SEACOR Holdings Announces Second Quarter Results

FORT LAUDERDALE, FL -- (MARKET WIRE) -- 07/25/11 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the second quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2011 was $9.0 million, or $0.42 per diluted share, on operating revenues of $536.4 million. For the six months ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $20.2 million, or $0.94 per diluted share, on operating revenues of $1,008.7 million.

For the preceding quarter ended March 31, 2011, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.52 per diluted share, on operating revenues of $472.3 million.

For the quarter ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $64.1 million, or $2.93 per diluted share, on operating revenues of $694.6 million. For the six months ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $67.7 million, or $3.05 per diluted share, on operating revenues of $1,089.2 million. The Company's results for its Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for the six months ended June 30, 2010 increased significantly due to oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.

Highlights for the Quarter

Offshore Marine Services - Operating income was $5.5 million on operating revenues of $93.4 million compared with an operating loss of $2.6 million on operating revenues of $80.3 million in the preceding quarter. Second quarter results included $3.6 million in gains on asset dispositions compared with $4.4 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, results continue to be negatively impacted by the fragile market for offshore marine equipment. In the second quarter, the Bureau of Ocean Energy issued a limited number of drilling permits resulting in a modest pick-up in spot market activity. Utilization improved to 54.6% compared with 40.5% in the preceding quarter and average day rates increased from $9,898 per day to $12,982 per day. As of June 30, 2011, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico, compared with twelve as of March 31, 2011.

Activity in international regions was relatively flat compared with the preceding quarter. Utilization was 81.0% compared with 81.3% in the preceding quarter and average day rates increased from $10,197 per day to $10,354 per day.

In the second quarter, the total number of days available for charter increased by 60, or 0.6%, overall utilization increased from 65.1% to 70.7% and overall average day rates increased by 10.1% from $10,123 per day to $11,142 per day.

Aviation Services - Operating income was $13.6 million on operating revenues of $68.5 million compared with operating income of $5.9 million on operating revenues of $56.2 million in the preceding quarter. Second quarter results included $6.2 million in gains on asset dispositions compared with $2.2 million in gains in the preceding quarter.

Operating revenues were higher primarily due to additional aircraft being placed on contract and more flight hours in the U.S. Gulf of Mexico and the start of seasonal firefighting and flightseeing activities in Alaska. Revenues generated from international activities were higher due to the start of new contracts in various locations, additional flight hours on existing contracts and the impact of a full quarter of operations on contracts that began in the preceding quarter. Operating expenses were $9.0 million higher in the second quarter generally in line with the increased activity levels. In addition, operating expenses in the preceding quarter had been reduced by the receipt of insurance proceeds related to hurricane damages sustained in 2005, an insurance credit for good experience and the termination of a power-by-hour maintenance contract.

Inland River Services - Operating income was $3.7 million on operating revenues of $41.4 million compared with operating income of $11.0 million on operating revenues of $46.5 million in the preceding quarter. In late April, heavy rains in the Mid-South through the Lower Ohio Valley produced severe flood conditions resulting in difficult operating conditions with periodic river closures and restricted tow sizes. In the second quarter, operating results for the pooled hopper fleet were negatively impacted by higher operating expenses primarily due to higher fuel prices and high-water escalators.

Marine Transportation Services - Operating income was $2.9 million on operating revenues of $24.3 million compared with operating income of $1.9 million on operating revenues of $17.3 million in the preceding quarter.

During the second quarter, Marine Transportation Services acquired certain real property, eight foreign flag Roll-on/Roll-off ("RORO") vessels and an interest in an operating company engaged in the shipping trade between the United States, the Bahamas and the Caribbean. In the second quarter, the acquired operation contributed operating revenues of $6.8 million and an operating loss of $0.4 million. Operating results were negatively impacted by drydocking costs for one RORO vessel and charter-in expenses to cover that vessel's out-of-service time.

Operating results for Marine Transportation Services' U.S.-flag product tanker fleet improved by $1.4 million primarily due to lower repair and maintenance and insurance costs.

Environmental Services - Operating income was $4.2 million on operating revenues of $48.5 million compared with operating income of $9.3 million on operating revenues of $63.1 million in the preceding quarter. Operating income decreased due to higher wage and benefit and legal costs and a lower contribution from activities associated with the Deepwater Horizon oil spill response. Operating income for the quarter ended June 30, 2010 was $78.9 million on operating revenues of $214.6 million. Operating results in the second quarter of 2010 increased significantly due to oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010 as noted above.

Commodity Trading and Logistics - Segment profit was $5.2 million on operating revenues of $245.3 million compared with a segment loss of $0.4 million on operating revenues of $194.0 million in the preceding quarter.

Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.9 million on operating revenues of $17.9 million compared with operating income of $3.5 million on operating revenues of $17.5 million in the preceding quarter. The improvement in operating income was primarily due to higher fuel surcharges, lower repair and charter-in costs and lower severance accruals.

Corporate and Eliminations - Administrative and general expenses were $7.6 million compared with $10.7 million in the preceding quarter. The reduction is primarily due to lower management bonus accruals. Derivative losses, net, of $6.6 million were primarily due to market value changes on the Company's treasury rate-lock agreement and interest rate futures.

Marketable Securities - Marketable security losses, net, of $4.8 million were primarily the result of a reduction in the market value on long equity positions partially offset by reductions in the market value of equities underlying the Company's short equity positions.

Foreign Currency - Foreign currency gains, net, of $1.5 million were primarily due to the strengthening of the euro against the U.S. dollar.

Capital Commitments - The Company's unfunded capital commitments as of June 30, 2011 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, an interest in a river grain terminal and other property and equipment. These commitments totaled $318.2 million, of which $153.0 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $48.2 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. As of June 30, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $800.1 million.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. 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: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, 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, 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, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, 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, 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, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, 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 foregoing 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 are incorporated by reference.



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

                            Three Months Ended         Six Months Ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------

Operating Revenues       $   536,446  $   694,576  $ 1,008,710  $ 1,089,151
                         -----------  -----------  -----------  -----------

Costs and Expenses:
  Operating                  428,671      484,742      799,682      797,047
  Administrative and
   general                    45,937       46,108       92,331       86,999
  Depreciation and
   amortization               41,070       41,608       81,129       83,005
                         -----------  -----------  -----------  -----------
                             515,678      572,458      973,142      967,051
                         -----------  -----------  -----------  -----------

Gains on Asset
 Dispositions and
 Impairments, Net             10,282        4,398       17,537       18,057
                         -----------  -----------  -----------  -----------

Operating Income              31,050      126,516       53,105      140,157
                         -----------  -----------  -----------  -----------

Other Income (Expense):
  Interest income              3,307        1,863        7,045        3,226
  Interest expense           (10,465)     (11,264)     (20,506)     (23,588)
  Debt extinguishment
   losses, net                     --         (364)         (48)        (368)
  Marketable security
   losses, net                (4,754)      (5,406)      (3,220)      (3,445)
  Derivative losses, net      (6,601)      (4,721)      (9,919)      (1,945)
  Foreign currency gains
   (losses), net               1,520       (7,500)       6,579      (10,201)
  Other, net                     (56)          46         (234)         646
                         -----------  -----------  -----------  -----------
                             (17,049)     (27,346)     (20,303)     (35,675)
                         -----------  -----------  -----------  -----------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies              14,001       99,170       32,802      104,482
Income Tax Expense             5,638       37,399       13,004       39,715
                         -----------  -----------  -----------  -----------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies               8,363       61,771       19,798       64,767
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax         1,004        2,876        1,038        3,745
                         -----------  -----------  -----------  -----------
Net Income                     9,367       64,647       20,836       68,512
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                    336          565          635          829
                         -----------  -----------  -----------  -----------
Net Income attributable
 to SEACOR Holdings Inc. $     9,031  $    64,082  $    20,201  $    67,683
                         ===========  ===========  ===========  ===========

Basic Earnings Per
 Common Share of SEACOR
 Holdings Inc.           $      0.43  $      2.95  $      0.96  $      3.08

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.           $      0.42  $      2.93  $      0.94  $      3.05

Weighted Average Common
 Shares Outstanding:
  Basic                   21,166,037   21,733,003   21,135,557   21,999,905
  Diluted                 21,517,725   21,905,401   21,478,759   22,187,114


                            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,
                         2011       2011       2010       2010       2010
                      ---------  ---------  ---------  ---------  ---------

Operating Revenues    $ 536,446  $ 472,264  $ 580,384  $ 979,833  $ 694,576
                      ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
  Operating             428,671    371,011    449,961    683,219    484,742
  Administrative and
   general               45,937     46,394     54,892     50,627     46,108
  Depreciation and
   amortization          41,070     40,059     39,173     41,312     41,608
                      ---------  ---------  ---------  ---------  ---------
                        515,678    457,464    544,026    775,158    572,458
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net        10,282      7,255      3,285     23,896      4,398
                      ---------  ---------  ---------  ---------  ---------

Operating Income         31,050     22,055     39,643    228,571    126,516
                      ---------  ---------  ---------  ---------  ---------

Other Income
 (Expense):
  Interest income         3,307      3,738      3,094      2,562      1,863
  Interest expense      (10,465)   (10,041)   (10,088)   (10,274)   (11,264)
  Debt extinguishment
   losses, net                --        (48)    (1,092)         --       (364)
  Marketable security
   gains (losses), net   (4,754)     1,534      1,340        (54)    (5,406)
  Derivative gains
   (losses), net         (6,601)    (3,318)     6,502      1,648     (4,721)
  Foreign currency
   gains (losses), net    1,520      5,059     (3,511)     7,585     (7,500)
  Other, net                (56)      (178)     3,061         10         46
                      ---------  ---------  ---------  ---------  ---------
                        (17,049)    (3,254)      (694)     1,477    (27,346)
                      ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense and
 Equity In Earnings of
 50% or Less Owned
 Companies               14,001     18,801     38,949    230,048     99,170
Income Tax Expense        5,638      7,366     13,250     87,709     37,399
                      ---------  ---------  ---------  ---------  ---------
Income Before Equity
 in Earnings of 50% or
 Less Owned Companies     8,363     11,435     25,699    142,339     61,771
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax    1,004         34      1,501      7,933      2,876
                      ---------  ---------  ---------  ---------  ---------
Net Income                9,367     11,469     27,200    150,272     64,647
Net Income
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries               336        299         97        334        565
                      ---------  ---------  ---------- ---------  ---------
Net Income
 attributable to
 SEACOR Holdings Inc. $   9,031  $  11,170  $  27,103  $ 149,938  $  64,082
                      =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings Inc. $    0.43  $    0.53  $    1.30  $    7.21  $    2.95

Diluted Earnings Per
 Common Share of
 SEACOR Holdings Inc. $    0.42  $    0.52  $    1.27  $    7.14  $    2.93

Weighted Average
 Common Shares of
 Outstanding:
  Basic                  21,166     21,105     20,843     20,787     21,733
  Diluted                21,518     21,439     21,306     21,001     21,905
Common Shares
 Outstanding at Period
 End                     21,679     21,652     21,400     21,231     21,218

Special Cash Dividend
 Declared and Paid Per
 Common Share of
 SEACOR Holdings Inc. $       --  $       --  $   15.00  $       --  $       --


                            SEACOR HOLDINGS INC.
                             SEGMENT INFORMATION
                          (in thousands, unaudited)

                                        Three Months Ended
                      -----------------------------------------------------
                       Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                         2011       2011       2010       2010       2010
                      ---------  ---------  ---------  ---------  ---------

Offshore Marine
 Services
---------------------
Operating Revenues    $  93,386  $  80,344  $ 100,631  $ 160,916  $ 147,123
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              68,242     63,020     76,607     79,205     80,011
  Administrative and
   general               11,078     11,770     13,037     12,378     12,931
  Depreciation and
   amortization          12,205     12,533     12,279     12,758     13,245
                      ---------  ---------  ---------  ---------  ---------
                         91,525     87,323    101,923    104,341    106,187
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions             3,607      4,364      2,142     12,717      1,964
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                   5,468     (2,615)       850     69,292     42,900
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                     (408)       725       (154)       977        425
  Other, net                  --          --          1          --          --
Equity in Earnings of
 50% or Less Owned
 Companies, Net of
 Tax                        200        735      3,042      2,300      1,713
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $   5,260  $  (1,155) $   3,739  $  72,569  $  45,038
                      =========  =========  =========  =========  =========

Aviation Services
---------------------
Operating Revenues    $  68,493  $  56,155  $  55,522  $  67,136  $  62,433
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              42,457     33,465     37,174     37,492     40,541
  Administrative and
   general                6,229      7,020      7,042      7,274      6,091
  Depreciation and
   amortization          12,390     11,919     11,287     10,889     10,728
                      ---------  ---------  ---------  ---------  ---------
                         61,076     52,404     55,503     55,655     57,360
                      ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments, Net     6,172      2,194       (117)       412        379
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                  13,589      5,945        (98)    11,893      5,452
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Derivative gains
   (losses), net           (811)       310        (27)       (29)        38
  Foreign currency
   gains (losses),
   net                      338        353        166        (81)    (1,731)
  Other, net                  --          --          --         50          --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      1,054        (99)       (83)       663       (442)
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $  14,170  $   6,509  $     (42) $  12,496  $   3,317
                      =========  =========  =========  =========  =========

Inland River Services
---------------------
Operating Revenues    $  41,442  $  46,469  $  52,284  $  41,381  $  34,596
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              28,717     27,884     29,542     26,535     21,547
  Administrative and
   general                3,166      2,697      3,114      2,898      2,618
  Depreciation and
   amortization           5,791      5,622      5,472      5,415      4,958
                      ---------  ---------  ---------  ---------  ---------
                         37,674     36,203     38,128     34,848     29,123
                      ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         (22)       697        697     29,445        899
                      ---------  ---------  ---------  ---------  ---------
Operating Income          3,746     10,963     14,853     35,978      6,372
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Other, net                  3          1      2,227          --          --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        666       (256)      (521)     3,522        805
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $   4,415  $  10,708  $  16,559  $  39,500  $   7,177
                      =========  =========  =========  =========  =========


                            SEACOR HOLDINGS INC.
                       SEGMENT INFORMATION (continued)
                          (in thousands, unaudited)

                                        Three Months Ended
                      -----------------------------------------------------
                       Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                         2011       2011       2010       2010       2010
                      ---------  ---------  ---------  ---------  ---------

Marine Transportation
 Services
---------------------
Operating Revenues    $  24,336  $  17,312  $  16,908  $  18,540  $  21,263
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              13,584      8,979      8,174      8,754      8,915
  Administrative and
   general                2,146      1,417      2,040      1,087      1,038
  Depreciation and
   amortization           5,728      4,978      5,309      7,320      8,008
                      ---------  ---------  ---------  ---------  ---------
                         21,458     15,374     15,523     17,161     17,961
                      ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions and
 Impairments                  --          --          --    (18,677)       (11)
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                   2,878      1,938      1,385    (17,298)     3,291
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                        6         16        (13)        61        (41)
  Other, net                 56          --          --          --          --
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $   2,940  $   1,954  $   1,372  $ (17,237) $   3,250
                      =========  =========  =========  =========  =========

Environmental
 Services
---------------------
Operating Revenues    $  48,466  $  63,086  $ 163,380  $ 468,226  $ 214,629
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              31,662     44,044    116,346    329,497    127,108
  Administrative and
   general               10,322      7,551      7,485     11,508      6,525
  Depreciation and
   amortization           2,238      2,231      2,065      2,249      2,099
                      ---------  ---------  ---------  ---------  ---------
                         44,222     53,826    125,896    343,254    135,732
                      ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         (19)         --        563          --        (36)
                      ---------  ---------  ---------  ---------  ---------
Operating Income          4,225      9,260     38,047    124,972     78,861
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                       97        (51)      (115)         3        (23)
  Other, net                  2          --          1          --          --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        132         (8)        58        533         54
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $   4,456  $   9,201  $  37,991  $ 125,508  $  78,892
                      =========  =========  =========  =========  =========

Commodity Trading and
 Logistics
---------------------
Operating Revenues    $ 245,321  $ 194,012  $ 178,944  $ 216,896  $ 203,064
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             237,644    187,018    173,922    204,467    203,374
  Administrative and
   general                2,202      2,660      1,184      3,716      3,791
  Depreciation and
   amortization              12         13         13         13         15
                      ---------  ---------  ---------  ---------  ---------
                        239,858    189,691    175,119    208,196    207,180
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                   5,463      4,321      3,825      8,700     (4,116)
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Derivative gains
   (losses), net            828     (4,750)    (8,192)    (5,307)     4,611
  Foreign currency
   gains (losses),
   net                      (16)        (5)        26        190        (30)
  Other, net                  --          --        781          --          6
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                     (1,051)        51       (611)     1,042        (13)
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $   5,224  $    (383) $  (4,171) $   4,625  $     458
                      =========  =========  =========  =========  =========

                            SEACOR HOLDINGS INC.
                       SEGMENT INFORMATION (continued)
                          (in thousands, unaudited)

                                        Three Months Ended
                      -----------------------------------------------------
                       Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                         2011       2011       2010       2010       2010
                      ---------  ---------  ---------  ---------  ---------

Other
---------------------
Operating Revenues    $  17,921  $  17,536  $  16,395  $  20,031  $  18,969
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
 Operating                9,158      9,142     11,872     10,559     10,895
 Administrative and
  general                 3,210      2,620      3,031      2,803      2,793
 Depreciation and
  amortization            2,237      2,289      2,289      2,224      2,107
                      ---------  ---------  ---------  ---------  ---------
                         14,605     14,051     17,192     15,586     15,795
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions               544          --          --          --      1,203
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                   3,860      3,485       (797)     4,445      4,377
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
 Foreign currency
  gains (losses), net       (24)         1        (17)        34        (15)
 Other, net                   --         (1)        10          --         34
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                          3       (389)      (384)      (127)       759
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $   3,839  $   3,096  $  (1,188) $   4,352  $   5,155
                      =========  =========  =========  =========  =========

Corporate and
 Eliminations
---------------------
Operating Revenues    $  (2,919) $  (2,650) $  (3,680) $ (13,293) $  (7,501)
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
 Operating               (2,793)    (2,541)    (3,676)   (13,290)    (7,649)
 Administrative and
  general                 7,584     10,659     17,959      8,963     10,321
 Depreciation and
  amortization              469        474        459        444        448
                      ---------  ---------  ---------  ---------  ---------
                          5,260      8,592     14,742     (3,883)     3,120
                      ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions                --           --          --         (1)         --
                      ---------  ---------  ---------  ---------  ---------
Operating Loss        $  (8,179) $ (11,242) $ (18,422) $  (9,411) $ (10,621)
                      =========  =========  =========  =========  =========
Other Income
 (Expense):
 Derivative gains
  (losses), net       $  (6,618) $   1,122  $  14,721  $   6,984  $  (9,370)
 Foreign currency
  gains (losses), net     1,527      4,020     (3,404)     6,401     (6,085)
 Other, net                (117)      (178)        41        (40)         6

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

                  Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,
                    2011        2011        2010        2010        2010
                 ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
 Cash and cash
  equivalents    $  366,813  $  409,716  $  370,028  $  662,278  $  398,498
 Restricted cash     12,976      19,545      12,651      14,823       9,421
 Marketable
  securities        105,608     149,026     147,409     103,150      86,457
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts         321,244     324,218     450,912     512,131     449,142
  Other              48,825      55,475      72,448      44,550      50,345
 Inventories         87,131      97,405      67,498      66,024      74,434
 Deferred income
  taxes               5,442       5,442       5,442       3,354       3,354
 Prepaid
  expenses and
  other              24,979      22,794      18,414      17,570      24,075
                 ----------  ----------  ----------  ----------  ----------
  Total current
   assets           973,018   1,083,621   1,144,802   1,423,880   1,095,726
                 ----------  ----------  ----------  ----------  ----------
Property and
 Equipment        2,942,637   2,862,386   2,803,754   2,899,150   2,896,777
  Accumulated
   depreciation    (900,979)   (875,140)   (835,032)   (850,428)   (821,641)
                 ----------  ----------  ----------  ----------  ----------
  Net property
   and equipment  2,041,658   1,987,246   1,968,722   2,048,722   2,075,136
                 ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          210,372     190,472     182,387     148,334     201,474
Construction
 Reserve Funds &
 Title XI
 Reserve Funds      314,679     331,689     323,885     272,259     227,184
Goodwill             62,467      61,864      61,779      54,764      54,653
Intangible
 Assets              18,448      19,810      21,169      21,627      21,195
Other Assets,
 net of
 allowance for
 doubtful
 accounts            85,118      59,996      57,645      52,846      51,522
                 ----------  ----------  ----------  ----------  ----------
                 $3,705,760  $3,734,698  $3,760,389  $4,022,432  $3,726,890
                 ==========  ==========  ==========  ==========  ==========

 LIABILITIES AND
      EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt           $   20,568  $   18,106  $   14,618  $   13,809  $   14,154
 Current portion
  of capital
  lease
  obligations         1,064       1,047       1,030       1,014         998
 Accounts
  payable and
  accrued
  expenses          212,357     275,991     322,785     336,968     223,277
 Other current
  liabilities       232,309     205,546     197,080     237,738     209,571
                 ----------  ----------  ----------  ----------  ----------
  Total current
   liabilities      466,298     500,690     535,513     589,529     448,000
                 ----------  ----------  ----------  ----------  ----------
Long-Term Debt      690,774     694,872     697,427     681,268     682,134
Capital Lease
 Obligations          4,901       5,200       5,493       5,783       6,067
Deferred Income
 Taxes              561,477     563,023     567,880     586,466     572,985
Deferred Gains
 and Other
 Liabilities        146,853     150,593     156,711      88,130      96,510
                 ----------  ----------  ----------  ----------  ----------
  Total
   liabilities    1,870,303   1,914,378   1,963,024   1,951,176   1,805,696
                 ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR Holdings
  Inc.
  stockholders'
  equity:
  Preferred
   stock                  --           --           --           --           --
  Common stock          363         363         361         358         358
  Additional
   paid-in
   capital        1,239,502   1,233,250   1,225,296   1,196,445   1,191,943
  Retained
   earnings       1,491,824   1,482,793   1,471,623   1,764,202   1,614,264
  Shares held in
   treasury, at
   cost            (901,460)   (901,386)   (903,004)   (891,887)   (887,129)
  Accumulated
   other
   comprehensive
   loss              (6,843)     (5,724)     (7,039)     (7,568)     (7,839)
                 ----------  ----------  ----------  ----------  ----------
                  1,823,386   1,809,296   1,787,237   2,061,550   1,911,597
 Noncontrolling
  interests in
  subsidiaries       12,071      11,024      10,128       9,706       9,597
                 ----------  ----------  ----------  ----------  ----------
  Total equity    1,835,457   1,820,320   1,797,365   2,071,256   1,921,194
                 ----------  ----------  ----------  ----------  ----------
                 $3,705,760  $3,734,698  $3,760,389  $4,022,432  $3,726,890
                 ==========  ==========  ==========  ==========  ==========

                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                            Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                              2011      2011      2010      2010      2010
                           --------- --------- --------- --------- ---------

Offshore Marine Services
--------------------------
Anchor handling towing
 supply                           19        19        20        20        20
Crew                              52        52        52        54        57
Mini-supply                        8         9         9        12        12
Standby safety                    26        26        26        26        26
Supply                            28        26        27        27        27
Towing supply                      6         7         8         8         9
Specialty                         11        12        12        12        12
                           --------- --------- --------- --------- ---------
                                 150       151       154       159       163
                           ========= ========= ========= ========= =========

Aviation Services
--------------------------
Light helicopters - single
 engine                           61        61        60        60        60
Light helicopters - twin
 engine                           44        44        45        45        46
Medium helicopters                65        63        62        59        59
Heavy helicopters                  7         9         9         9         9
                           --------- --------- --------- --------- ---------
                                 177       177       176       173       174
                           ========= ========= ========= ========= =========

Inland River Services
--------------------------
Inland river dry-cargo
 barges                        1,492     1,497     1,388     1,394     1,449
Inland river liquid tank
 barges                           80        80        80        86        87
Inland river deck barges          26        26        26        26        26
Inland river towboats             31        32        32        32        29
Dry-cargo vessel                   1         1         1         1         1
                           --------- --------- --------- --------- ---------
                               1,630     1,636     1,527     1,539     1,592
                           ========= ========= ========= ========= =========

Marine Transportation
 Services
--------------------------
U.S.-flag product tankers          8         8         8         8         8
RORO vessels                       8         --         --         --         --
                           --------- --------- --------- --------- ---------
                                  16         8         8         8         8
                           ========= ========= ========= ========= =========

Other
--------------------------
Harbor and offshore tugs          28        29        30        31        31
Ocean liquid tank barges           5         5         5         5         5
                           --------- --------- --------- --------- ---------
                                  33        34        35        36        36
                           ========= ========= ========= ========= =========

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

Source: SEACOR Holdings Inc.