement in direct vessel profit (DVP, the company’s measure of segment profitability) margins to 26%, despite two vessels repositioning for new contracts in Brazil commencing in Q1 2026, and soft market conditions in the North Sea. 

Mr Gellert said Seacor’s contracted revenue backlog at the end of 2025 stood in excess of US$500.0M, including options, which is a high-water mark for the company. 

Mr Gellert noted that Seacor has streamlined its cost structure to reflect some of the recent asset sales, most notably the sale of the liftboats. During Q4 2025, the company incurred one-time charges of US$1.2M related to severance expenses and expects annualised savings of US$3.9M in SG&A expenses from these initiatives.

“We are looking forward to the delivery of the first of two newbuild PSVs during Q4 2026, with the second PSV to follow in Q1 2027,” said Mr Gellert. “Our construction programme is fully funded from proceeds from asset sales. As we continue to implement our asset rotation strategy, we expect opportunities to reduce our leverage.

“Our core markets outside the US remain constructive over the long term, with increasing optimism around several drilling campaigns starting in the second half of 2026. An improving geopolitical outlook in certain markets could further improve demand for offshore services, and we will evaluate those opportunities as they arise.”

Seacor’s consolidated operating revenues for Q4 2025 were US$52.3M. The operating loss was US$5.2M, and DVP was US$9.7M. This compares with consolidated operating revenues of US$69.8M and operating income of US$10.6M, and DVP of US$23.1M in Q4 2024, and consolidated operating revenues of US$59.2M, operating income of US$18.1M, and DVP of US$11.5M in Q3 2025.