SEACOR Marine Holdings Inc. (SMHI): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how SEACOR Marine Holdings Inc. (SMHI) is making money right now, so I've mapped out their entire business engine using the Business Model Canvas. Honestly, what stands out is their aggressive pivot: they're pouring $41.6 million into hybrid upgrades while simultaneously booking a $30.5 million gain from selling older ships in Q3 2025, all to support a high-spec fleet commanding an average $19,490 day rate. This strategy is clearly working, driving Q3 revenue to $59.2 million and hitting a 19.4% Direct Vessel Profit margin, but the real story lies in who they partner with and how they secure those charters; dive into the nine blocks below to see the full, precise blueprint of their current operations.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships SEACOR Marine Holdings Inc. (SMHI) relies on to build, finance, and maintain its specialized fleet. These aren't just vendors; they are essential enablers of the company's asset rotation and sustainability strategy as of late 2025.

Shipyards for New High-Specification Platform Supply Vessel (PSV) Construction

SEACOR Marine Holdings Inc. has locked in partnerships for fleet renewal, specifically targeting high-specification, environmentally efficient assets. The shipbuilding contracts for two new Platform Supply Vessels (PSVs) were placed with Fujian Mawei Shipbuilding in China.

This partnership is crucial for executing the asset rotation strategy, replacing older tonnage. The total contract price for these two newbuilds is $82.0 million, working out to $41.0 million per vessel.

The financing structure for these new assets is also tied to a key partnership. The new senior secured term loan from EnTrust Global allows SEACOR Marine Holdings Inc. to finance up to 50% of the shipbuilding contracts, which equates to up to $41.0 million in borrowings for this purpose.

The expected delivery schedule for these high-specification PSVs is the fourth quarter of 2026 and the first quarter of 2027.

Financial Institutions for Securing Long-Term Debt

Managing the balance sheet requires strong relationships with major financial players. As of the first quarter ended March 31, 2025, SEACOR Marine Holdings Inc. reported $310,108 thousand in long-term debt on its balance sheet. This figure is very close to the $310.9 million you mentioned, reflecting the debt structure at that time.

The company completed a significant refinancing event, consolidating debt under a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global. This facility matures in the fourth quarter of 2029.

This refinancing also addressed prior obligations, specifically addressing $125.0 million of near-term maturities that were previously due to The Carlyle Group.

Here's a quick look at the debt structure context around the Q1 2025 filing:

Key Equipment and Technology Vendors for Hybrid Battery Power Systems

A major partnership driving SEACOR Marine Holdings Inc.'s sustainability and efficiency goals is with Kongsberg Maritime AS of Norway. This relationship centers on installing state-of-the-art energy storage systems (ESS) to create hybrid-powered Platform Supply Vessels (PSVs).

The company committed to acquiring four additional containerized Deckhouse Energy Storage Systems from Kongsberg Maritime for the SEACOR Ohio, SEACOR Alps, SEACOR Andes, and SEACOR Atlas. The completion of these upgrades was anticipated by the second quarter of 2025.

This technology is designed to deliver tangible operational benefits. By installing battery power, fuel consumption in Dynamic Positioning (DP) operation mode on these vessels can be reduced by as much as 20%.

This investment builds on prior work; the SEACOR Yangtze was also upgraded with a Kongsberg Maritime system, making it the tenth vessel in the fleet with hybrid battery power as of early 2025. Once the four new upgrades are finished, more than 50% of SEACOR Marine Holdings Inc.'s PSV fleet will be hybrid powered.

Strategic Buyers for Asset Dispositions

To fund growth initiatives and exit non-core segments, SEACOR Marine Holdings Inc. partners with strategic buyers for asset sales. A key recent disposition involved JAD Construction Limited.

SEACOR Marine Holdings Inc. entered into definitive agreements to sell two 335-foot class liftboats to JAD Construction Limited. The total gross proceeds agreed upon were $76.0 million in cash, which closed on September 29, 2025.

The transaction was financially significant, resulting in an estimated gain of $30.5 million for SEACOR Marine Holdings Inc. The sale also eliminated anticipated repair costs scheduled for October 2025 for one of the vessels.

You can see the breakdown of that specific partnership transaction here:

• Vessel sold to JAD Construction Limited: Two 335-foot class liftboats.
• Total Gross Proceeds: $76.0 million.
• Estimated Gain on Sale: $30.5 million.
• Net Cash Proceeds Received (approximate): $75.1 million.
• Additional Purchase by JAD Construction Limited (uninstalled equipment): Approximately $1 million.
• Sale Closing Date: September 29, 2025.

This sale marked a strategic move away from volatile markets, allowing capital redeployment. Finance: draft 13-week cash view by Friday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Key Activities

You're looking at the core engine of SEACOR Marine Holdings Inc. (SMHI) right now, which is all about moving assets, modernizing the fleet, and keeping the lights on with solid contracts. It's a capital-intensive game, and the Key Activities reflect that focus on high-specification hardware and disciplined deployment.

The first major activity is operating and managing a diverse, global offshore support vessel (OSV) fleet. This involves everything from delivering cargo and personnel to offshore installations to providing construction and well work-over support. As of December 31, 2024, the fleet stood at 55 OSVs. You've got to keep that machinery running profitably; for instance, in the third quarter of 2025, the average day rate across the fleet was \$19,490, though overall utilization dipped to 66%. The Direct Vessel Profit (DVP), which is operating revenue less operating costs, was \$11.5 million for Q3 2025.

Here's a quick look at the fleet composition that SEACOR Marine Holdings Inc. was managing as of the end of 2024:

The second critical activity is executing strategic asset rotation, selling older vessels for gains. This is how they fund the future, defintely. They completed their exit from the AHTS asset class effective January 2025. The sales pace in 2025 has been aggressive, aiming to replace older, lower-specification units with newer, more efficient ones.

The financial results from these sales in 2025 are pretty telling:

• Q1 2025: Sold two PSVs and one FSV for proceeds of \$33.2 million and a gain of \$20.6 million.
• Q2 2025: Sold two PSVs and one FSV for proceeds of \$33.4 million and a gain of \$19.1 million.
• Q3 2025: Sold two 335' class liftboats for proceeds of \$76.0 million and a gain of \$30.5 million.

Next up is investing \$41.6 million in 2025 for newbuild and hybrid upgrades. This capital expenditure (Capex) plan is focused on fleet renewal. The total unfunded Capex commitment for 2025 was \$41.6 million. This activity includes funding for two new PSVs, which had a contract price of \$41.0 million per vessel.

The breakdown of that \$41.6 million 2025 Capex commitment looks like this:

• Newbuilding program - 2 PSVs: \$36.9 million.
• Hybrid battery power systems - 4x PSVs: \$2.2 million.
• DP-2 upgrade - 1x Liftboat: \$1.9 million.

These new PSVs are scheduled for delivery in the fourth quarter of 2026 and first quarter of 2027.

The fourth activity is maintaining high safety and regulatory compliance across all regions. While I don't have a specific compliance metric for late 2025, the company is an early adopter of value-added technology like hybrid power to enhance sustainable operations.

Finally, SEACOR Marine Holdings Inc. focuses on securing multi-year charter contracts in key international markets. The company sees a healthy level of inquiries across most international markets, though they noted softness in the North Sea and Mexico for oil and gas services in 2025. For the newbuilds, management expects to target two- to five-year contracts when securing them in 2026.

Finance: review the Q4 2025 utilization forecast against secured contract backlog by next Tuesday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Key Resources

You're looking at the core assets that power SEACOR Marine Holdings Inc.'s operations right now, late in 2025. These aren't just vessels; they are the physical manifestation of their strategy to service the global offshore energy sector.

Diverse Fleet of Offshore Support Vessels

The foundation of SEACOR Marine Holdings Inc.'s business is its fleet, which is built for diversity to meet various stages of the offshore energy lifecycle. As of early 2025, the company managed a fleet totaling 51 offshore support vessels. This isn't a monolithic fleet; it's a mix designed for flexibility.

Here's a breakdown of the vessel types that form this core resource base:

• Platform Supply Vessels (PSVs)
• Fast Support Vessels (FSVs)
• Liftboats
• Crew Transfer Vessels
• Anchor Handling Towing Supply Vessels
• Emergency Response & Rescue Vessels
• Specialty Vessels

The company actively manages this asset base, as seen by the strategic divestitures in 2025. For instance, during the second quarter ended June 30, 2025, SEACOR Marine Holdings completed the sale of two PSVs and one FSV for total proceeds of $33.4 million. Then, in the third quarter ending September 30, 2025, they sold two 335' class liftboats for proceeds totaling $76.0 million. These sales help fund new construction and share repurchases, keeping the remaining fleet high-spec.

High-Specification, Young Fleet Positioning

SEACOR Marine Holdings Inc. emphasizes employing the latest technology throughout its fleet to deliver efficiency and performance. This focus on high-specification assets is key to commanding better day rates, even when the broader market sees softness. For the third quarter of 2025, the average day rate achieved was $19,490.

The company is actively modernizing, with plans for newbuild PSVs scheduled for delivery in the fourth quarter of 2026 and the first quarter of 2027. This forward-looking investment in new tonnage positions them well for the anticipated industry upcycle. To give you a snapshot of the balance sheet supporting these assets as of the second quarter of 2025, total assets stood at $680 million, down from $727 million at the end of 2024. Long-term debt was reported at $310.9 million at that time.

Global Operating Footprint

The physical location of these key resources dictates revenue generation. SEACOR Marine Holdings Inc. maintains a global reach spanning five continents. As of early 2025, they noted healthy tendering activity in international markets, specifically naming South America, West Africa, and the Middle East as active areas.

The geographic deployment shifts based on market dynamics. For example, the company has actively reduced its exposure in the North Sea. In Q2 2025, they had two PSVs operating in the Middle East in a walk-to-work configuration. Looking ahead, they secured multi-year contracts in Brazil for two hybrid PSVs starting in Q1 2026, which will further reduce their North Sea presence to just two PSVs.

Here's how the Direct Vessel Profit (DVP), a measure of segment profitability, looked across their operations for the first half of 2025:

Hybrid-Powered PSVs and Green Technologies

A significant asset enhancement is the integration of green technology, which SEACOR Marine Holdings Inc. views as central to its strategy. They were one of the first offshore operators to install battery hybrid systems. By the second quarter of 2025, the company had completed the installation of a hybrid power system on the UT771 CDL SEACOR Yangtze.

Furthermore, they committed to upgrading four other PSVs-the SEACOR Ohio, SEACOR Alps, SEACOR Andes, and SEACOR Atlas-with containerized Deckhouse Energy Storage Systems, with completion anticipated by the second quarter of 2025. Once these retrofits are done, more than 50% of SEACOR Marine's PSV fleet will be hybrid powered. The benefit here is tangible: installing battery power can reduce fuel consumption in DP operation mode by as much as 20%. This technology also includes a shore connection for use when in port, cutting down on engine running hours.

The commitment to this resource base is reflected in their recent financial performance, despite costs associated with fleet maintenance. For example, drydocking and major repairs totaled $9.2 million in Q2 2025, compared to $5.2 million in Q1 2025.

The value of these specialized assets is clear when looking at their Q3 2025 results, where net income was $9.0 million. Finance: draft 13-week cash view by Friday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Value Propositions

You're looking at the core offerings SEACOR Marine Holdings Inc. is delivering to its clients as of late 2025. The value is rooted in specialized, high-specification marine assets supporting critical offshore energy infrastructure.

The fundamental value proposition centers on providing essential marine transport for cargo and personnel to offshore facilities globally. This is supported by specialized vessel support services tailored for complex offshore operations, including construction support, well work-over activities, and decommissioning projects.

Here's a look at the fleet's performance and strategic positioning based on the third quarter of 2025 results:

• Delivering a high-spec fleet, evidenced by an average day rate for Q3 2025 of $19,490.
• Achieving a fleet utilization rate of 66% during the third quarter of 2025.
• Strategically streamlining the fleet by completing the sale of two 335-foot class liftboats in Q3 2025 for total gross proceeds of $76.0 million.

SEACOR Marine Holdings Inc. is actively enhancing operational efficiency through the integration of hybrid battery technology. This commitment positions the fleet to meet increasing charterer demand for greener operations, particularly in regions like the North Sea.

The progress on hybrid power systems is quite concrete:

• The company committed to installing four additional hybrid battery power systems on Platform Supply Vessels (PSVs), with anticipated completion in 2025.
• Once these upgrades are implemented, more than 50% of SEACOR Marine Holdings Inc.'s PSV fleet will operate with hybrid power.
• This technology adoption is already securing future work, with multi-year contracts awarded in Brazil for two large hybrid-powered PSVs, set to commence in the first quarter of 2026.

To give you a clearer picture of the fleet structure underpinning these services, consider this snapshot of asset deployment and strategic focus:

The value is in the execution of this asset rotation, moving capital toward high-specification, fuel-efficient assets that command premium day rates, like the $19,490 average seen in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Customer Relationships

You're looking at how SEACOR Marine Holdings Inc. manages its relationships with the energy companies that charter its specialized fleet. It's a mix of locking in long-term commitments and playing the short-term market, all while strategically moving assets to where the demand is strongest.

Dedicated account management for securing long-term, multi-year charter contracts.

The focus here is on securing revenue visibility through longer-term agreements, which helps smooth out the volatility inherent in the offshore sector. A prime example of this relationship strategy in action is the recent award of multi-year contracts in Brazil for two of the hybrid-powered Platform Supply Vessels (PSVs), with contract commencement slated for the first quarter of 2026. This move is part of a larger strategy to secure long-term work in growth regions. The company is also preparing for the delivery of two new PSVs in the fourth quarter of 2026 and the first quarter of 2027, which will likely be placed under similar long-term arrangements to maximize their return on investment.

High-touch, specialized service delivery for complex offshore operations.

SEACOR Marine Holdings Inc. supports a range of complex activities, from construction and well work-over to offshore wind farm installation and decommissioning support. The service delivery is specialized, covering everything from delivering cargo and personnel to providing emergency response and accommodations for technicians. The fleet is modernizing, with highlights from the 2024-2025 Sustainability Report noting the expansion of the hybrid PSV fleet and investments in digital optimization, which speaks directly to a high-touch, efficient service offering for sophisticated clients.

Transactional relationships for short-term spot market charters.

While the company is shifting, transactional, or spot market, relationships still exist, though management has actively worked to reduce exposure to high spot volatility. The fleet utilization rate gives you a snapshot of how much of the available capacity is currently under contract, whether long-term or short-term. For instance, utilization was at 68% in the second quarter of 2025 and dipped slightly to 66% in the third quarter of 2025. The average day rate for the fleet in Q2 2025 was $19,731, increasing to $19,490 in Q3 2025, showing rate strength even with slightly lower utilization.

You can see the recent operational performance metrics that reflect the current mix of contract types:

Strategic engagement to reduce North Sea exposure and focus on growth regions.

SEACOR Marine Holdings Inc. is actively managing its geographic footprint to align with more stable or higher-growth customer demand. The company explicitly stated it has reduced its exposure in the North Sea, noting that Q3 2025 results were negatively affected by continued soft market conditions there. The strategic shift is evidenced by asset rotation; for example, the sale of two AHTS vessels in late 2024, which marked an exit from that asset class, and the sale of two 335' class liftboats in Q3 2025 for total proceeds of $76.0 million. These actions fund the strategic repositioning. The company continues to see healthy tendering activity in international markets, specifically naming South America, West Africa, and the Middle East as key areas of focus, alongside monitoring the decommissioning market in the U.S. Gulf of America.

The fleet redeployment plan involves moving assets out of softer markets:

• Three Fast Supply Vessels (FSVs) in the U.S. were anticipated to be redeployed to international markets during the third and fourth quarters of 2025.
• The multi-year contracts in Brazil, starting Q1 2026, will reduce the North Sea presence to two PSVs.
• Q1 2025 results reflected lower utilization due to maintenance and repositioning activities, a common tactic to prepare for new contract wins.

The total LTM revenue ending September 30, 2025, was $245.31 million, down from the 2024 annual revenue of $271.36 million, illustrating the impact of asset sales and market softness in certain legacy areas.

Finance: draft 13-week cash view by Friday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Channels

You're looking at how SEACOR Marine Holdings Inc. gets its services-marine and support transportation-to the customer. This is all about direct engagement, given the specialized nature of offshore energy support.

The primary conduit for revenue is direct contracting, which is heavily weighted toward Time Charter agreements. For the last year, this channel delivered $254.32 million USD of the total $271.36 million USD in revenue. This shows the direct sales and contracting teams are focused on securing these longer-term, high-value arrangements.

Here's a look at the recent operational performance that these channels are driving:

The sales and contracting teams are definitely focused on the right places. They are actively monitoring and engaging in markets showing healthy tendering activity. The North Sea exposure has been intentionally reduced.

The key global regions where SEACOR Marine Holdings Inc. deploys its direct sales and contracting efforts include:

• South America
• West Africa
• The Middle East

The regional operating hubs in these areas help manage the fleet and customer relationships on the ground. For instance, the Africa and Europe region alone contributed $104.68 million USD to revenue in the last year. This structure supports the direct chartering model.

Direct vessel chartering is the core transaction. This involves securing contracts with major energy and, increasingly, wind farm operators for the use of their specialized fleet, like Platform Supply Vessels (PSVs). The focus on fleet modernization, including two new PSVs scheduled for delivery in Q4 2026 and Q1 2027, is aimed at capturing future, potentially higher-rate, direct charter business. The average day rate in Q2 2025 was $19,731. That's the price point these teams are working to secure.

Finance: draft 13-week cash view by Friday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Customer Segments

You're looking at the core client base for SEACOR Marine Holdings Inc. as of late 2025. The business model clearly leans on established energy players globally, though strategic shifts are underway to secure longer-term, potentially less volatile contracts.

The customer segments are primarily defined by geography and the nature of the energy work-traditional oil and gas versus emerging renewables and asset retirement.

Global offshore oil and gas exploration and production (E&P) companies form the bedrock of SEACOR Marine Holdings Inc.'s revenue base, as evidenced by the FY 2024 customer concentration figures, even as the company pivots its fleet deployment.

Here is a look at the key named customers that contributed to the FY 2024 Total Revenue:

The geographic revenue breakdown for the third quarter of 2025 shows where the current operational activity is concentrated, totaling $59.2 million in revenue for that period:

• Africa & Europe: $23.090M revenue.
• Middle East & Asia: $12.925M revenue.
• Latin America: $12.047M revenue.
• U.S. Gulf: $11.132M revenue.

Offshore wind farm developers needing installation and support vessels represent a segment where SEACOR Marine Holdings Inc. is actively monitoring activity, though near-term challenges exist. Management noted U.S. offshore wind faced significant challenges in the near term as of early 2025.

Decommissioning operators, particularly in the U.S. Gulf of Mexico, are an expected source of increased activity. SEACOR Marine Holdings Inc. stated that the backlog of mandatory maintenance and decommissioning activity in the U.S. Gulf of America should ultimately lead to increased levels of activity on the shelf.

State-owned energy companies securing long-term vessel charters (e.g., Brazil) are a key focus for securing future revenue visibility. SEACOR Marine Holdings Inc. won multi-year contracts in Brazil for two hybrid Platform Supply Vessels (PSVs) set to start in the first quarter of 2026. The PSV segment delivered a 24.8% Direct Vessel Profit (DVP) margin in the third quarter of 2025, showing the strength of these high-specification assets.

The company is actively reducing exposure in softer markets like the North Sea to focus on regions like South America, where these long-term charters are being secured. The average backlog contract duration was noted as 0.7 years in February 2025.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Cost Structure

You're looking at the core expenses SEACOR Marine Holdings Inc. racks up to keep its fleet running and the business afloat. Honestly, for a vessel operator, the costs tied directly to sailing are always the big one.

Vessel operating costs-that's your fuel, crew wages, and routine maintenance-form the largest chunk of the day-to-day spend. For the third quarter ended September 30, 2025, these costs, which are the expenses subtracted from revenue to calculate Direct Vessel Profit (DVP), were substantial. Here's the quick math: with Q3 2025 operating revenues at $59.2 million and DVP at $11.5 million, the underlying vessel operating expenses were approximately $47.7 million for that quarter.

Then you have the necessary, but lumpy, capital maintenance. Drydocking and major repairs are expensed as incurred, meaning they hit the income statement hard when they happen. For Q3 2025 alone, these costs totaled $9.9 million. That's a significant hit for a single quarter, though it's slightly up from the $9.2 million seen in Q2 2025.

Managing a global fleet requires a dedicated team, which translates to General and Administrative (G&A) expenses. For the third quarter of 2025, SEACOR Marine Holdings Inc. reported G&A expenses of $11,269 thousand, or about $11.27 million. This covers the overhead for managing operations worldwide.

Finally, you can't ignore the cost of capital. While interest expense isn't broken out separately in the DVP calculation, the balance sheet size dictates the debt servicing burden. As of the third quarter of 2025, the outstanding long-term debt was reported to be approximately $311.9 million. That debt level requires consistent cash flow just to cover principal and interest payments.

Here's a snapshot of the key cost drivers we see in the Q3 2025 reporting:

To give you a clearer picture of the non-DVP related fixed/period costs, look at the components that are excluded from DVP analysis:

• Depreciation and amortization: $37,025 thousand in Q3 2025.
• General and administrative: $11,269 thousand in Q3 2025.
• Lease expense: $942 thousand in Q3 2025.

The focus on cost structure streamlining mentioned by management definitely ties back to managing these fixed and periodic expenses, especially drydocking, which can swing quarterly results defintely.

Finance: draft 13-week cash view by Friday.

SEACOR Marine Holdings Inc. (SMHI) - Canvas Business Model: Revenue Streams

You're looking at how SEACOR Marine Holdings Inc. (SMHI) actually brings in the money as of late 2025, focusing on the hard numbers from the most recent reports.

The core of the revenue generation is tied directly to the time the fleet is working for clients. For the third quarter of 2025, the consolidated operating revenues for SEACOR Marine Holdings Inc. (SMHI) hit $59.2 million. This revenue is heavily influenced by the day rates the vessels command and how often they are chartered out. In Q3 2025, the average day rates were $19,490, but the fleet utilization was at 66%.

A significant, though non-recurring, component of the recent financial performance came from strategic portfolio management. During the third quarter of 2025, the Company completed the sale of two 335' class liftboats, which generated total proceeds of $76.0 million and resulted in a reported gain of $30.5 million. This action reinforces a strategic shift away from certain high-volatility markets.

The operational efficiency of the core business is tracked via the Direct Vessel Profit (DVP) metric. For Q3 2025, the overall DVP margin was 19.4%, translating to a DVP of $11.5 million for the quarter. This margin was achieved despite incurring $9.9 million in drydocking and major repairs expenses during the period.

Beyond the headline revenue, specific vessel classes show different performance profiles, which speaks to the revenue derived from specialized services and contract structures. For instance, the platform supply vessel (PSV) fleet demonstrated stronger underlying performance, generating a 24.8% DVP margin in the same quarter. This segment is set to be bolstered by multi-year contracts secured in Brazil for two large hybrid-powered PSVs, with contract commencement slated for Q1 2026.

Here's a quick look at the key Q3 2025 operational and financial metrics that define the revenue generation:

The revenue streams also rely on maintaining high performance in specific service areas, which you can see reflected in the segment results. The streams include:

• Vessel charter revenue based on day rates.
• Revenue from specialized services like accommodation support.
• Gains from strategic asset sales.
• Strong DVP from the PSV fleet, which hit 24.8% margin.

The mix is definitely shifting; the strategic asset dispositions are a clear cash generator right now. If onboarding those new Brazil contracts takes longer than expected in Q1 2026, utilization could remain a near-term headwind.

Finance: draft 13-week cash view by Friday.