Core Insights - Seacor Marine reported Q2 2025 GAAP revenue of $60.8 million, missing analyst expectations by 12.3%, while GAAP loss per share was $(0.26), slightly better than the anticipated $(0.27) [1][5] - The company experienced a 13.0% decline in GAAP operating revenue compared to Q2 2024, with direct vessel profit margins pressured by high repair and drydocking expenses [1][5] Financial Performance - GAAP revenue for Q2 2025 was $60.8 million, down from $69.9 million in Q2 2024, reflecting a 13.0% year-over-year decrease [2] - Direct vessel profit fell to $11.3 million, a 44.3% decline from $20.3 million in Q2 2024, with margins decreasing to 18.6% from 29.1% [2][5] - Operating income improved to $6.1 million from a loss of $(3.9) million in Q2 2024, influenced by nonrecurring gains from asset sales [5] Operational Overview - Seacor Marine operates a diverse fleet of offshore support vessels, including PSVs, FSVs, and liftboats, focusing on transporting equipment and personnel to offshore energy facilities [3] - The company has prioritized fleet modernization, asset rotation, and capital structure simplification, involving the sale of older vessels and investment in newbuilds with advanced technologies [4] Segment Performance - The PSV fleet achieved a 30.3% direct vessel profit margin, benefiting from hybrid power management upgrades, while other vessel classes faced downtime and rising operating expenses [6] - In Africa and Europe, non-GAAP direct vessel profit reached $9.3 million with fleet utilization at 77%, while the U.S. segment faced higher drydocking expenses [7] Key Events - The sale of two PSVs and one FSV for $33.4 million generated a $19.1 million gain, contributing to the bottom line and enabling share repurchases [8] - The company ended the quarter with negative operating cash flow of $2.08 million, indicating underlying operational pressures [8] Future Outlook - Management did not provide quantitative guidance for the next quarter but emphasized continued focus on fleet modernization and environmental upgrades [10] - The company remains optimistic about new PSV deliveries in 2026 and 2027 [10]