SEACOR Holdings Announces Second Quarter Results

FORT LAUDERDALE, FL--(Marketwire - July 23, 2008) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the second quarter ended June 30, 2008 of $38.4 million, or $1.57 per diluted share, on operating revenues of $409.0 million. For the six months ended June 30, 2008, net income was $76.3 million, or $3.06 per diluted share, on operating revenues of $763.4 million.

For the quarter ended June 30, 2007, net income was $65.3 million, or $2.41 per diluted share, on operating revenues of $325.5 million. For the six months ended June 30, 2007, net income was $103.4 million, or $3.80 per diluted share, on operating revenues of $636.2 million.

Net income for the preceding quarter ended March 31, 2008 was $37.9 million, or $1.50 per diluted share, on operating revenues of $354.5 million. Comparison of results for the second quarter ended June 30, 2008 with the preceding quarter ended March 31, 2008 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services - Operating income in the second quarter was $51.5 million on operating revenues of $171.2 million compared with operating income of $40.6 million on operating revenues of $154.6 million in the preceding quarter. Second quarter results included $14.4 million in gains on asset dispositions compared with $7.1 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income in the second quarter was $3.7 million higher than in the preceding quarter. The improvement was primarily due to an increase in time charter revenues, particularly in the U.S. Gulf of Mexico because of more rig moving activity. Operating expenses increased in the second quarter, primarily due to higher drydocking and insurance costs. The regulatory survey, major repair and upgrade program of the Company's large AHTS vessels continued in the second quarter resulting in 168 days of out-of-service time as well as the cost of repairs. Administrative and general expenses were also higher in the second quarter primarily due to the recognition of international staff severance payments.

The number of days available for charter in the second quarter decreased by 143 or 0.9% as a result of a net decrease in fleet count. Overall utilization increased from 76.7% to 80.5% and overall average day rates were higher at $12,182 per day compared with $11,783 per day in the preceding quarter.

Two new AHTS vessels were delivered during the second quarter, one in April and one in June.

Marine Transportation Services - Marine Transportation Services reported operating income in the second quarter of $2.4 million on operating revenues of $28.8 million, compared with operating income of $6.9 million on operating revenues of $29.0 million in the preceding quarter. First quarter results included $3.6 million in gains on asset dispositions and a one-time receipt of $1.5 million related to the early termination of a charter party agreement.

Excluding the impact of gains on asset dispositions and the one-time receipt, operating income was $0.5 million higher in the second quarter. Operating results were positively impacted by fewer out-of-service days for repairs, offset by mobilization costs and out-of-service time associated with the regulatory drydocking of the Seabulk Arctic that will continue into the third quarter.

Inland River Services - Operating income in the second quarter was $7.5 million on operating revenues of $33.3 million compared with operating income of $8.0 million on operating revenues of $30.1 million in the preceding quarter. Second quarter results included $1.5 million in gains on asset dispositions compared with $0.7 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $1.3 million lower in the second quarter. Continuing heavy rainfall in the Midwest resulted in high water levels on the upper Mississippi and Arkansas Rivers and unfavorable operating conditions throughout the entire river system. Operating costs were affected by fuel price increases which were not compensated for in freight rates and higher maintenance and repair costs in respect of regulatory inspections for towboats and liquid tank barges.

Aviation Services - Operating income in the second quarter was $6.7 million on operating revenues of $63.8 million compared with operating income of $1.9 million on operating revenues of $53.8 million in the preceding quarter. Second quarter results included $3.2 million in gains on asset dispositions compared to $0.4 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $2.0 million higher in the second quarter. The improvement was primarily due to an increase in operating revenues from an expansion of international leasing operations, the resumption of flightseeing operations in Alaska and other seasonal factors. Operating expenses were higher in the second quarter primarily due to the increased activity levels and the timing of fleet repairs and maintenance.

Environmental Services - Operating income in the second quarter was $1.7 million on operating revenues of $38.0 million compared with operating income of $4.8 million on operating revenues of $42.5 million in the preceding quarter. The decrease in operating income was largely due to a reduction in response and retainer services.

Commodity Trading - SEACOR's commodity merchandising group currently focuses on renewable fuels and rice. Operating income in the second quarter was $6.8 million on operating revenues of $55.4 million compared with operating income of $1.2 million on operating revenues of $28.7 million in the preceding quarter.

Harbor and Offshore Towing Services - Operating income in the second quarter was $3.1 million on operating revenues of $19.9 million compared with operating income of $1.1 million on operating revenues of $16.3 million in the preceding quarter.

The improvement in operating income was primarily due to increased operating revenues as a result of tariff rate increases at two harbor ports. Operating expenses were higher in the second quarter due to increased drydocking and fuel costs and the cost of providing third-party equipment to support terminal operations in St. Eustatius.

Net Interest Expense - Net interest expense was $7.3 million in the second quarter compared with $4.1 million in the prior quarter. The increase was primarily due to lower invested cash balances and lower capitalized interest.

Derivatives - Derivative losses were $7.1 million in the second quarter compared with gains of $6.5 million in the preceding quarter.

Foreign Currencies - Foreign currency gains were $0.6 million in the second quarter compared with gains of $2.6 million in the preceding quarter.

Marketable Securities - Marketable security gains were $0.4 million in the second quarter compared with losses of $5.7 million in the preceding quarter.

Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from joint ventures was $1.3 million in the second quarter compared with equity in earnings of $4.6 million in the preceding quarter. In the second quarter, one of the Company's inland river services joint ventures reported lower earnings primarily due to securities and futures trading. During the preceding quarter, the Company realized a gain of $1.9 million, net of tax, arising from the sale of a vessel in one of its offshore marine services joint ventures.

Stock and Debt Repurchases - During the second quarter, the Company purchased 1,112,917 shares of its common stock at an average price of $86.93 per share. At the end of the quarter, 21,117,375 shares of SEACOR's common stock remained outstanding.

Capital Commitments - The Company's unfunded capital commitments as of June 30, 2008, consisted primarily of offshore marine vessels, harbor tugs, helicopters and inland river barges and totaled $348.5 million, of which $180.2 million is payable during the remainder of 2008 and the balance payable through 2010. Of the total unfunded capital commitments, approximately $52.3 million may be terminated without further liability other than the payment of liquidated damages of $6.3 million in the aggregate. As of June 30, 2008, the Company held balances of cash, cash equivalents, restricted cash, available-for-sale marketable securities, construction reserve funds and title XI reserve funds totaling $820.9 million.

SEACOR is a global provider of marine support and transportation services, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, aviation services, environmental services, and offshore and harbor towing services. SEACOR is focused on providing highly responsive local service, combined with the highest safety standards, innovative technology, modern efficient equipment, and dedicated, professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the conditions in the global financial markets and international economic conditions including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, loss of U.S. coastwise endorsement for the Seabulk Trader, a retrofitted double-hull tanker, if the company is unsuccessful in appealing a district court opinion instructing the U.S. Coast Guard to revoke its coastwise charter, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, increased competition if the Jones Act is repealed, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality on Aviation Services, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, effects of adverse weather and river conditions and seasonality on Inland River Services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the following should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is incorporated by reference.

For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com.

                         SEACOR HOLDINGS INC.
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
           (in thousands, except per share data, unaudited)


                                 Three Months Ended     Six Months Ended
                                      June 30,              June 30,
                                --------------------  --------------------
                                  2008       2007       2008       2007
                                ---------  ---------  ---------  ---------

Operating Revenues              $ 408,967  $ 325,454  $ 763,422  $ 636,217
                                ---------  ---------  ---------  ---------

Costs and Expenses:
  Operating                       274,304    198,818    509,344    387,476
  Administrative and general       45,095     33,937     84,100     68,337
  Depreciation and amortization    37,728     38,055     75,528     76,930
                                ---------  ---------  ---------  ---------
                                  357,127    270,810    668,972    532,743
                                ---------  ---------  ---------  ---------

Gains on Asset Dispositions and
 Impairments, Net                  19,274     42,540     31,180     54,697
                                ---------  ---------  ---------  ---------

Operating Income                   71,114     97,184    125,630    158,171
                                ---------  ---------  ---------  ---------

Other Income (Expense):
  Interest income                   5,373     11,456     12,849     23,680
  Interest expense                (12,674)   (12,108)   (24,222)   (25,376)
  Derivative losses, net           (7,113)      (254)      (646)      (124)
  Foreign currency gains
   (losses), net                      604        460      3,214       (130)
  Marketable security gains
   (losses), net                      383     (9,430)    (5,301)   (14,118)
  Other, net                          162        639        326        596
                                ---------  ---------  ---------  ---------
                                  (13,265)    (9,237)   (13,780)   (15,472)
                                ---------  ---------  ---------  ---------
Income Before Income Tax
 Expense, Minority Interest in
 Income of Subsidiaries and
 Equity In Earnings of 50% or
 Less Owned Companies              57,849     87,947    111,850    142,699
Income Tax Expense                 20,616     30,206     41,086     49,048
                                ---------  ---------  ---------  ---------
Income Before Minority Interest
 in Income of Subsidiaries and
 Equity in Earnings of 50% or
 Less Owned Companies              37,233     57,741     70,764     93,651
Minority Interest in Income of
 Subsidiaries                        (191)      (304)      (393)      (482)
Equity in Earnings of 50% or
 Less Owned Companies               1,315      7,829      5,894     10,249
                                ---------  ---------  ---------  ---------
Net Income                      $  38,357  $  65,266  $  76,265  $ 103,418
                                =========  =========  =========  =========

Basic Earnings Per Common Share $    1.80  $    2.73  $    3.49  $    4.29

Diluted Earnings Per Common
 Share                          $    1.57  $    2.41  $    3.06  $    3.80

Weighted Average Common Shares
 Outstanding:
  Basic                            21,363     23,886     21,853     24,119
  Diluted                          25,171     27,582     25,692     27,832





                          SEACOR HOLDINGS INC.
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
            (in thousands, except per share data, unaudited)


                                       Three Months Ended
                     -----------------------------------------------------
                     Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                       2008       2008       2007       2007       2007
                     ---------  ---------  ---------  ---------  ---------

Operating Revenues   $ 408,967  $ 354,455  $ 363,090  $ 359,923  $ 325,454
                     ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
  Operating            274,304    235,040    230,935    213,992    198,818
  Administrative and
   general              45,095     39,005     42,097     36,883     33,937
  Depreciation and
   amortization         37,728     37,800     39,934     37,443     38,055
                     ---------  ---------  ---------  ---------  ---------
                       357,127    311,845    312,966    288,318    270,810
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net       19,274     11,906     48,315     19,560     42,540
                     ---------  ---------  ---------  ---------  ---------

Operating Income        71,114     54,516     98,439     91,165     97,184
                     ---------  ---------  ---------  ---------  ---------

Other Income
 (Expense):
  Interest income        5,373      7,476     10,219     11,274     11,456
  Interest expense     (12,674)   (11,548)   (13,129)   (10,855)   (12,108)
  Derivative gains
   (losses), net        (7,113)     6,467      5,738      5,221       (254)
  Foreign currency
   gains, net              604      2,610         44        316        460
  Marketable
   security gains
   (losses), net           383     (5,684)    (1,233)    11,960     (9,430)
  Other, net               162        164        109       (716)       639
                     ---------  ---------  ---------  ---------  ---------
                       (13,265)      (515)     1,748     17,200     (9,237)
                     ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense,
 Minority Interest
 in (Income) Loss of
 Subsidiaries and
 Equity In Earnings
 of 50% or Less
 Owned Companies        57,849     54,001    100,187    108,365     87,947
Income Tax Expense      20,616     20,470     41,054     40,339     30,206
                     ---------  ---------  ---------  ---------  ---------
Income Before
 Minority Interest
 in (Income) Loss of
 Subsidiaries and
 Equity in Earnings
 of 50% or Less
 Owned Companies        37,233     33,531     59,133     68,026     57,741
Minority Interest in
 (Income) Loss of
 Subsidiaries             (191)      (202)       182       (927)      (304)
Equity in Earnings
 of 50% or Less
 Owned Companies         1,315      4,579      8,633      3,183      7,829
                     ---------  ---------  ---------  ---------  ---------
Net Income           $  38,357  $  37,908  $  67,948  $  70,282  $  65,266
                     =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share        $    1.80  $    1.70  $    2.99  $    3.02  $    2.73

Diluted Earnings Per
 Common Share        $    1.57  $    1.50  $    2.62  $    2.66  $    2.41

Weighted Average
 Common Shares
 Outstanding:
  Basic                 21,363     22,344     22,738     23,234     23,866
  Diluted               25,171     26,011     26,439     26,905     27,582
Common Shares
 Outstanding at
 Period End             21,117     22,223     22,575     23,157     23,895



                    SEACOR HOLDINGS INC.
           OPERATING INCOME (LOSS) BY LINE OF BUSINESS
                    (in thousands, unaudited)

                                       Three Months Ended
                     -----------------------------------------------------
                      Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                        2008      2008       2007        2007       2007
                     ---------- ---------- ---------  ---------  ---------
Offshore Marine
 Services
Operating Revenues   $  171,214 $  154,647 $ 170,430  $ 179,618  $ 171,442
                     ---------- ---------- ---------  ---------  ---------
Costs and Expenses:
  Operating             104,599     94,270    97,534     95,345     88,596
  Administrative and
   general               15,801     12,804    13,855     13,137     11,893
  Depreciation and
   amortization          13,674     14,125    15,415     14,069     14,515
                     ---------- ---------- ---------  ---------  ---------
                        134,074    121,199   126,804    122,551    115,004
                     ---------- ---------- ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net        14,352      7,138    22,472     13,222     38,546
                     ---------- ---------- ---------  ---------  ---------
Operating Income     $   51,492 $   40,586 $  66,098  $  70,289  $  94,984
                     ========== ========== =========  =========  =========

Marine
 Transportation
 Services
Operating Revenues   $   28,764 $   28,953 $  31,827  $  27,730  $  25,924
                     ---------- ---------- ---------  ---------  ---------
Costs and Expenses:
  Operating              16,762     16,219    27,781     19,207     22,865
  Administrative and
   general                1,607      1,438     1,737      1,150      1,236
  Depreciation and
   amortization           8,039      7,980     8,764      9,536      9,790
                     ---------- ---------- ---------  ---------  ---------
                         26,408     25,637    38,282     29,893     33,891
                     ---------- ---------- ---------  ---------  ---------

Gains on Asset
 Dispositions                --      3,629        --         --         --
                     ---------- ---------- ---------  ---------  ---------
Operating Income
 (Loss)              $    2,356 $    6,945 $  (6,455) $  (2,163) $  (7,967)
                     ========== ========== =========  =========  =========

Inland River
 Services
Operating Revenues   $   33,322 $   30,145 $  33,850  $  32,656  $  28,020
                     ---------- ---------- ---------  ---------  ---------
Costs and Expenses:
  Operating              21,310     16,726    15,863     16,234     13,056
  Administrative and
   general                1,916      2,123     2,076      1,753      2,101
  Depreciation and
   amortization           4,032      3,964     4,220      4,256      4,332
                     ---------- ---------- ---------  ---------  ---------
                         27,258     22,813    22,159     22,243     19,489
                     ---------- ---------- ---------  ---------  ---------

Gains on Asset
 Dispositions             1,472        711    22,726      1,592      2,622
                     ---------- ---------- ---------  ---------  ---------
Operating Income     $    7,536 $    8,043 $  34,417  $  12,005  $  11,153
                     ========== ========== =========  =========  =========

Aviation Services
Operating Revenues   $   63,795 $   53,792 $  51,296  $  62,449  $  55,861
                     ---------- ---------- ---------  ---------  ---------
Costs and Expenses:
  Operating              46,697     39,871    38,156     41,647     41,212
  Administrative and
   general                4,895      4,629     5,315      4,590      4,439
  Depreciation and
   amortization           8,672      7,789     7,866      7,015      6,601
                     ---------- ---------- ---------  ---------  ---------
                         60,264     52,289    51,337     53,252     52,252
                     ---------- ---------- ---------  ---------  ---------

Gains on Asset
 Dispositions             3,208        394     1,996      4,304      1,505
                     ---------- ---------- ---------  ---------  ---------
Operating Income     $    6,739 $    1,897 $   1,955  $  13,501  $   5,114
                     ========== ========== =========  =========  =========

Environmental
 Services
Operating Revenues   $   37,984 $   42,509 $  55,879  $  42,287  $  32,168
                     ---------- ---------- ---------  ---------  ---------
Costs and Expenses:
  Operating              26,571     30,598    36,623     30,316     23,605
  Administrative and
   general                8,423      5,709     7,755      5,931      4,323
  Depreciation and
   amortization           1,414      1,445     1,748      1,096      1,100
                     ---------- ---------- ---------  ---------  ---------
                         36,408     37,752    46,126     37,343     29,028
                     ---------- ---------- ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions          84         35       249         75       (133)
                     ---------- ---------- ---------  ---------  ---------
Operating Income     $    1,660 $    4,792 $  10,002  $   5,019  $   3,007
                     ========== ========== =========  =========  =========




                      SEACOR HOLDINGS INC.
        OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
                   (in thousands, unaudited)

                                      Three Months Ended
                     -----------------------------------------------------
                      Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                       2008       2008       2007       2007        2007
                     ---------  ---------  ---------  ---------  ---------
Commodity Trading
Operating Revenues   $  55,419  $  28,674  $   6,338  $   3,058  $     204
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             46,977     26,757      6,902      2,646        174
  Administrative and
   general               1,644        727        365        287        200
  Depreciation and
   amortization             --         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
                        48,621     27,484      7,267      2,933        374
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions               --         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $   6,798  $   1,190  $    (929) $     125  $    (170)
                     =========  =========  =========  =========  =========

Harbor and Offshore
 Towing Services
Operating Revenues   $  19,929  $  16,257  $  13,461  $  12,351  $  12,538
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             12,959     11,109      8,053      8,797     10,003
  Administrative and
   general               2,398      1,771      1,882      1,769      1,999
  Depreciation and
   amortization          1,648      2,267      1,714      1,264      1,264
                     ---------  ---------  ---------  ---------  ---------
                        17,005     15,147     11,649     11,830     13,266
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net                       158         --         --       (100)        --
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $   3,082  $   1,110  $   1,812  $     421  $    (728)
                     =========  =========  =========  =========  =========

Other
Operating Revenues   $     104  $      --  $      --  $      --  $      --
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating                 --         --         --         --         --
  Administrative and
   general                 131        202        509         46          7
  Depreciation and
   amortization              8         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
                           139        202        509         46          7
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions               --         --        873        467         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $     (35) $    (202) $     364  $     421  $      (7)
                     =========  =========  =========  =========  =========

Corporate and
 Eliminations
Operating Revenues   $  (1,564) $    (522) $       9  $    (226) $    (703)
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             (1,571)      (510)        23       (200)      (693)
  Administrative and
   general               8,280      9,602      8,603      8,220      7,739
  Depreciation and
   amortization            241        230        207        207        453
                     ---------  ---------  ---------  ---------  ---------
                         6,950      9,322      8,833      8,227      7,499
                     ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions               --         (1)        (1)        --         --
                     ---------  ---------  ---------  ---------  ---------
Operating Loss       $  (8,514) $  (9,845) $  (8,825) $  (8,453) $  (8,202)
                     =========  =========  =========  =========  =========





                          SEACOR HOLDINGS INC.
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                        (in thousands, unaudited)


                 Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,
                   2008        2008        2007        2007        2007
                ----------  ----------  ----------  ----------  ----------
      ASSETS
Current Assets:
  Cash and cash
   equivalents  $  422,569  $  444,787  $  537,305  $  429,020  $  503,288
  Restricted
   cash             30,072      39,152      30,624      38,371      54,680
  Available-for
   -sale
   marketable
   securities       97,920      75,669      28,792      18,501      19,184
  Receivables:
    Trade, net
     of allowance
     for
     doubtful
     accounts      272,291     250,789     267,564     289,796     263,211
    Other           54,520      72,073      62,975      43,838      28,948
  Inventories       42,063      35,021      30,468      28,186      28,471
  Deferred
   income taxes      9,929       9,929       9,929      13,206      13,256
  Prepaid
   expenses and
   other            12,067       9,196       9,756      13,689      13,754
                ----------  ----------  ----------  ----------  ----------
    Total
     current
     assets        941,431     936,616     977,413     874,607     924,792
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,665,956   2,511,118   2,469,735   2,470,029   2,345,711
   Accumulated
    depreciation  (578,100)   (554,838)   (526,583)   (518,285)   (490,070)
                ----------  ----------  ----------  ----------  ----------
   Net
    property and
    equipment    2,087,856   1,956,280   1,943,152   1,951,744   1,855,641
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or
 Less Owned
 Companies         115,701     117,409     109,288     120,866     136,331
Construction
 Reserve Funds
 & Title XI
 Reserve Funds     270,357     413,681     405,000     390,576     344,465
Goodwill            63,101      62,020      60,226      56,271      49,040
Intangible
 Assets             28,079      29,292      30,500      33,756      32,830
Other Assets,
 net of
 allowance for
 doubtful
 accounts           41,806      36,136      43,072      32,610      28,699
                ----------  ----------  ----------  ----------  ----------
                $3,548,331  $3,551,434  $3,568,651  $3,460,430  $3,371,798
                ==========  ==========  ==========  ==========  ==========

  LIABILITIES AND
   STOCKHOLDERS'
   EQUITY
Current
 Liabilities:
  Current
   portion of
   long-term
   debt         $   10,385  $   11,414  $    9,648  $    9,429  $    9,429
  Current
   portion of
   capital
   lease
   obligations      33,682         864         851      19,140       2,978
  Accounts
   payable and
   accrued
   expenses        101,942      93,079     119,321      97,134      86,118
  Other current
   liabilities     273,185     254,522     258,940     280,250     254,778
                ----------  ----------  ----------  ----------  ----------
   Total
    current
    liabilities    419,194     359,879     388,760     405,953     353,303
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     927,701     928,308     929,114     933,188     934,489
Capital Lease
 Obligations         8,192       8,439       8,642       9,000       9,269
Deferred Income
 Taxes             492,131     493,701     480,447     386,384     373,931
Deferred Gains
 and Other
 Liabilities       127,217     131,259     130,311     112,731      96,470
Minority
 Interest in
 Subsidiaries       11,981      12,207       9,558       8,803       7,193
Stockholders'
 Equity:
  Preferred
   stock                --          --          --          --          --
  Common stock         323         323         322         321         321
  Additional
   paid-in
   capital         913,874     910,843     905,702     902,120     899,016
  Retained
   earnings      1,274,289   1,235,932   1,198,024   1,130,076   1,059,794
  Shares held
   in treasury,
   at cost        (628,041)   (531,236)   (486,505)   (431,550)   (366,365)
  Accumulated
   other
   comprehensive
   income
   (loss):
   Cumulative
    translation
    adjustments      2,344       2,337       1,938       1,712       1,428
   Unrealized
    gain (loss)
    on
    available-
    for-sale
    marketable
    securities        (874)       (558)      2,338       1,692       2,949
                ----------  ----------  ----------  ----------  ----------
  Total
   stockholders'
   equity        1,561,915   1,617,641   1,621,819   1,604,371   1,597,143
                ----------  ----------  ----------  ----------  ----------
                $3,548,331  $3,551,434  $3,568,651  $3,460,430  $3,371,798
                ==========  ==========  ==========  ==========  ==========
For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com