SEACOR Holdings Announces Second Quarter Results

FORT LAUDERDALE, FL--(Marketwire - July 26, 2007) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the second quarter ended June 30, 2007 of $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.

For the second quarter ended June 30, 2006, net income was $62.8 million, or $2.24 per diluted share, on operating revenues of $331.0 million. For the six months ended June 30, 2006, net income was $112.9 million, or $4.04 per diluted share, on operating revenues of $636.9 million.

For the preceding quarter ended March 31, 2007, net income was $38.2 million, or $1.40 per diluted share, on operating revenues of $310.8 million.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the second quarter was $95.0 million on operating revenues of $171.4 million compared to operating income of $56.7 million on operating revenues of $170.9 million in the preceding quarter. Second quarter results included $38.5 million in gains on asset dispositions compared to $8.3 million in gains in the preceding quarter.

The number of days available for charter in the second quarter decreased 752, or 4.0%, primarily as a result of a net decrease in fleet count. Overall average day rates decreased from $11,209 to $10,948 per day. Overall utilization increased from 79.2% to 84.0%.

Operating expenses were lower primarily as a result of fewer dockings in the second quarter, lower expenditures for vessel mobilizations and lower depreciation expense reflecting the impact of vessel sales and certain Seabulk vessels having been fully depreciated.

Marine Transportation Services -- Marine Transportation Services reported an operating loss in the second quarter of $8.0 million on operating revenues of $25.9 million compared to an operating loss of $1.6 million on operating revenues of $30.6 million in the preceding quarter.

Operating results in the second quarter were significantly impacted by three vessels being off-hire for various periods. Two vessels were undergoing a retrofit to a double-hull configuration, one of which was off-hire for the entire preceding quarter and a portion of the second quarter prior to returning to service in early June. The other was off-hire beginning in early March and is expected to return to service in the fourth quarter. Additionally, one vessel reached its OPA 90 mandated retirement date at the end of the preceding quarter.

Inland River Services -- Operating income in the second quarter was $11.2 million on operating revenues of $28.0 million compared to operating income of $13.7 million on operating revenues of $26.7 million in the preceding quarter. Second quarter results included $2.6 million in gains on asset dispositions compared to $3.6 million in gains in the preceding quarter.

The decline in operating income before gains on asset dispositions was primarily due to reduced activity on the river, manifested in lower rates for shipping grain and reduced demurrage revenues. In addition, fewer covered hopper barges were in service during the period following their sale or contribution to joint ventures. These declines were partially offset by higher revenues attained on equipment leased to third parties.

Aviation Services -- Operating income in the second quarter was $5.1 million on operating revenues of $55.9 million compared to an operating loss of $1.2 million on operating revenues of $45.4 million in the preceding quarter. Second quarter results included $1.5 million in gains on asset dispositions compared to $0.2 million in gains in the preceding quarter.

The improvement in operating results was primarily due to increased flight hours in support of increased oil and gas activity in the U.S. Gulf of Mexico and Alaska and the resumption of flightseeing activity in Alaska.

Environmental Services -- Operating income in the second quarter was $3.0 million on operating revenues of $32.2 million compared to an operating loss of $0.5 million on operating revenues of $26.5 million in the preceding quarter.

The improvement in operating results was primarily due to increased retainer service contracts, project management services, consulting activity and equipment sales.

Marketable Security Transactions -- Marketable security transactions resulted in losses of $9.4 million in the second quarter compared to losses of $4.7 million in the preceding quarter.

Equity in Earnings of 50% or Less Owned Companies -- Equity earnings from joint ventures were $7.8 million in the second quarter compared to earnings of $2.4 million in the preceding quarter. The increase is primarily due to the Company's gain of $4.1 million, net of tax, relating to the sale of its Offshore Marine Services' joint venture in Egypt and improved earnings in an Inland River Services' joint venture.

Capital Commitments -- The Company's unfunded capital commitments as of June 30, 2007 consisted primarily of marine service vessels, harbor tugs, helicopters, barges and capital improvements to certain of its existing marine transportation fleet and totaled $516.4 million, of which $178.8 million is payable during the remainder of 2007 and the balance payable through 2010. Of these commitments, approximately $152.4 million may be terminated without further liability other than the payment of liquidated damages of $2.5 million in the aggregate. Subsequent to the end of the quarter, the Company committed to purchase additional property and equipment for $102.5 million and sold certain purchase contracts reducing its unfunded capital commitments by $12.3 million. As of June 30, 2007, the Company held balances of Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds totaling $921.6 million.

Other -- As described in our press release dated June 28, 2007 SEACOR Holdings Inc. and Nabors Industries Ltd. signed a letter of intent to form a new company to own and operate a fleet of 20 offshore support vessels currently owned by a Nabors affiliate. The letter of intent is no longer in effect as the parties were unable to agree on the terms of a material definitive agreement for the new company.

SEACOR is a global provider of marine support and transportation service, 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, helicopter services, environmental services, and offshore and harbor towing services. SEACOR is uniquely 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 cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, industry fleet capacity, consolidation of our customer base, the ongoing need to replace aging vessels, 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, safety record requirements related to Offshore Marine Services and Aviation Services, changes in foreign and domestic oil and gas exploration and production activity, 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, 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, future phase-out of our single-hull tankers, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and our ability to comply with such regulation and other governmental regulation, changes in NRC's OSRO 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 Service's operations, adequacy of insurance coverage, compliance with government regulation, including environmental laws and regulations, currency exchange fluctuations, the attraction and retention of qualified personnel by the Company and various other matters, many of which are beyond the Company's control and other factors. In addition, these statements constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be 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. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our 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 our businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 of our Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which we incorporate by reference.

For additional information, contact Timothy McKeand, Vice President, at (954) 627-6380 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,
                                --------------------  --------------------
                                  2007       2006       2007       2006
                                ---------  ---------  ---------  ---------

Operating Revenues              $ 325,454  $ 330,986  $ 636,217  $ 636,901
                                ---------  ---------  ---------  ---------

Costs and Expenses:
   Operating expenses             198,818    187,149    387,476    356,793
   Administrative and general      33,937     32,865     68,337     64,358
   Depreciation and
    amortization                   38,055     42,318     76,930     85,578
                                ---------  ---------  ---------  ---------
                                  270,810    262,332    532,743    506,729
                                ---------  ---------  ---------  ---------

Gains on Asset Dispositions and
 Impairments, Net                  42,540     24,089     54,697     44,966
                                ---------  ---------  ---------  ---------

Operating Income                   97,184     92,743    158,171    175,138
                                ---------  ---------  ---------  ---------

Other Income (Expense):
   Interest income                 11,456      9,086     23,680     16,222
   Interest expense               (12,108)   (12,847)   (25,376)   (26,915)
   Derivative transaction gains
    (losses), net                    (254)     3,084       (124)       272
   Foreign currency transaction
    gains (losses), net               460      1,217       (130)     1,376
   Marketable security
    transaction losses, net        (9,430)    (3,341)   (14,118)    (6,926)
   Other, net                         639        595        596        623
                                ---------  ---------  ---------  ---------
                                   (9,237)    (2,206)   (15,472)   (15,348)
                                ---------  ---------  ---------  ---------
Income Before Income Tax
 Expense, Minority Interest in
 Income of Subsidiaries and
 Equity In Earnings of 50% or
 Less Owned Companies              87,947     90,537    142,699    159,790
Income Tax Expense                 30,206     33,703     49,048     59,134
                                ---------  ---------  ---------  ---------
Income Before Minority Interest
 in Income of Subsidiaries and
 Equity in Earnings of 50% or
 Less Owned Companies              57,741     56,834     93,651    100,656
Minority Interest in Income of
 Subsidiaries                        (304)      (104)      (482)      (187)
Equity in Earnings of 50% or
 Less Owned Companies               7,829      6,031     10,249     12,400
                                ---------  ---------  ---------  ---------
Net Income                      $  65,266  $  62,761  $ 103,418  $ 112,869
                                ---------  ---------  ---------  ---------

Basic Earnings Per Common Share $    2.73  $    2.52  $    4.29  $    4.55

Diluted Earnings Per Common
 Share                          $    2.41  $    2.24  $    3.80  $    4.04

Weighted Average Common Shares
 Outstanding:
   Basic                           23,886     24,869     24,119     24,828
   Diluted                         27,582     28,568     27,832     28,542




                           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,
                            2007      2007      2006      2006      2006
                          --------  --------  --------  --------  --------

Operating Revenues        $325,454  $310,763  $337,183  $349,361  $330,986
                          --------  --------  --------  --------  --------

Costs and Expenses:
   Operating expenses      198,818   188,658   189,799   196,608   187,149
   Administrative and
    general                 33,937    34,400    35,522    30,880    32,865
   Depreciation and
    amortization            38,055    38,875    40,159    40,977    42,318
                          --------  --------  --------  --------  --------
                           270,810   261,933   265,480   268,465   262,332
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net           42,540    12,157    20,957    12,054    24,089
                          --------  --------  --------  --------  --------

Operating Income            97,184    60,987    92,660    92,950    92,743
                          --------  --------  --------  --------  --------

Other Income (Expense):
Interest income             11,456    12,224    11,492    10,279     9,086
Interest expense           (12,108)  (13,268)  (13,457)  (13,307)  (12,847)
   Derivative transaction
    gains (losses), net       (254)      130     3,258     2,813     3,084
   Foreign currency
    transaction gains
    (losses), net              460      (590)      332       650     1,217
   Marketable security
    transaction gains
    (losses), net           (9,430)   (4,688)   (6,626)    4,549    (3,341)
   Other, net                  639       (43)      207       117       595
                          --------  --------  --------  --------  --------
                            (9,237)   (6,235)   (4,794)    5,101    (2,206)
                          --------  --------  --------  --------  --------
Income Before Income Tax
 Expense, Minority
 Interest in Income of
 Subsidiaries and Equity
 In Earnings (Losses) of
 50% or Less Owned
 Companies                  87,947    54,752    87,866    98,051    90,537
Income Tax Expense          30,206    18,842    28,949    37,037    33,703
                          --------  --------  --------  --------  --------
Income Before Minority
 Interest in Income of
 Subsidiaries and Equity
 in Earnings (Losses) of
 50% or Less Owned
 Companies                  57,741    35,910    58,917    61,014    56,834
Minority Interest in
 Income of Subsidiaries       (304)     (178)     (367)     (451)     (104)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies             7,829     2,420      (195)    2,607     6,031
                          --------  --------  --------  --------  --------
Net Income                $ 65,266  $ 38,152  $ 58,355  $ 63,170  $ 62,761
                          --------  --------  --------  --------  --------

Basic Earnings Per Common
 Share                    $   2.73  $   1.57  $   2.40  $   2.57  $   2.52

Diluted Earnings Per
 Common Share             $   2.41  $   1.40  $   2.12  $   2.28  $   2.24

Weighted Average Common
 Shares Outstanding:
   Basic                    23,886    24,354    24,311    24,575    24,869
   Diluted                  27,582    28,077    28,053    28,282    28,568
Common Shares Outstanding
 at Period End              23,895    24,181    24,519    24,457    24,801




                           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,
                            2007      2007      2006      2006      2006
                          --------  --------  --------- --------- --------

Offshore Marine Services
Operating Revenues        $171,442  $170,928  $ 174,753 $ 179,687 $168,285
                          --------  --------  --------- --------- --------
Costs and Expenses:
   Operating expenses       88,596    92,999     82,988    89,791   86,695
   Administrative and
    general                 11,893    13,023     13,101    10,118   11,470
   Depreciation and
    amortization            14,515    16,524     17,239    19,353   21,793
                          --------  --------  --------- --------- --------
                           115,004   122,546    113,328   119,262  119,958
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions and
 Impairments, Net           38,546     8,294     13,797    10,168   22,489
                          --------  --------  --------- --------- --------

Operating Income          $ 94,984  $ 56,676  $  75,222 $  70,593 $ 70,816
                          --------  --------  --------- --------- --------

Marine Transportation
 Services
Operating Revenues        $ 25,924  $ 30,556  $  34,408 $  35,617 $ 37,446
                          --------  --------  --------- --------- --------
Costs and Expenses:
   Operating expenses       22,865    20,849     20,941    21,017   18,064
   Administrative and
    general                  1,236     1,186      1,096     1,064    1,049
   Depreciation and
    amortization             9,790    10,158     10,159    10,159   10,162
                          --------  --------  --------- --------- --------
                            33,891    32,193     32,196    32,240   29,275
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions                   --        --         --        --       --
                          --------  --------  --------- --------- --------
Operating Income (Loss)   $ (7,967) $ (1,637) $   2,212 $   3,377 $  8,171
                          --------  --------  --------- --------- --------

Inland River Services
Operating Revenues        $ 28,020  $ 26,722  $  37,841 $  38,798 $ 36,339
                          --------  --------  --------- --------- --------
Costs and Expenses:
   Operating expenses       13,056    12,305     16,752    18,563   18,649
   Administrative and
    general                  2,101       877      1,330     1,013      829
   Depreciation and
    amortization             4,332     3,499      3,755     3,804    3,267
                          --------  --------  --------- --------- --------
                            19,489    16,681     21,837    23,380   22,745
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions                2,622     3,622         84        --       --
                          --------  --------  --------- --------- --------
Operating Income          $ 11,153  $ 13,663  $  16,088 $  15,418 $ 13,594
                          --------  --------  --------- --------- --------

Aviation Services
Operating Revenues        $ 55,861  $ 45,433  $  38,858 $  43,799 $ 39,903
                          --------  --------  --------- --------- --------
Costs and Expenses:
   Operating expenses       41,212    36,225     32,818    33,269   29,137
   Administrative and
    general                  4,439     4,521      3,880     3,413    4,158
   Depreciation and
    amortization             6,601     6,079      5,847     5,264    4,591
                          --------  --------  --------- --------- --------
                            52,252    46,825     42,545    41,946   37,886
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions                1,505       227      7,065     1,880    1,818
                          --------  --------  --------- --------- --------
Operating Income (Loss)   $  5,114  $ (1,165) $   3,378 $   3,733 $  3,835
                          --------  --------  --------- --------- --------

Environmental Services
Operating Revenues        $ 32,168  $ 26,492  $  40,762 $  38,885 $ 36,946
                          --------  --------  --------- --------- --------
Costs and Expenses:
   Operating expenses       23,605    20,753     29,931    26,370   26,345
   Administrative and
    general                  4,323     5,301      5,101     5,931    5,156
   Depreciation and
    amortization             1,100       909      1,153       731      741
                          --------  --------  --------- --------- --------
                            29,028    26,963     36,185    33,032   32,242
                          --------  --------  --------- --------- --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net             (133)      (16)        11         6     (215)
                          --------  --------  --------- --------- --------
Operating Income (Loss)   $  3,007  $   (487) $   4,588 $   5,859 $  4,489
                          --------  --------  --------- --------- --------




                           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,
                            2007      2007      2006      2006      2006
                          --------  --------  --------  --------  --------

Harbor and Offshore
 Towing Services
Operating Revenues        $ 12,538  $ 11,682  $ 11,632  $ 12,552  $ 12,156
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating expenses       10,003     6,568     7,252     7,744     8,336
   Administrative and
    general                  1,999     2,182     2,089     1,662     1,851
   Depreciation and
    amortization             1,264     1,264     1,264     1,265     1,275
                          --------  --------  --------  --------  --------
                            13,266    10,014    10,605    10,671    11,462
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                   --        30        --        --        --
                          --------  --------  --------  --------  --------
Operating Income (Loss)   $   (728) $  1,698  $  1,027  $  1,881  $    694
                          --------  --------  --------  --------  --------

Other
Operating Revenues        $    204  $     --  $     --  $     --  $     --
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating expenses          174         9        --        --        --
   Administrative and
    general                    207         3        --         6         2
   Depreciation and
    amortization                --        --        --        --        --
                          --------  --------  --------  --------  --------
                               381        12        --        --         2
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                   --        --        --        --        --
                          --------  --------  --------  --------  --------
Operating Loss            $   (177) $    (12) $     --  $     (6) $     (2)
                          --------  --------  --------  --------  --------

Corporate and
 Eliminations
Operating Revenues        $   (703) $ (1,050) $ (1,071) $     23  $    (89)
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating expenses         (693)   (1,050)     (883)     (146)      (77)
   Administrative and
    general                  7,739     7,307     8,925     7,673     8,350
   Depreciation and
    amortization               453       442       742       401       489
                          --------  --------  --------  --------  --------
                             7,499     6,699     8,784     7,928     8,762
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions                   --        --        --        --        (3)
                          --------  --------  --------  --------  --------
Operating Loss            $ (8,202) $ (7,749) $ (9,855) $ (7,905) $ (8,854)
                          --------  --------  --------  --------  --------




                           SEACOR HOLDINGS INC.
                 SELECTED CONSOLIDATED BALANCE SHEET DATA
                        (in thousands, unaudited)


                          Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                            2007      2007      2006      2006      2006
                          --------- --------- --------- --------- ---------

Cash, Cash Equivalents,
 Restricted Cash,
 Securities, Construction
 Reserve Funds and Title
 XI Reserve Funds         $ 921,617 $ 815,928 $ 925,725 $ 839,057 $ 803,360
Receivables                 292,159   300,847   312,956   282,040   278,000
Current Assets              924,792   815,534   938,369   893,813   915,245
Net Property and
 Equipment                1,855,641 1,882,731 1,770,210 1,764,990 1,737,811
Total Assets              3,371,798 3,271,047 3,252,982 3,076,296 3,014,963
Current Portion of
 Long-term Debt and
 Capital Lease
 Obligations                 12,407    11,736    11,708    10,443     8,970
Current Liabilities         353,303   314,012   295,509   287,872   287,797
Long-term Debt & Capital
 Lease Obligations          943,758   959,007   961,003   964,567   955,567
Stockholders' Equity      1,597,143 1,554,233 1,557,078 1,493,036 1,458,302
For additional information, contact:
Timothy McKeand
Vice President
(954) 627-6380
www.seacorholdings.com