Seacor Marine reported consolidated operating revenues of $44.3 million in Q1 2026, down 20.2% year-over-year and 15.4% sequentially. The company posted an operating loss of $6.4 million and a net loss of $15.8 million ($0.61 per share), compared to a net loss of $15.5 million in Q1 2025.

Direct vessel profit declined to $6.7 million with a 15.2% margin in Q1, versus $13.6 million and a 24.5% margin a year earlier. Utilization fell to 59%, down from 60% in Q1 2025 and 69% in Q4 2025, while average day rates were $18,199, a 3.3% decrease year-over-year but a 3.9% increase sequentially.

During the quarter, the company completed the sale of one 201-foot platform supply vessel built in 2015 for proceeds of $14.6 million and a gain of $7.3 million. Five additional vessels were classified as held for sale at quarter-end, with two sold in April and the remaining three expected to close in Q2 2026.

Management expects utilization to recover as the fleet repositioning and vessel dispositions conclude in Q2. Term contracts in Brazil and the North Sea drove improved day rates, and the company maintained a largely contracted fleet in Latin America and West Africa. U.S. market activity remains low, and Middle East operations face higher costs and maintenance delays due to regional conflicts.