Wilson Sons UltraTug Offshore Acquisition Investor Presentation February 22, 2026 tdw.com Forward-looking Statements In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this communication are forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact, incl ...

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]