SEACOR Marine Holdings Inc. Segments Disclosure
During the year ended December 31, 2025, Azule, a joint venture between BP p.l.c. and Eni S.p.A., ExxonMobil Corporation (“ExxonMobil”) and SEACOR Marine Arabia, a joint venture of which the Company owns 45% and through which vessels are in service to Saudi Arabian Oil Company, were responsible for $60.8 million or 27%, $39.8 million or 17% and $32.2 million or 14%, respectively, of the Company’s total consolidated operating revenues. During the year ended December 31, 2024, Azule and SEACOR Marine Arabia were responsible for $57.6 million or 21% and $51.0 million or 19%, respectively, of the Company’s total consolidated operating revenues. During the year ended December 31, 2023, ExxonMobil, SEACOR Marine Arabia and Azule were responsible for $47.7 million or 17%, $43.2 million or 15% and $42.4 million or 15%, respectively, of the Company’s total consolidated operating revenues.
For the years ended December 31, 2025, 2024 and 2023, the ten largest customers of the Company accounted for approximately 84%, 76%, and 73%, respectively, of the Company’s operating revenues. The loss of one or more of these customers could have a material adverse effect on the Company’s results of operations and cash flows.
For the years ended December 31, 2025, 2024 and 2023, approximately 84%, 87% and 79%, respectively, of the Company’s operating revenues and $1.7 million, $2.3 million and $3.6 million, respectively, of equity in earnings from 50% or less owned companies, net of tax, were derived from its foreign operations.
The Company’s offshore support vessels are highly mobile and regularly and routinely move between countries within a geographic region of the world. In addition, these vessels may be redeployed among the geographic regions, subject to flag restrictions, as changes in market conditions dictate. Because of this asset mobility, operating revenues and long-lived assets in any one country and capital expenditures for long-lived assets and gains or losses on asset dispositions and impairments in any one geographic region are not considered meaningful.
Direct vessel profit is the Company’s measure of segment profitability when applied to reportable segments. Direct vessel profit is defined as operating revenues less direct operating expenses excluding leased-in equipment expense. The Company utilizes direct vessel profit as its primary financial measure to analyze and compare the operating performance of its regions. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):
|
|
United States |
|
|
Africa and Europe |
|
|
Middle East |
|
|
Latin |
|
|
Total |
|
|||||
For the year ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
33,371 |
|
|
$ |
90,044 |
|
|
$ |
54,621 |
|
|
$ |
37,345 |
|
|
$ |
215,381 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,235 |
|
|
|
3,235 |
|
Other marine services |
|
|
2,955 |
|
|
|
2,971 |
|
|
|
1,613 |
|
|
|
1,677 |
|
|
|
9,216 |
|
|
|
|
36,326 |
|
|
|
93,015 |
|
|
|
56,234 |
|
|
|
42,257 |
|
|
|
227,832 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
22,999 |
|
|
|
19,819 |
|
|
|
19,162 |
|
|
|
9,681 |
|
|
|
71,661 |
|
Repairs and maintenance |
|
|
5,161 |
|
|
|
19,333 |
|
|
|
19,744 |
|
|
|
4,285 |
|
|
|
48,523 |
|
Drydocking |
|
|
5,731 |
|
|
|
4,542 |
|
|
|
1,333 |
|
|
|
1,011 |
|
|
|
12,617 |
|
Insurance and loss reserves |
|
|
2,852 |
|
|
|
2,300 |
|
|
|
2,779 |
|
|
|
722 |
|
|
|
8,653 |
|
Fuel, lubes and supplies |
|
|
2,989 |
|
|
|
6,967 |
|
|
|
5,094 |
|
|
|
2,858 |
|
|
|
17,908 |
|
Other |
|
|
1,304 |
|
|
|
11,215 |
|
|
|
4,528 |
|
|
|
5,363 |
|
|
|
22,410 |
|
|
|
|
41,036 |
|
|
|
64,176 |
|
|
|
52,640 |
|
|
|
23,920 |
|
|
|
181,772 |
|
Direct Vessel (Loss) Profit |
|
$ |
(4,710 |
) |
|
$ |
28,839 |
|
|
$ |
3,594 |
|
|
$ |
18,337 |
|
|
$ |
46,060 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
552 |
|
|
$ |
130 |
|
|
$ |
293 |
|
|
$ |
228 |
|
|
|
1,203 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,483 |
|
||||
Depreciation and amortization |
|
|
11,593 |
|
|
|
16,935 |
|
|
|
12,848 |
|
|
|
5,694 |
|
|
|
47,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,756 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,412 |
|
||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,716 |
|
||||
As of December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
$ |
98,231 |
|
|
$ |
275,058 |
|
|
$ |
242,879 |
|
|
$ |
160,665 |
|
|
$ |
776,833 |
|
Accumulated depreciation |
|
|
(62,907 |
) |
|
|
(121,155 |
) |
|
|
(112,559 |
) |
|
|
(52,191 |
) |
|
|
(348,812 |
) |
|
|
$ |
35,324 |
|
|
$ |
153,903 |
|
|
$ |
130,320 |
|
|
$ |
108,474 |
|
|
$ |
428,021 |
|
Total Assets(1) |
|
$ |
56,355 |
|
|
$ |
196,818 |
|
|
$ |
193,225 |
|
|
$ |
124,213 |
|
|
$ |
570,611 |
|
|
|
United States |
|
|
Africa and Europe |
|
|
Middle East |
|
|
Latin America |
|
|
Total |
|
|||||
For the year ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
31,991 |
|
|
$ |
99,410 |
|
|
$ |
70,346 |
|
|
$ |
52,573 |
|
|
$ |
254,320 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,464 |
|
|
|
1,464 |
|
Other marine services |
|
|
3,808 |
|
|
|
5,272 |
|
|
|
1,979 |
|
|
|
4,518 |
|
|
|
15,577 |
|
|
|
|
35,799 |
|
|
|
104,682 |
|
|
|
72,325 |
|
|
|
58,555 |
|
|
|
271,361 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
24,459 |
|
|
|
21,887 |
|
|
|
24,132 |
|
|
|
15,063 |
|
|
|
85,541 |
|
Repairs and maintenance |
|
|
6,618 |
|
|
|
13,537 |
|
|
|
13,047 |
|
|
|
7,183 |
|
|
|
40,385 |
|
Drydocking |
|
|
8,604 |
|
|
|
4,774 |
|
|
|
2,796 |
|
|
|
5,277 |
|
|
|
21,451 |
|
Insurance and loss reserves |
|
|
2,992 |
|
|
|
2,329 |
|
|
|
3,147 |
|
|
|
1,426 |
|
|
|
9,894 |
|
Fuel, lubes and supplies |
|
|
3,351 |
|
|
|
7,197 |
|
|
|
4,184 |
|
|
|
5,215 |
|
|
|
19,947 |
|
Other |
|
|
509 |
|
|
|
12,723 |
|
|
|
4,425 |
|
|
|
2,377 |
|
|
|
20,034 |
|
|
|
|
46,533 |
|
|
|
62,447 |
|
|
|
51,731 |
|
|
|
36,541 |
|
|
|
197,252 |
|
Direct Vessel (Loss) Profit |
|
$ |
(10,734 |
) |
|
$ |
42,235 |
|
|
$ |
20,594 |
|
|
$ |
22,014 |
|
|
$ |
74,109 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
555 |
|
|
$ |
507 |
|
|
$ |
301 |
|
|
$ |
315 |
|
|
|
1,678 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,713 |
|
||||
Depreciation and amortization |
|
|
12,334 |
|
|
|
17,497 |
|
|
|
13,276 |
|
|
|
8,521 |
|
|
|
51,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,019 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,481 |
|
||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10,429 |
) |
||||
As of December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
$ |
195,756 |
|
|
$ |
325,000 |
|
|
$ |
240,075 |
|
|
$ |
139,583 |
|
|
$ |
900,414 |
|
Accumulated depreciation |
|
|
(104,771 |
) |
|
|
(121,320 |
) |
|
|
(97,908 |
) |
|
|
(43,449 |
) |
|
|
(367,448 |
) |
|
|
$ |
90,985 |
|
|
$ |
203,680 |
|
|
$ |
142,167 |
|
|
$ |
96,134 |
|
|
$ |
532,966 |
|
Total Assets(1) |
|
$ |
120,347 |
|
|
$ |
241,278 |
|
|
$ |
174,410 |
|
|
$ |
117,475 |
|
|
$ |
653,510 |
|
|
|
United States |
|
|
Africa and Europe |
|
|
Middle East |
|
|
Latin America |
|
|
Total |
|
|||||
For the year ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
41,850 |
|
|
$ |
87,729 |
|
|
$ |
66,407 |
|
|
$ |
55,399 |
|
|
$ |
251,385 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,460 |
|
|
|
1,460 |
|
Other marine services |
|
|
17,678 |
|
|
|
2,582 |
|
|
|
4,345 |
|
|
|
2,061 |
|
|
|
26,666 |
|
|
|
|
59,528 |
|
|
|
90,311 |
|
|
|
70,752 |
|
|
|
58,920 |
|
|
|
279,511 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
26,110 |
|
|
|
20,434 |
|
|
|
20,786 |
|
|
|
14,440 |
|
|
|
81,770 |
|
Repairs and maintenance |
|
|
5,146 |
|
|
|
9,624 |
|
|
|
7,109 |
|
|
|
4,947 |
|
|
|
26,826 |
|
Drydocking |
|
|
2,314 |
|
|
|
2,946 |
|
|
|
(99 |
) |
|
|
1,437 |
|
|
|
6,598 |
|
Insurance and loss reserves |
|
|
3,752 |
|
|
|
1,727 |
|
|
|
3,638 |
|
|
|
839 |
|
|
|
9,956 |
|
Fuel, lubes and supplies |
|
|
3,697 |
|
|
|
6,830 |
|
|
|
3,552 |
|
|
|
3,108 |
|
|
|
17,187 |
|
Other |
|
|
1,427 |
|
|
|
10,072 |
|
|
|
3,961 |
|
|
|
1,853 |
|
|
|
17,313 |
|
|
|
|
42,446 |
|
|
|
51,633 |
|
|
|
38,947 |
|
|
|
26,624 |
|
|
|
159,650 |
|
Direct Vessel Profit |
|
$ |
17,082 |
|
|
$ |
38,678 |
|
|
$ |
31,805 |
|
|
$ |
32,296 |
|
|
$ |
119,861 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
536 |
|
|
$ |
1,498 |
|
|
$ |
360 |
|
|
$ |
354 |
|
|
|
2,748 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,183 |
|
||||
Depreciation and amortization |
|
|
14,685 |
|
|
|
15,346 |
|
|
|
14,760 |
|
|
|
9,030 |
|
|
|
53,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,752 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,409 |
|
||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,518 |
|
||||
As of December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
$ |
209,262 |
|
|
$ |
272,272 |
|
|
$ |
267,079 |
|
|
$ |
170,210 |
|
|
$ |
918,823 |
|
Accumulated depreciation |
|
|
(99,137 |
) |
|
|
(93,045 |
) |
|
|
(94,708 |
) |
|
|
(37,251 |
) |
|
|
(324,141 |
) |
|
|
$ |
110,125 |
|
|
$ |
179,227 |
|
|
$ |
172,371 |
|
|
$ |
132,959 |
|
|
$ |
594,682 |
|
Total Assets(1) |
|
$ |
142,264 |
|
|
$ |
215,158 |
|
|
$ |
199,174 |
|
|
$ |
152,427 |
|
|
$ |
709,023 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Mar 10, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 4, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Mar 22, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.