Seacor Marine reported a net income of $9 million for the third quarter of 2025, a significant improvement from a net loss of $16.3 million in the same period last year. The positive result was primarily driven by a $30.5 million gain from the sale of two 335-foot (102-metre) class liftboats for total proceeds of $76 million.
Consolidated operating revenues for the quarter were $59.2 million, a 14.1 per cent decrease from $68.9 million in the third quarter of 2024. This was attributed to lower utilisation in the company's premium liftboat fleet and soft market conditions in the North Sea.
Average day rates increased by 3.2 per cent year-on-year to $19,490, but fleet utilisation dipped to 66 per cent from 67 per cent in the prior-year period.
Direct vessel profit (DVP) was $11.5 million for the quarter, down from $16 million in Q3 2024. The DVP margin decreased to 19.4 per cent from 23.2 per cent, partly due to $9.9 million in drydocking and major repair costs, which are expensed as incurred.
John Gellert, Chief Executive Officer, stated the liftboat sale demonstrates the deep value of the fleet and allows for a strategic shift away from high-volatility markets.
He noted that despite soft conditions in the North Sea, the platform supply vessel (PSV) fleet generated a 24.8 per cent DVP margin. The company also secured multi-year contracts in Brazil for two large hybrid-powered PSVs, which will reduce its North Sea presence.
Gellert added, "We are streamlining our cost structure...and will utilize our improved liquidity profile to fund our newbuild PSV program and position ourselves for developments in offshore markets in the near term. With a better positioned fleet, an improved cost structure and a strengthened balance sheet, we will continue to explore opportunities to redeploy capital."