SMHI SEACOR Marine

Offshore Β· FSV / PSV / Liftboat Β· 234 documents

SEACOR Marine pays no dividend, in its own words, so our forecast is $0.00 a share.

2026Q3 Β· our model
$0.00
$13,845/d modelled
STATED
the company's stated decision to pay none
2026Q4 Β· our model
$0.00
0.0% annualised
$13,845/d modelled
the company's stated decision to pay none

Yields annualise each quarter Γ—4 at the last close, $8.21 (2026-10-16). Our model is not company guidance.

What will SEACOR Marine pay for 2026Q3?

Company said
SEACOR Marine has published no booked rates for 2026Q3. It pays no dividend, in its own words: β€œSEACOR Marine does not intend to pay any dividends to holders of its Common Stock.” (2026-02-25, source).
β€”
$0.00
no dividend
Our model
Every day at the company's own last realized rate; dividend by the company's stated decision to pay none.
$13,845/d
modelled
$0.00
modelled Β· STATED

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Fsv Β· 20 $10,6722026Q2 Β· class β€”none printed β€”no open $/day series
Psv Β· 15 $20,0572026Q2 Β· class β€”none printed β€”no open $/day series
Liftboat Β· 3 $3,9352026Q2 Β· class β€”none printed β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Fsv 1,840 open days
Psv 1,380 open days
Liftboat 276 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for fsv, liftboat, psv: no off-hire or drydock days are deducted there.

 3,496 3,496
By class
ClassDaysModel $/dayYours $/day
Fsv1,84010,67210,672
Psv1,38020,05720,057
Liftboat2763,9353,935
Fleet TCE, $/day assumed 13,845 13,845
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

 48.4 48.4
Vessel opex, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 (46.7)
G&A, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 (12.3)
EBITDA, $m

Needs vessel opex and G&A on a per-day basis; derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 β€” β€”
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€”
Interest expense, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 (8.2)
Scheduled debt amortisation, $m stated

As reported for 2026Q2. Disclosed, but no break-even derives from them: derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 (7.7)
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day

No cash break-even: derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 β€” β€”
Cushion vs fleet TCE, $/day β€” β€”
Free cash flow to equity, $m

No cash break-even: derived $21,438/day exceeds the best realized TCE $13,672/day β€” at no rate on file would these cash costs have been covered, so the figure is not published β€” either an input is wrong or the company is not covering its cash costs.

 β€” β€”
Capex (memo), $m

As reported for 2026Q2. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal.

 (6.4)

Dividend policy stated

No stated payout policy on file.

The company’s own word sets this dividend; it does not move with the rate.

OutputModelYour scenarioΞ”
Estimated DPS, $/share stated $0.00
Forward yield, run-rate % 0.0%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $8.21 close on 2026-10-16.

This dividend is set by the company's stated decision to pay none, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEDeclared DPS
$0k
$10k
$20k
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.00
$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where SMHI departs from that

  • The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
  • No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat β€” the revenue track record shows how that has done.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$13,845/d
ASSUMED
How we got to the DPS
The company's stated decision to pay none STATED $0.00
Cash walk from earnings declined β€” no per-class cash break-even is on file
Stated payout policy declined β€” the company publishes no payout policy this model can read

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Expected DPS (2026Q3) $0.00

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
38
Realized TCE
$13,672/d 2026Q2
Declared DPS
β€”
TTM DPS
β€”
Coverage
β€”
Revenue
$49.7M
Opex
$46.7M
Net income
$3.3M

20Γ— fsv Β· 3Γ— liftboat Β· 15Γ— psv current

Revenue model track record model vs realized

Each quarter priced at the previous quarter's realized rate, held flat β€” the figure the model holds once that quarter is reported β€” against the rate the fleet actually realized. Average miss 9.5% over 5 backtested quarters.

QuarterRecordModel $/dayRealized $/dayModel rev $MRealized rev $MMiss
2025Q2backtest 10,74112,481 37.143.2 -13.9%
2025Q3backtest 12,48112,256 43.642.8 +1.8%
2025Q4backtest 12,25611,951 49.648.4 +2.6%
2026Q1backtest 11,95110,987 40.937.6 +8.8%
2026Q2backtest 10,98713,845 38.047.9 -20.6%

Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate Γ— vessel-days, so a miss here is a rate miss.

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Fsv20β€”β€” β€” β€” β€” 10,672 β€” 19.6
Psv15β€”β€” β€” β€” β€” 20,057 β€” 27.7
Liftboat3β€”β€” β€” β€” β€” 3,935 β€” 1.1
Total38 13,845 β€” 48.4

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold
$48.4M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate β€” no market index covers this fleet, so there is no peak-index Bull case.

Model gaps & assumptions

fsv: no index and no guidance β€” priced at the issuer's own last realized fsv rate $10,672/day (2026Q2, derived: per-type time-charter revenue per available vessel-day β€” MD&A table by vessel class, three months ended June 30, 2026), held flat (owner ruling 2026-09-26; per-type where printed) Β· psv: no index and no guidance β€” priced at the issuer's own last realized psv rate $20,057/day (2026Q2, derived: per-type time-charter revenue per available vessel-day β€” MD&A table by vessel class, three months ended June 30, 2026), held flat (owner ruling 2026-09-26; per-type where printed) Β· liftboat: no index and no guidance β€” priced at the issuer's own last realized liftboat rate $3,935/day (2026Q2, derived: per-type time-charter revenue per available vessel-day β€” MD&A table by vessel class, three months ended June 30, 2026), held flat (owner ruling 2026-09-26; per-type where printed) Β· no dividend, in the company's words: β€œSEACOR Marine does not intend to pay any dividends to holders of its Common Stock.” (2026-02-25)

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $49.7M β€” β€”
Opex $46.7M β€” β€”
Net income $3.3M βˆ’$15.8M n/m
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M49.7β€”β€”β€”β€”β€”
Voyage expenses $Mβ€”β€”β€”β€”β€”β€”
Vessel opex $M46.7β€”β€”β€”β€”β€”
G&A $M12.3β€”β€”β€”β€”β€”
Depreciation $Mβ€”β€”β€”β€”β€”β€”
Interest expense, gross $M8.28.2β€”8.98.89.6
Net income $M3.3βˆ’15.8βˆ’14.69.0βˆ’6.7βˆ’15.5
Declared DPSβ€”β€”β€”β€”β€”β€”

Realized fleet TCE

Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 13,672.00.

image/svg+xml 2025 2026 2027 2028 13,000 13,200 13,400 13,600 13,800 14,000 14,200 14,400 13,672 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Benchmark index β€” monthly average

Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.

Benchmark index monthly average

Guidance & sources
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q3 β€” β€” β€” 10-Q, 8-K
2026Q2 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K
2026Q1 β€” β€” β€” 10-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit
2025Q4 β€” β€” β€” 8-K, 8-K exhibit, 10-Q, 8-K, 8-K exhibit, 8-K, 8-K exhibit
2025Q3 β€” β€” β€” 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K, 8-K exhibit, 8-K, 10-Q, 8-K exhibit
2025Q2 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K exhibit, 8-K, 8-K exhibit
2025Q1 β€” β€” β€” 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 10-K, 8-K, 8-K exhibit
2024Q4 β€” β€” β€” 8-K, 8-K exhibit, 8-K exhibit, 10-Q, 8-K, 8-K exhibit
2024Q3 β€” β€” β€” 8-K, 8-K exhibit, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K, 10-Q, 8-K exhibit, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit
2024Q2 β€” β€” β€” 8-K, 10-Q, 8-K, 8-K exhibit
2024Q1 β€” β€” β€” 8-K, 8-K, 10-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit

Recent documents