SEACOR Marine owns and operates a fleet of offshore support vessels (OSVs) that transport cargo, equipment, and personnel to offshore oil and gas platforms, drilling rigs, and offshore wind farms. The company's fleet of 44 vessels consists of three main types: Platform Supply Vessels (PSVs), which deliver cargo and drilling fluids to offshore rigs; Fast Support Vessels (FSVs), high-speed vessels for personnel and light cargo transfers; and liftboats, self-propelled jack-up platforms used for construction, maintenance, and well intervention. SEACOR Marine earns revenue by chartering vessels to customers on a daily rate basis — primarily on time charters, where SEACOR Marine covers operating costs and the customer covers fuel. Revenue is driven by two variables: fleet utilization and day rates, both of which are highly sensitive to oil and gas prices and E&P capital spending. Contracts range from a few days to multi-year terms, and many include cancellation clauses with no early termination penalties, limiting revenue visibility. SEACOR Marine operates across four regions — the U.S., Africa and Europe, Middle East and Asia, and Latin America — with roughly 84% of revenue from international operations. Customer concentration is high, with three customers (Azule Energy, ExxonMobil, and a Saudi Aramco joint venture) accounting for 58% of revenues. The company has been shrinking its fleet, from 58 vessels in 2023 to 44 at year-end 2025, selling lower-specification vessels to focus on higher-margin deployments.