Core Insights - SEACOR Marine Holdings Inc. reported a net income of $9.0 million for Q3 2025, a significant recovery from a net loss of $16.3 million in Q3 2024 and a loss of $6.7 million in Q2 2025 [3][2][8] Financial Performance - Consolidated operating revenues for Q3 2025 were $59.2 million, down 14.1% from $68.9 million in Q3 2024, but slightly up from $60.8 million in Q2 2025 [2][8] - Operating income for Q3 2025 was $18.1 million, compared to an operating loss of $6.5 million in Q3 2024 and an operating income of $6.1 million in Q2 2025 [2][8] - Direct vessel profit (DVP) for Q3 2025 was $11.5 million, compared to $16.0 million in Q3 2024 and $11.3 million in Q2 2025 [2][8] Operational Highlights - The average day rate for the fleet was $19,490, a 3.2% increase from Q3 2024 but a 1.2% decrease from Q2 2025 [8] - Fleet utilization was 66%, down from 67% in Q3 2024 and 68% in Q2 2025 [8] - The platform supply vessel (PSV) fleet achieved a DVP margin of 24.8%, despite soft market conditions in the North Sea [7][8] Strategic Developments - The company completed the sale of two 335' class liftboats for total proceeds of $76.0 million, resulting in a gain of $30.5 million [8][4] - SEACOR Marine is focusing on a strategic shift away from high volatility markets and plans to utilize improved liquidity to fund a newbuild PSV program [8][9] Segment Performance - The fast supply vessel (FSV) fleet saw improved utilization and dayrate performance, with two of three previously cold-stacked FSVs reactivated [6][8] - Multi-year contracts were awarded in Brazil for two large hybrid-powered PSVs, set to commence in Q1 2026, which will reduce the company's presence in the North Sea [7][8]