SEACOR Holdings Announces First Quarter Results

HOUSTON--(BUSINESS WIRE)--May 5, 2005--Insert after the ninth graf and before the tenth graf (the forward-looking statements):

Additional Information About the Seabulk Transaction

In connection with the proposed merger, SEACOR has filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of SEACOR and Seabulk that also constitutes a prospectus of SEACOR. SEACOR and Seabulk will mail the joint proxy statement/prospectus to their stockholders. Investors and security holders are urged to read the joint proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information. You may obtain a free copy of the joint proxy statement/prospectus (when available) and other related documents filed by SEACOR and Seabulk with the SEC at the SEC's website at www.sec.gov. The joint proxy statement/prospectus and the other documents may also be obtained for free by accessing SEACOR's website at www.seacorholdings.com or by accessing Seabulk's website at www.seabulkinternational.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Participants in the Solicitation

SEACOR and Seabulk and their respective directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from their respective stockholders in connection with the proposed transactions. Information regarding such persons and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. You can obtain free copies of these documents from SEACOR and SEABULK using the contact information above.

The corrected release reads as follows:

SEACOR HOLDINGS ANNOUNCES FIRST QUARTER RESULTS

SEACOR Holdings Inc. (NYSE:CKH) announced net earnings for the first quarter ended March 31, 2005 of $18.6 million, or $0.90 per diluted share, on operating revenues of $165.2 million. For the comparable quarter ended March 31, 2004, net losses were $3.0 million, or $0.16 per diluted share, on operating revenues of $96.0 million.

For the immediately preceding quarter ended December 31, 2004, net earnings were $19.3 million, or $1.03 per diluted share on operating revenues of $182.0 million.

Financial results for the first quarter ended March 31, 2005 as compared to the immediately preceding quarter ended December 31, 2004 were impacted by a variety of factors highlighted below.

-- Decreased operating revenues. Operating revenues for the quarter were $165.2 million, a decrease of $16.8 million from the previous quarter. Decreases in operating revenues from the previous quarter were due to a decline in environmental spill response activities and seasonal declines in grain shipments, barge freight rates and poor operating conditions on the inland river system. The decreased revenues experienced by Environmental Services and Inland River Services were partially offset by increased revenue in Helicopter Services due to the acquisition of Era Aviation, Inc. ("Era") and in Offshore Marines Services from higher rates per day worked.

-- Increased operating income. Operating income for the quarter was $26.3 million, an increase of $2.9 million from the previous quarter. Increased offshore support vessel sale gains exceeded declines in operating results of Inland River Services, Helicopter Services and Environmental Services.

-- Increased interest expense. Interest expense for the quarter was $7.6 million, an increase of $1.4 million from the previous quarter. Indebtedness increased in December 2004 with the sale of convertible debentures.

-- Decreased derivative income, net. Derivative transactions, primarily consisting of foreign currency contracts, resulted in losses of $1.6 million for the quarter as compared to income of $1.8 million in the previous quarter.

-- Decreased foreign currency transaction gains, net. Foreign currency transaction losses for the quarter were $0.5 million as compared to gains of $1.9 million in the previous quarter. Losses and gains resulted from the effect of currency exchange rate changes with respect to loans between SEACOR and certain of its foreign subsidiaries and other transactions denominated in currencies other than the functional currency of various subsidiaries.

-- Increased marketable securities sale gains, net. Marketable securities sale transactions resulted in net gains of $6.2 million, an increase of $4.5 million from the previous quarter.

On December 31, 2004, the Company completed its acquisition of Era. Eighty-one helicopters and 16 fixed wing aircraft were acquired in this transaction. The fixed wing business is being actively marketed for sale. Its assets and related liabilities, $23.0 million and $6.5 million respectively, are considered "held for sale" pursuant to accounting standards. The operating results of the fixed wing business are reported as "Discontinued Operations."

On March 16, 2005, the Company announced its signing of a definitive merger agreement with Seabulk International, Inc. The Boards of Directors of both companies have unanimously approved the transaction. The merger is expected to close by the end of the second quarter of 2005, subject to approval by Seabulk's stockholders of the merger and SEACOR's stockholders of the issuance of shares of SEACOR common stock in the merger and the satisfaction of customary closing conditions, in accordance with terms of the merger agreement. On April 22, 2005, the Company was granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. With its fleet of vessels, Seabulk is a leading provider of marine support transportation services, primarily to the energy and chemical industries.

During the quarter, the Company purchased additional dry cargo covered hopper barges, chemical tank barges and an offshore support vessel for aggregate consideration of $17.9 million. At March 31, 2005, capital commitments for offshore support vessels, dry cargo covered hopper barges, chemical tank barges, helicopters and other equipment aggregated $356 million. In addition, the Company placed revocable orders for additional helicopters.

During the quarter, the Company acquired 84,647 shares of its common stock for treasury. At March 31, 2005, $37.7 million of authority remains available for future purchases of the Company's common stock and its 5-7/8% and 7.2% notes.

At March 31, 2005, the Company's cash, marketable securities and construction reserve funds totaled $615.2 million, an increase of $119.8 million from the prior quarter. At March 31, 2005, the Company's long-term debt totaled $582.4 million.

SEACOR and its subsidiaries are engaged in the operation of a diversified fleet of offshore support vessels that service oil and gas exploration and development activities in the U.S. Gulf of Mexico, the North Sea, West Africa, Asia, Latin America and other international regions. Other business activities primarily include Environmental Services, Inland River Services and Helicopter Services.

Additional Information About the Seabulk Transaction

In connection with the proposed merger, SEACOR has filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of SEACOR and Seabulk that also constitutes a prospectus of SEACOR. SEACOR and Seabulk will mail the joint proxy statement/prospectus to their stockholders. Investors and security holders are urged to read the joint proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information. You may obtain a free copy of the joint proxy statement/prospectus (when available) and other related documents filed by SEACOR and Seabulk with the SEC at the SEC's website at www.sec.gov. The joint proxy statement/prospectus and the other documents may also be obtained for free by accessing SEACOR's website at www.seacorholdings.com or by accessing Seabulk's website at www.seabulkinternational.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Participants in the Solicitation

SEACOR and Seabulk and their respective directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from their respective stockholders in connection with the proposed transactions. Information regarding such persons and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. You can obtain free copies of these documents from SEACOR and SEABULK using the contact information above.

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, the operation of Offshore Marine Services and Helicopter Services in a highly competitive environment, changes in foreign political, military and economic conditions, the dependence of Offshore Marine Services and Helicopter Services on several customers, industry fleet capacity, 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, safety record requirements related to Offshore Marine Services and Helicopter Services, changes in foreign and domestic oil and gas exploration and production activity, vessel and helicopter related risks of Offshore Marine Services and Helicopter Services, effects of adverse weather conditions and seasonality of Helicopter Services, 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, effects of adverse weather and river conditions and seasonality on inland river operations, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, liability in connection with providing spill response services, the effect of international economic and political factors in inland river operations, the intense competition faced by Inland River Services, adequacy of insurance coverage, 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. 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 Randall Blank, Executive Vice President and Chief Financial Officer, at (281) 899-4800 or (212) 307-6633 or visit SEACOR's website at www.seacorholdings.com.

                SEACOR Holdings Inc. and Subsidiaries
                Consolidated Statements of Operations
           (in thousands, except per share data, unaudited)


                                                   Three Months Ended
                                                       March 31,
                                                  --------------------
                                                      2005       2004
                                                  ---------  ---------

Operating Revenues                               $ 165,185  $  95,974
                                                  ---------  ---------
Costs and Expenses:
 Operating expenses                                115,601     75,030
 Administrative and general                         18,495     15,076
 Depreciation and amortization                      18,282     13,961
                                                  ---------  ---------
                                                   152,378    104,067
                                                  ---------  ---------
Gains on Asset Sales                                13,516      3,638
                                                  ---------  ---------
Operating Income (Loss)                             26,323     (4,455)
                                                  ---------  ---------
Other Income (Expense):
 Interest income                                     3,679      1,379
 Interest expense                                   (7,591)    (5,378)
 Derivative income (loss), net                      (1,590)        79
 Foreign currency transaction gains (losses), net     (549)       466
 Marketable securities sale gains, net               6,234      2,749
 Other, net                                            200        119
                                                  ---------  ---------
                                                       383       (586)
                                                  ---------  ---------
Income (Loss) Before Income Tax Expense 
 (Benefit), Minority Interest and  Equity in 
 Earnings of 50% or Less Owned Companies            26,706     (5,041)
Income Tax Expense (Benefit)                         9,740     (1,502)
                                                  ---------  ---------
Income (Loss) Before Minority Interest and Equity
 in Earnings of 50% or Less Owned Companies         16,966     (3,539)
Minority Interest in Net Loss of Subsidiaries           34          5
Equity in Earnings of 50% or Less Owned Companies    1,617        570
                                                  ---------  ---------
Income (Loss) from Continuing Operations            18,617     (2,964)
Loss from Discontinued Operations, Net of Income
 Taxes                                                 (26)         -
                                                  ---------  ---------
Net Income (Loss)                                $  18,591  $  (2,964)
                                                  =========  =========
Earnings (Loss) Per Common Share:
 Basic -
  Income (Loss) from Continuing Operations       $    1.02  $   (0.16)
  Loss from Discontinued Operations                      -          -
                                                  ---------  ---------
  Net Income (Loss)                              $    1.02  $   (0.16)
                                                  =========  =========
 Diluted(1) -
  Income (Loss) from Continuing Operations
  Loss from Discontinued Operations              $    0.90  $   (0.16)
  Net Income (Loss)                                      -          -
                                                  ---------  ---------
                                                 $    0.90  $   (0.16)
                                                  =========  =========
Weighted Average Common Shares Outstanding:
   Basic                                            18,249     18,468
   Diluted(1)                                       21,908     18,468

--------------
(1) Outstanding stock options and restricted stock have been excluded
    from the computation of diluted loss per common share and diluted
    weighted average common shares for the three month period ended
    March 31, 2004 as the effect was anti-dilutive.




                SEACOR Holdings Inc. and Subsidiaries
                          Supplemental Data
           (in thousands, except per share data, unaudited)

                                     Three Months Ended
                      ------------------------------------------------
                      Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
                       2005      2004      2004      2004      2004
                      --------  --------  --------  --------  --------
Statements of
 Operations:
 Operating Revenues  $165,185  $181,997  $116,486  $ 97,403  $ 95,974
                      --------  --------  --------  --------  --------
 Cost and Expenses:
  Operating expenses  115,601   126,240    79,134    73,759    75,030
  Administrative and
   general             18,495    17,592    14,900    13,857    15,076
  Depreciation and
   amortization        18,282    15,365    14,352    14,156    13,961
                      --------  --------  --------  --------  --------
                      152,378   159,197   108,386   101,772   104,067
                      --------  --------  --------  --------  --------
 Gains (Losses) on
  Asset Sales          13,516       598      (119)    6,117     3,638
                      --------  --------  --------  --------  --------
 Operating Income
  (Loss)               26,323    23,398     7,981     1,748    (4,455)
                      --------  --------  --------  --------  --------
 Other Income
  (Expense):
  Interest income       3,679     3,200     2,180     1,663     1,379
  Interest expense     (7,591)   (6,154)   (5,565)   (5,388)   (5,378)
  Derivative income
   (loss), net         (1,590)    1,787      (140)     (560)       79
  Foreign currency
   transaction gains
   (losses), net         (549)    1,944      (184)     (689)      466
  Marketable
   securities sale
   gains (losses),
   net                  6,234     1,689      (756)    2,753     2,749
  Other, net              200       108        79       233       119
                      --------  --------  --------  --------  --------
                          383     2,574    (4,386)   (1,988)     (586)
                      --------  --------  --------  --------  --------
 Income (Loss) Before
  Taxes, Minority
  Interest and
  Equity in Earnings of
  50% or Less Owned
  Companies            26,706    25,972     3,595      (240)   (5,041)
 Income Tax Expense
  (Benefit)             9,740     8,395     1,511       169    (1,502)
                      --------  --------  --------  --------  --------
 Income (Loss) Before 
  Minority Interest 
  and Equity in 
  Earnings of 50% or
  Less Owned Companies 16,966    17,577     2,084      (409)   (3,539)
 Minority Interest in
  Net (Income) Loss of
  Subsidiaries             34      (289)     (108)      (91)        5
 Equity in Earnings of
  50% or Less Owned
  Companies             1,617     2,028     1,388       673       570
                      --------  --------  --------  --------  --------
 Income (Loss) from
  Continuing 
  Operations           18,617    19,316     3,364       173    (2,964)
 Loss from 
  Discontinued
  Operations, Net of
  Taxes                   (26)        -         -         -         -
                      --------  --------  --------  --------  --------
 Net Income (Loss)   $ 18,591  $ 19,316  $  3,364  $    173  $ (2,964)
                      ========  ========  ========  ========  ========
Earnings (Loss) Per
 Common Share:
  Basic -
   Income (Loss)
    from Continuing
    Operations       $   1.02  $   1.06  $   0.18  $   0.01  $  (0.16)
   Loss from
    Discontinued
    Operations              -         -         -         -         -
                      --------  --------  --------  --------  --------
   Net Income (Loss) $   1.02  $   1.06  $   0.18  $   0.01  $  (0.16)
                      ========  ========  ========  ========  ========
  Diluted(1) -
   Income (Loss)
    from Continuing
    Operations       $   0.90  $   1.03  $   0.18  $   0.01  $  (0.16)
   Loss from
    Discontinued
    Operations              -         -         -         -         -
                      --------  --------  --------  --------  --------
   Net Income (Loss) $   0.90  $   1.03  $   0.18  $   0.01  $  (0.16)
                      ========  ========  ========  ========  ========
Weighted Average 
 Common Shares
 Outstanding:
   Basic               18,249    18,203    18,211    18,347    18,468
   Diluted(1)          21,908    18,973    18,357    18,476    18,468
Common Shares
 Outstanding at Period
 End                   18,442    18,307    18,292    18,313    18,533

--------------
(1) Outstanding stock options and restricted stock have been excluded
    from the computation of diluted loss per common share and diluted
    weighted average common shares for the three month period ended
    March 31, 2004 as the effect was anti-dilutive.




                 SEACOR Holdings Inc. and Subsidiaries
                           Supplemental Data
                              (unaudited)


                                  Three Months Ended
                ------------------------------------------------------
                 Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                     2005       2004       2004       2004       2004
                ---------- ---------- ---------- ---------- ----------


Balance Sheet
 Data, at
 period end (in
 thousands):
 Cash,
  Securities
  and
  Construction
  Reserve 
  Funds        $  615,153 $  495,387 $  440,091 $  441,805 $  441,502
 Total Assets   1,778,953  1,766,009  1,456,536  1,394,902  1,401,426
 Total Long-
  term Debt       582,416    582,367    382,319    342,271    332,225
 Stockholders'
  Equity          811,932    793,757    766,763    757,886    766,529

Operating
 Revenues by
 Segment (in
 thousands):
 Offshore
  Marine
  Services     $   80,350 $   80,841 $   72,825 $   67,039 $   66,016
 Environmental
  Services         35,893     62,824     21,144     14,654     16,392
 Inland River
  Services         25,530     31,878     16,076     10,038      8,576
 Helicopter
  Services         21,599      7,188      7,485      6,680      5,827
 Intersegment
  Eliminations
  and Other         1,813       (734)    (1,044)    (1,008)      (837)
                ---------- ---------- ---------- ---------- ----------
               $  165,185 $  181,997 $  116,486 $   97,403 $   95,974
                ========== ========== ========== ========== ==========

Operating
 Income (Loss)
 by Segment (in
 thousands):
 Offshore
  Marine
  Services     $   22,252 $    9,870 $    6,360 $    4,677 $   (1,525)
 Environmental
  Services          4,564      7,473      2,742        816        954
 Inland River
  Services          7,664     11,795      3,153        932      1,016
 Helicopter
  Services         (4,395)      (668)      (475)    (1,308)    (1,893)
 Corporate
  Expenses and
  Other            (3,762)    (5,072)    (3,799)    (3,369)    (3,007)
                ---------- ---------- ---------- ---------- ----------
               $   26,323 $   23,398 $    7,981 $    1,748 $   (4,455)
                ========== ========== ========== ========== ==========

Offshore Marine
 Vessels -
 Available
 Days(1):
 Anchor
  Handling
  Towing Supply
  -
  Domestic            470        276        276        273        304
  Foreign             704        736        759        741        724
 Supply -
  Domestic            548        644        644        731        790
  Foreign             620        738        828        910        910
 Towing -
  Domestic            360        276        275        182        273
  Foreign             810        748        736        837      1,026
 Crew               6,783      6,446      6,024      5,921      6,188
 Mini-supply        2,464      2,576      2,619      2,708      2,730
 Other                 90         92         50          -         91
 Standby Safety     1,890      1,932      1,932      1,911      1,911
                ---------- ---------- ---------- ---------- ----------
                   14,739     14,464     14,143     14,214     14,947
                ========== ========== ========== ========== ==========

--------------
(1) Excludes vessels that are bareboat chartered-out, vessels owned by
    corporations that participate in pooling arrangements with the
    Company, minority owned joint venture vessels and managed vessels.




                SEACOR Holdings Inc. and Subsidiaries
                          Supplemental Data
                             (unaudited)



                                     Three Months Ended
                      ------------------------------------------------
                      Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
                       2005      2004      2004      2004      2004
                      --------  --------  --------  --------  --------

Offshore Marine
 Vessels - Rates Per
 Day Worked(1) (2):
 Anchor Handling
  Towing Supply -
  Domestic           $ 20,226  $ 18,815  $ 22,009  $ 19,115  $ 15,888
  Foreign              10,848     9,964     9,534     9,539     8,524
 Supply -
  Domestic              7,924     7,769     6,720     5,994     6,300
  Foreign              13,789    16,124    10,095     9,729     9,067
 Towing -
  Domestic              9,061     8,209     6,118     6,040     6,055
  Foreign               6,959     7,096     6,769     6,775     6,586
 Crew                   3,996     3,745     3,458     3,314     3,297
 Mini-supply            3,111     3,051     2,937     2,932     2,976
 Other                 17,000    14,000    14,000         -         -
 Standby Safety         8,229     8,127     7,839     7,719     7,694

Offshore Marine
 Vessels -
 Utilization(2):
 Anchor Handling
  Towing Supply -
  Domestic               91.3%     98.0%     85.2%     68.3%     68.2%
  Foreign                73.2%     82.3%     90.4%     63.9%     61.5%
 Supply -
  Domestic               74.5%     73.8%     68.9%     76.1%     71.7%
  Foreign                68.8%     75.2%     86.9%     72.8%     73.4%
 Towing -
  Domestic               83.9%     97.9%     64.3%     91.8%     56.7%
  Foreign                90.5%     78.8%     61.7%     61.8%     67.4%
 Crew                    86.1%     91.6%     93.5%     89.0%     82.8%
 Mini-supply             78.0%     88.7%     90.9%     86.7%     81.7%
 Other                   33.3%     64.9%     50.0%        -         -
 Standby Safety          90.2%     91.9%     89.7%     85.9%     87.0%

 Overall Utilization     83.5%     88.4%     88.2%     83.2%     78.6%
 Utilization Lost to
  Market Conditions      12.4%      7.5%      7.9%     12.9%     17.1%
 Utilization Lost to
  Operating
  Conditions              4.1%      4.1%      3.9%      3.9%      4.3%

Helicopter Flight
 Hours                  9,448     6,453     7,431     6,714     5,750

--------------
(1) Revenues for certain vessels, primarily North Sea standby safety,
    are earned in foreign currencies, principally British Pounds
    Sterling. These revenues have been converted to U.S. dollars at
    the weighted average exchange rate for the periods indicated.

(2) Excludes vessels that are bareboat chartered-out, vessels owned by
    corporations that participate in pooling arrangements with the
    Company, minority owned joint venture vessels and managed vessels.





                   SEACOR Holdings Inc. and Subsidiaries
                            Supplementary Data
                                (unaudited)


                                         March 31, 2005
                          --------------------------------------------
                                   Leased-   Joint   Pooled/
                           Owned      in    Ventured Managed   Total
                          -------- -------- -------- -------- --------
Offshore Marine Fleet
 Count:
 Operated Domestic -
  Anchor Handling Towing
   Supply                       2        4        1        -        7
  Crew                         38       19        1        -       58
  Mini-supply                  21        4        -        -       25
  Other                         -        -        -        -        -
  Supply                        3        2        -        1        6
  Towing                        2        2        -        -        4
                          -------- -------- -------- -------- --------
                               66       31        2        1      100
                          -------- -------- -------- -------- --------

Operated Foreign -
 Anchor Handling Towing
  Supply                       11        1        2        -       14
 Crew                          19        -        4        -       23
 Mini-supply                    3        -        1        -        4
 Other                          1        -        1        -        2
 Standby Safety                19        -        3        5       27
 Supply                         3        1        4        -        8
 Towing                         9        -       20        -       29
                          -------- -------- -------- -------- --------
                               65        2       35        5      107
                          -------- -------- -------- -------- --------

Worldwide Operations -
 Anchor Handling Towing
  Supply                       13        5        3        -       21
 Crew                          57       19        5        -       81
 Mini-supply                   24        4        1        -       29
 Other                          1        -        1        -        2
 Standby Safety                19        -        3        5       27
 Supply                         6        3        4        1       14
 Towing                        11        2       20        -       33
                          -------- -------- -------- -------- --------
                              131       33       37        6      207
                          ======== ======== ======== ======== ========

Inland Barges, domestic
 Dry Cargo Hopper             699      182        6      210    1,097
 Chemical Tank                 27        -        -        -       27
                          -------- -------- -------- -------- --------
                              726      182        6      210    1,124
                          ======== ======== ======== ======== ========

Helicopters, domestic         102       17        -        1      120
                          ======== ======== ======== ======== ========



                          Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                             2004     2004     2004     2004
                          -------- -------- -------- --------
Offshore Marine Fleet
 Count:
 Operated Domestic -
  Anchor Handling Towing
   Supply                       4        4        4        4
  Crew                         58       54       49       53
  Mini-supply                  26       26       26       27
  Other                         -        -        -        -
  Supply                        8        8        8       10
  Towing                        4        3        2        2
                          -------- -------- -------- --------
                              100       95       89       96
                          -------- -------- -------- --------

Operated Foreign -
 Anchor Handling Towing
  Supply                       14       13       14       15
 Crew                          24       23       26       33
 Mini-supply                    4        4        5        5
 Other                          2        2        1        2
 Standby Safety                27       27       27       27
 Supply                        12       13       14       15
 Towing                        29       30       31       35
                          -------- -------- -------- --------
                              112      112      118      132
                          -------- -------- -------- --------

Worldwide Operations -
 Anchor Handling Towing
  Supply                       18       17       18       19
 Crew                          82       77       75       86
 Mini-supply                   30       30       31       32
 Other                          2        2        1        2
 Standby Safety                27       27       27       27
 Supply                        20       21       22       25
 Towing                        33       33       33       37
                          -------- -------- -------- --------
                              212      207      207      228
                          ======== ======== ======== ========

Inland Barges, domestic
 Dry Cargo Hopper           1,072    1,029      911      792
 Chemical Tank                 20       14        1        -
                          -------- -------- -------- --------
                            1,092    1,043      912      792
                          ======== ======== ======== ========

Helicopters, domestic         127       44       43       43
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Contacts

SEACOR Holdings Inc.
Randall Blank, 281-899-4800 or 212-307-6633
www.seacorholdings.com