Financial Analysis

9. COMMITMENTS AND CONTINGENCIES As of June 30, 2026 , the Company had unfunded capital commitments of $ 39.4 million consisting of $ 37.5 million in respect of the construction of two PSVs, $ 1.7 million in respect of two hybrid battery power systems and $ 0.2 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $ 21.2 million is payable during the remainder of 2026, $ 16.5 million is payable during 2027 and the remainder is payable during 2028. As of June 30, 2026 , $ 37.0 million remained in a restricted account designated to make payments on the construction of the two PSVs, of which $ 11.3 million was deposited during the first quarter of 2026 from the sale of one PSV, $ 23.8 million was deposited during the second quarter of 2026 from the sale of two PSVs and one FSV, and the remainder from prior vessel sales, all in accordance with the terms of the 2024 SMFH Cre dit Facility as previously described in the 2025 Annual Report. The funds deposited in the restricted account will be used to fully fund the remaining payments for the construction of the two PSVs, without the need for any additional proceeds from Tranche B of the 2024 SMFH Credit Facility, of which $ 16.4 million was drawn as of June 30, 2026 . During the second quarter of 2026, the Company exercised its right to cancel the remaining borrowing capacity of $ 24.6 million of this tranche in accordance with the terms of the 2024 SMFH Credit Facility. In December 2015, the Brazilian Fed …

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10. STOCK BASED COMPENSATION Transactions in connection with the Companys Equity Incentive Plans during the six months ended June 30, 2026 were as follows: Restricted Stock Activity: Outstanding as of December 31, 2025 (1) 1,304,145 Granted 389,232 Vested (2) ( 710,637 ) Forfeited ( 5,426 ) Outstanding as of June 30, 2026 (3) 977,314 Stock Option Activity: Outstanding as of December 31, 2025 1,008,865 Granted Exercised Forfeited ( 2,500 ) Outstanding as of June 30, 2026 1,006,365 (1) Includes 30,923 grants of performance-based restricted stock units that satisfied the performance obligation and are therefore likely to vest and excludes 585,842 grants of performance-based restricted stock units that are not considered outstanding until such time that they become probable to vest. (2) Includes 30,923 vested grants of performance-based restricted stock units. (3) Includes no grants of performance-based restricted stock units that satisfied the performance obligation and are therefore likely to vest and excludes 601,680 grants of performance-based restricted stock units that are not considered outstanding until such time that they become probable to vest. For the six months ended June 30, 2026 , the Company acquired for treasury (i) 220,968 shares of Common Stock from its directors and employees to cover their tax withholding obligations upon the vesting of restricted share awards for an aggregate purchase price of $ 1.7 million, and (ii) 12,721 shares of Common Stock from its em …

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8. FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company had no financial assets and liabilities as of June 30, 2026 and December 31, 2025 that are measured at fair value on a recurring basis. The estimated fair values of the Companys other financial assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousan …

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6. INCOME TAXES The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the six months ended June 30, 2026: Statutory rate ( 21.0 )% Foreign taxes 71.2 % Income (loss) of foreign subsidiaries not includable in U.S. return 30.1 % 162(m) - executive compensation 7.8 % Subpart F Income and GILTI 4.8 % Share award plans 3.3 % Other ( 0.8 )% Effective income tax rate 95.4 %

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4. LONG-TERM DEBT The Companys long-term debt obligations as of June 30, 2026 and December 31, 2025 were as follows (in thousands): June 30, 2026 December 31, 2025 2024 SMFH Credit Facility $ 323,900 $ 338,900 Current portion due within one year ( 30,699 ) ( 30,000 ) Unamortized debt discount ( 3,134 ) ( 3,607 ) Deferred financing costs ( 564 ) ( 649 ) Long-term debt, less current portion $ 289,503 $ 304,644 As of June 30, 2026, the Company was in compliance with all debt covenants and lender requirements. During the second quarter of 2026, the Company exercised its right to cancel the remaining $ 24.6 million of Tranche B of the 2024 SMFH Credit Facility available to be drawn to fund construction of two new PSVs because the Company has fully funded the amounts remaining to be paid for the two PSVs through vessel and other asset sales. Letters of Credit . As of June 30, 2026 and December 31, 2025 , the Company had outstanding letters of credit of $ 0.4 million securing lease obligations, labor and performance guaranties. …

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Recently Issued Accounting Standards. On December 18, 2025, the FASB issued ASU 2025-12, Codification Improvements, which clarify, correct errors in and make improvements related to various topics in the FASB Accounting Standards Codification (ASC). The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2026. While early adoption is permitted on an issue-by-issue basis, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Companys consolidated financial position or results of operations. On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, which clarifies interim financial reporting requirements by improving the navigability of the guidance and more clearly specifies what disclosures are required in an interim reporting period. The guidance is effective for interim periods in fiscal years beginning after December 15, 2027. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Companys consolidated financial position or results of operations. On September 29, 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Sco …

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11. SEGMENT INFORMATION The Companys segment presentation and basis of measurement of segment profit or loss were changed in the second quarter of 2026 from what was previously described in the 2025 Annual Report. Certain reclassifications of prior period information have been made to conform the current periods reportable segment presentation as a result of the Companys decision to consolidate management of the United States (primarily Gulf of America) and Latin America (primarily Guyana, Brazil and Mexico) segments into a combined Americas segment. In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment through reduced charter activities as well as the repositioning of vessels out of the region, the Companys United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting and management oversight, the United States operations are now combined with the Latin America operations and reported and managed as a combined Americas segment, and prior period information has been conformed to the new consolidated reporting segment. The following tables summarize the operating results, capital expenditures and assets of the Companys reportable segments for the periods indicated (in thousands): Americas (2) Africa and Europe Middle East and Asia Total For the Thre …

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13. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements.

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