SEACOR Holdings Announces Second Quarter Results

FORT LAUDERDALE, FL--(Marketwire - July 22, 2010) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the second quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2010 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.

For the quarter ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million.

For the preceding quarter ended March 31, 2010, net income attributable to SEACOR Holdings Inc. was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million. Comparison of results for the quarter ended June 30, 2010 with the preceding quarter ended March 31, 2010 is included in the discussion below.

Highlights for the Quarter

Deepwater Horizon Oil Spill Response -- The Company's operating results for the second quarter were impacted by oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April. Four of the Company's business units have been and continue to be actively engaged in this response. Environmental Services, through its subsidiary National Response Corporation, is providing vessels, equipment and people to support clean-up activities both on-shore and at sea. In addition, another subsidiary, O'Brien's Response Management Inc., is providing professional assistance, consulting services and software systems in support of incident management activities at various strategic locations, and is also assisting in the provision of manpower for clean-up operations throughout the region.

Offshore Marine Services currently has vessels engaged in a variety of duties including vessel decontamination, skimming, lightering, offshore traffic control and accommodation. Offshore Marine Services is also providing technical and video equipment on vessels engaged in the response to allow for instant tracking of assets and surveillance of operations. Aviation Services currently has helicopters providing air support for United States Coast Guard observers undertaking oil spotting and assessment missions and, on an "as needed" basis, transportation for various other officials requiring overflights to assess the response and recovery efforts. Aviation Services is also providing a flight tracking system to monitor the movement of all marine and aviation assets involved in the response. Harbor and Offshore Towing Services has tugs engaged in the decontamination of vessels transiting the region.

Offshore Marine Services -- Operating income in the second quarter was $42.9 million on operating revenues of $147.1 million compared with operating income of $20.1 million on operating revenues of $107.2 million in the preceding quarter. Second quarter results included $2.0 million in gains on asset dispositions compared with $12.7 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $33.4 million higher in the second quarter.

Overall operating revenues were $39.9 million higher in the second quarter. Time charter revenues increased by $32.3 million, of which $27.6 million was due to incremental charters in support of the Deepwater Horizon oil spill response. In addition, time charter revenues for the Company's Anchor Handling Towing Supply vessels in the U.S. Gulf of Mexico improved by $7.4 million primarily due to increased spot market activity. Other operating revenues were $7.6 million higher in the second quarter primarily due to the provision of other equipment and services associated with the Deepwater Horizon oil spill response and increased vessel brokerage activity, mainly in West Africa.

As of June 10, 2010, the Company had deferred $18.5 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer. Of this amount, $2.9 million was deferred in the second quarter. The Company expects to defer an additional $3.5 million of vessel charter hire under this arrangement through August 2010. The customer has provided payout estimates, which are contingent upon production, indicating the Company will receive payments of $10.8 million in 2010 and $11.2 million in 2011. Production from the properties commenced in April 2010 and the first payment of $0.1 million was received in June 2010 and recognized as revenue. The Company will recognize revenues as cash is received or earlier should future payments become determinable.

Operating expenses were $6.2 million higher in the second quarter primarily due to incremental expenditure associated with the Deepwater Horizon oil spill response, increased brokerage activity and higher repair and maintenance costs. Operating expenses in the first quarter included a $3.3 million accrual for the settlement of litigation, which is pending court approval.

The number of days available for charter in the second quarter decreased by eight, or 0.1%. Overall utilization increased from 71.5% to 77.4% and overall average day rates, based on time charter revenues recognized, increased by 22.6% from $11,339 per day to $13,906 per day. As of June 30, 2010, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with 14 as of March 31, 2010.

Marine Transportation Services -- Marine Transportation Services reported operating income in the second quarter of $3.3 million on operating revenues of $21.3 million compared with an operating loss of $2.8 million on operating revenues of $19.5 million in the preceding quarter. The increase in operating income was primarily due to a reduction in out-of-service time and expenses incurred for drydockings. During the first quarter, two of the Company's tankers underwent regulatory drydockings, one of which was completed during the quarter and the other being completed in April. A third tanker had a 5-day handover drydocking in January before commencing a long-term bareboat charter. The remaining drydocking program for 2010 consists of two drydockings in the third quarter; one regulatory and the other a short handover for a tanker prior to commencing a long-term bareboat charter. As of June 30, 2010, three of the Company's eight tankers were operating under long-term bareboat charters, four were operating under time charters and one was operating in the spot market.

Inland River Services -- Operating income in the second quarter was $6.4 million on operating revenues of $34.6 million compared with operating income of $7.8 million on operating revenues of $33.4 million in the preceding quarter.

The decrease in operating income was primarily due to a reduction in loadings early in the quarter resulting in idling a portion of the dry cargo barge fleet. As freight rates improved during May in response to higher demand, the idled barges returned to service and operating expenses increased due to repositioning the dry cargo barge fleet and longer trips.

Aviation Services -- Operating income in the second quarter was $5.5 million on operating revenues of $62.4 million compared with operating income of $2.5 million on operating revenues of $50.3 million in the preceding quarter.

Operating revenues were higher primarily due to more flight hours in support of offshore oil and gas activities in the U.S. Gulf of Mexico and Alaska, incremental work in support of the Deepwater Horizon oil spill response, increased air medical services activity and the start up of seasonal flightseeing and firefighting operations in Alaska. Revenues from leasing activities improved due to the start up of a new contract in Southeast Asia, and more aircraft, flight hours and maintenance support in South America. Operating expenses were generally in line with the increased activity levels.

Environmental Services -- Operating income in the second quarter was $78.9 million on operating revenues of $214.6 million compared with an operating loss of $0.2 million on operating revenues of $28.2 million in the preceding quarter. The improvement in operating results was primarily due to the impact of activities associated with the Deepwater Horizon oil spill response.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment profit in the second quarter of $0.5 million on operating revenues of $203.1 million compared with a segment loss of $4.6 million on operating revenues of $143.0 million in the preceding quarter. Results from energy trading activities, including the Company's equity interest in its alcohol manufacturing facility joint venture, improved by $4.6 million compared with the preceding quarter. Results from sugar trading activities also improved while results from rice trading activities were consistent with the preceding quarter.

Harbor and Offshore Towing Services -- Operating income in the second quarter was $4.9 million on operating revenues of $19.0 million compared with operating income of $2.7 million on operating revenues of $17.4 million in the preceding quarter. The improvement in operating revenues was primarily due to activities associated with the Deepwater Horizon oil spill response. Operating income also benefited from gains realized on the sale of an ocean liquid tank barge.

Interest Expense -- Interest expense in the second quarter was lower primarily due to the redemption of certain of the Company's Title XI Bonds in the second quarter.

Marketable Securities -- Marketable security losses were $5.4 million in the second quarter compared with gains of $2.0 million in the preceding quarter. The losses in the second quarter were primarily the result of losses on long equity positions.

Derivatives -- Derivative losses, net were $4.7 million in the second quarter primarily on foreign currency option and futures contracts and U.S. Treasury Note and Bond futures and option contracts.

Foreign Currency Losses, net -- Foreign currency losses, net were $7.5 million in the second quarter primarily due to the weakening of the euro against the U.S. dollar.

Stock Repurchases -- During the second quarter, the Company purchased 1,366,200 shares of its common stock at an average price of $73.25 per share. At the end of the quarter, 21,218,284 shares of SEACOR's common stock remained outstanding.

Title XI Debt -- On April 30, 2010, the Company redeemed all of the outstanding bonds on two of the Company's double-hull product tankers for $63.0 million, including a make whole premium.

Capital Commitments -- The Company's unfunded capital commitments as of June 30, 2010 consisted primarily of offshore support vessels, helicopters, an aircraft, an interest in a dry-bulk articulated tug-barge, a harbor and offshore tug and other equipment, and totaled $247.0 million, of which $115.9 million is payable during 2010 and the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. As of June 30, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $721.6 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, marine transportation, inland river, aviation, 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, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, 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 following should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.

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

 

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



                           Three Months Ended         Six Months Ended
                                June 30,                  June 30,
                        ------------------------  ------------------------
                            2010         2009         2010         2009
                        -----------  -----------  -----------  -----------

Operating Revenues      $   694,576  $   389,233  $ 1,089,151  $   788,749
                        -----------  -----------  -----------  -----------

Costs and Expenses:
   Operating                484,742      256,131      797,047      504,543
   Administrative and
    general                  46,108       40,058       86,999       78,740
   Depreciation and
    amortization             41,608       39,828       83,005       79,092
                        -----------  -----------  -----------  -----------
                            572,458      336,017      967,051      662,375
                        -----------  -----------  -----------  -----------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net             4,398          (15)      18,057       16,745
                        -----------  -----------  -----------  -----------

Operating Income            126,516       53,201      140,157      143,119
                        -----------  -----------  -----------  -----------

Other Income (Expense):
   Interest income            1,863          578        3,226        1,621
   Interest expense         (11,264)     (14,075)     (23,588)     (28,412)
   Debt extinguishment
    gains (losses), net        (364)         (78)        (368)       1,285
   Marketable security
    gains (losses), net      (5,406)      11,829       (3,445)       7,848
   Derivative gains
    (losses), net            (4,721)       3,765       (1,945)       7,376
   Foreign currency
    gains (losses), net      (7,500)       6,847      (10,201)       7,505
   Other, net                    46           (1)         646          189
                        -----------  -----------  -----------  -----------
                            (27,346)       8,865      (35,675)      (2,588)
                        -----------  -----------  -----------  -----------
Income Before Income
 Tax Expense and Equity
 In Earnings of 50% or
 Less Owned Companies        99,170       62,066      104,482      140,531
Income Tax Expense           37,399       22,916       39,715       51,115
                        -----------  -----------  -----------  -----------
Income Before Equity in
 Earnings of 50% or
 Less Owned Companies        61,771       39,150       64,767       89,416
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax        2,876        3,491        3,745        7,018
                        -----------  -----------  -----------  -----------
Net Income                   64,647       42,641       68,512       96,434
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                   565          333          829        1,132
                        -----------  -----------  -----------  -----------
Net Income attributable
 to SEACOR Holdings
 Inc.                   $    64,082  $    42,308  $    67,683  $    95,302
                        ===========  ===========  ===========  ===========

Basic Earnings Per
 Common Share of SEACOR
 Holdings Inc.          $      2.95  $      2.13  $      3.08  $      4.81

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.          $      2.93  $      1.91  $      3.05  $      4.27

Weighted Average Common
 Shares Outstanding:
   Basic                 21,733,003   19,844,579   21,999,905   19,803,406
   Diluted               21,905,401   23,528,365   22,187,114   23,511,361






                           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,
                       2010       2010       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------

Operating Revenues   $ 694,576  $ 394,575  $ 476,510  $ 446,079  $ 389,233
                     ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
   Operating           484,742    312,305    352,951    327,602    256,131
   Administrative
    and general         46,108     40,891     41,332     41,926     40,058
   Depreciation and
    amortization        41,608     41,397     40,728     40,272     39,828
                     ---------  ---------  ---------  ---------  ---------
                       572,458    394,593    435,011    409,800    336,017
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net                     4,398     13,659      5,147      5,783        (15)
                     ---------  ---------  ---------  ---------  ---------

Operating Income       126,516     13,641     46,646     42,062     53,201
                     ---------  ---------  ---------  ---------  ---------

Other Income
 (Expense):
   Interest income       1,863      1,363      2,056        789        578
   Interest expense    (11,264)   (12,324)   (16,364)   (14,267)   (14,075)
   Debt
    extinguishment
    gains (losses),
    net                   (364)        (4)    (9,659)     2,787        (78)
   Marketable
    security gains
    (losses), net       (5,406)     1,961      9,263      6,948     11,829
   Derivative gains
    (losses), net       (4,721)     2,776      1,257      2,328      3,765
   Foreign currency
    gains (losses),
    net                 (7,500)    (2,701)     1,521       (939)     6,847
   Other, net               46        600        112        (57)        (1)
                     ---------  ---------  ---------  ---------  ---------
                       (27,346)    (8,329)   (11,814)    (2,411)     8,865
                     ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense and
 Equity In Earnings
 of 50% or Less
 Owned Companies        99,170      5,312     34,832     39,651     62,066
Income Tax Expense      37,399      2,316     15,626     15,751     22,916
                     ---------  ---------  ---------  ---------  ---------
Income Before Equity
 in Earnings of 50%
 or Less Owned
 Companies              61,771      2,996     19,206     23,900     39,150
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax              2,876        869      3,223      2,340      3,491
                     ---------  ---------  ---------  ---------  ---------
Net Income              64,647      3,865     22,429     26,240     42,641
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries              565        264        203        (42)       333
                     ---------  ---------  ---------  ---------  ---------
Net Income
 attributable to
 SEACOR Holdings
 Inc.                $  64,082  $   3,601  $  22,226  $  26,282  $  42,308
                     =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings
 Inc.                $    2.95  $    0.16  $    1.09  $    1.32  $    2.13

Diluted Earnings Per
 Common Share of
 SEACOR Holdings
 Inc.                $    2.93  $    0.16  $    1.04  $    1.23  $    1.91

Weighted Average
 Common Shares of
 Outstanding:
   Basic                21,733     22,270     20,324     19,867     19,845
   Diluted              21,905     22,475     23,417     23,458     23,528
Common Shares
 Outstanding at
 Period End             21,218     22,552     22,613     20,230     20,201





                           SEACOR HOLDINGS INC.
                SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
                        (in thousands, unaudited)


                                       Three Months Ended
                     -----------------------------------------------------
                     Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                       2010       2010       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------
Offshore Marine
 Services
Operating Revenues   $ 147,123  $ 107,186  $ 121,203  $ 129,839  $ 146,466
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            80,011     73,764     72,205     76,982     81,609
   Administrative
    and general         12,931     12,449     12,770     13,128     10,935
   Depreciation and
    amortization        13,245     13,478     13,770     13,608     13,802
                     ---------  ---------  ---------  ---------  ---------
                       106,187     99,691     98,745    103,718    106,346
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net        1,964     12,651      3,831      3,852        361
                     ---------  ---------  ---------  ---------  ---------
Operating Income        42,900     20,146     26,289     29,973     40,481
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Derivative losses,
    net                     --         --       (157)        --        (18)
   Foreign currency
    gains (losses),
    net                    425        374      1,781     (1,174)       479
   Other, net               --         --         --         14         (4)
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax              1,713      2,251      1,774      2,322      3,380
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $  45,038  $  22,771  $  29,687  $  31,135  $  44,318
                     =========  =========  =========  =========  ========= 

Marine
 Transportation
 Services
Operating Revenues   $  21,263  $  19,452  $  20,497  $  21,737  $  24,095
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating             8,915     13,432     10,585     11,420     11,792
   Administrative
    and general          1,038        837      1,043        953        942
   Depreciation and
    amortization         8,008      8,008      8,005      8,003      7,999
                     ---------  ---------  ---------  ---------  ---------
                        17,961     22,277     19,633     20,376     20,733
                     ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions              (11)        --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                  3,291     (2,825)       864      1,361      3,362
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Foreign currency
    gains (losses),
    net                    (41)        15          1          7         25
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $   3,250  $  (2,810) $     865  $   1,368  $   3,387
                     =========  =========  =========  =========  =========

Inland River
 Services
Operating Revenues   $  34,596  $  33,436  $  53,607  $  34,314  $  30,163
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            21,547     19,554     32,052     20,144     17,839
   Administrative
    and general          2,618      2,061      2,137      2,443      2,048
   Depreciation and
    amortization         4,958      4,876      4,756      4,785      4,950
                     ---------  ---------  ---------  ---------  ---------
                        29,123     26,491     38,945     27,372     24,837
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions              899        887      1,236        813        396
                     ---------  ---------  ---------  ---------  ---------
Operating Income         6,372      7,832     15,898      7,755      5,722
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Other, net               --         10         --         --         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                       805        (98)     1,868        140        702
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $   7,177  $   7,744  $  17,766  $   7,895  $   6,424
                     =========  =========  =========  =========  =========






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



                                       Three Months Ended
                     -----------------------------------------------------
                     Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                       2010       2010       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------
Aviation Services
Operating Revenues   $  62,433  $  50,275  $  54,323  $  64,259  $  57,700
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            40,541     32,026     30,667     39,659     37,312
   Administrative
    and general          6,091      5,391      5,972      5,624      5,649
   Depreciation and
    amortization        10,728     10,447      9,876      9,706      9,070
                     ---------  ---------  ---------  ---------  ---------
                        57,360     47,864     46,515     54,989     52,031
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net                       379         90        313      1,062     (1,104)
                     ---------  ---------  ---------  ---------  ---------
Operating Income         5,452      2,501      8,121     10,332      4,565
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Derivative gains
    (losses), net           38       (100)        33        (80)       (78)
   Foreign currency
    gains (losses),
    net                 (1,731)       135       (223)       296        937
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      (442)      (275)      (297)      (186)       270
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $   3,317  $   2,261  $   7,634  $  10,362  $   5,694
                     =========  =========  =========  =========  =========

Environmental
 Services
Operating Revenues   $ 214,629  $  28,158  $  44,531  $  33,827  $  33,175
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating           127,108     20,337     32,822     23,206     23,656
   Administrative
    and general          6,525      6,037      6,155      6,090      5,966
   Depreciation and
    amortization         2,099      1,983      1,811      1,846      1,739
                     ---------  ---------  ---------  ---------  ---------
                       135,732     28,357     40,788     31,142     31,361
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions        (36)       (17)      (208)        (1)         4
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                 78,861       (216)     3,535      2,684      1,818
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
Foreign currency
 gains (losses), net       (23)        30        (11)        --         53
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax                 54         38         90         34         15
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $  78,892  $    (148) $   3,614  $   2,718  $   1,886
                     =========  =========  =========  =========  =========

Commodity Trading
 and Logistics
Operating Revenues   $ 203,064  $ 142,992  $ 171,354  $ 150,866  $  85,852
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating           203,374    147,372    168,694    150,983     79,165
   Administrative
    and general          3,791      2,744      3,632      3,705      3,468
   Depreciation and
    amortization            15         20         20          7          2
                     ---------  ---------  ---------  ---------  ---------
                       207,180    150,136    172,346    154,695     82,635
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                 (4,116)    (7,144)      (992)    (3,829)     3,217
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Derivative gains,
    net                  4,611      4,308        802      1,689        588
   Foreign currency
    gains (losses),
    net                    (30)      (717)        49        177        289
   Other, net                6         --         (1)        --         26
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies,
 Net of Tax                (13)    (1,022)      (282)        --         32
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $     458  $  (4,575) $    (424) $  (1,963) $   4,152
                     =========  =========  =========  =========  =========




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



                                       Three Months Ended
                     -----------------------------------------------------
                     Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                       2010       2010       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------

Harbor and Offshore
 Towing Services
Operating Revenues   $  18,987  $  17,440  $  16,153  $  15,574  $  16,241
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            10,895     10,039     11,110      9,544      9,214
   Administrative
    and general          2,279      2,497      2,698      2,035      2,228
   Depreciation and
    amortization         2,107      2,183      2,197      2,049      1,973
                     ---------  ---------  ---------  ---------  ---------
                        15,281     14,719     16,005     13,628     13,415
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions      1,203         --        (25)        58        330
                     ---------  ---------  ---------  ---------  ---------
Operating Income         4,909      2,721        123      2,004      3,156
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Foreign currency
    gains (losses),
    net                      3        (12)        (2)        12        128
   Other, net               34         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $   4,946  $   2,709  $     121  $   2,016  $   3,284
                     =========  =========  =========  =========  =========

Other
Operating Revenues   $     (18) $      --  $      40  $      --  $      --
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating                --         --         --         --         --
   Administrative
    and general            514        348        513        343        379
   Depreciation and
    amortization            --         --          1         --         --
                     ---------  ---------  ---------  ---------  ---------
                           514        348        514        343        379
                     ---------  ---------  ---------  ---------  ---------
Operating Loss            (532)      (348)      (474)      (343)      (379)
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Foreign currency
    losses, net            (18)        (6)        (3)        (2)        --
Other, net                  --         --         --         (1)        --
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies,
 Net of Tax                759        (25)        70         30       (908)
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $     209  $    (379) $    (407) $    (316) $  (1,287)
                     =========  =========  =========  =========  =========

Corporate and
 Eliminations
Operating Revenues   $  (7,501) $  (4,364) $  (5,198) $  (4,337) $  (4,459)
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            (7,649)    (4,219)    (5,184)    (4,336)    (4,456)
   Administrative
    and general         10,321      8,527      6,412      7,605      8,443
   Depreciation and
    amortization           448        402        292        268        293
                     ---------  ---------  ---------  ---------  ---------
                         3,120      4,710      1,520      3,537      4,280
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         --         48         --         (1)        (2)
                     ---------  ---------  ---------  ---------  ---------
Operating Loss       $ (10,621) $  (9,026) $  (6,718) $  (7,875) $  (8,741)
                     =========  =========  =========  =========  =========
Other Income
 (Expense):
   Derivative gains
    (losses), net    $  (9,370) $  (1,432) $     579  $     719  $   3,273
   Foreign currency
    gains (losses),
    net                 (6,085)    (2,520)       (71)      (255)     4,936
   Other, net                6        590        113        (70)       (23)






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


                 Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,
                   2010        2010        2009        2009        2009
                ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
   Cash and cash
    equivalents $  398,498  $  452,161  $  465,904  $  620,045  $  415,626
   Restricted
    cash             9,421      35,924      34,014      29,353      20,838
   Marketable
    securities      86,457      63,171      68,139      52,897      47,305
   Receivables:
    Trade, net
     of allowance
     for doubtful
     accounts      449,142     288,074     301,143     266,537     251,111
    Other           50,345      69,892      78,689      74,378      60,373
   Inventories      74,434      76,453      76,949      52,502      68,082
   Deferred
    income taxes     3,354       3,354       3,354       5,164       5,164
   Prepaid
    expenses and
    other           24,075      21,733      15,725      21,121      14,734
                ----------  ----------  ----------  ----------  ----------
    Total
     current
     assets      1,095,726   1,010,762   1,043,917   1,121,997     883,233
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,896,777   2,886,410   2,833,011   2,794,067   2,801,446
    Accumulated
     depreciati-
     on           (821,641)   (785,119)   (754,263)   (718,749)   (692,084)
                ----------  ----------  ----------  ----------  ----------
    Net property
     and
     equipment   2,075,136   2,101,291   2,078,748   2,075,318   2,109,362
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or
 Less Owned
 Companies         201,474     186,605     186,814     166,878     150,862
Construction
 Reserve Funds &
 Title XI
 Reserve Funds     227,184     252,672     289,750     290,871     265,586
Goodwill            54,653      54,443      54,571      53,990      53,581
Intangible
 Assets             21,195      22,369      23,554      24,762      26,018
Other Assets,
 net of
 allowance for
 doubtful
 accounts           51,522      55,430      46,265      49,920      48,053
                ----------  ----------  ----------  ----------  ----------
                $3,726,890  $3,683,572  $3,723,619  $3,783,736  $3,536,695
                ==========  ==========  ==========  ==========  ==========

  LIABILITIES AND
      EQUITY
Current
 Liabilities:
   Current
    portion of
    long-term
    debt        $   14,154  $   22,731  $   36,436  $   23,765  $   11,834
   Current
    portion of
    capital
    lease
    obligations        998         982         966         951         921
   Accounts
    payable and
    accrued
    expenses       223,277      98,984     135,425     105,981      93,908
   Other current
    liabilities    209,571     178,112     142,285     156,800     157,030
                ----------  ----------  ----------  ----------  ----------
    Total
     current
     liabilities   448,000     300,809     315,112     287,497     263,693
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     682,134     747,787     748,704   1,027,496     861,096
Capital Lease
 Obligations         6,067       6,348       6,624       6,895       7,178
Deferred Income
 Taxes             572,985     574,390     575,440     565,321     543,075
Deferred Gains
 and Other
 Liabilities        96,510     100,835     111,848     122,041     111,939
                ----------  ----------  ----------  ----------  ----------
    Total
     liabilities 1,805,696   1,730,169   1,757,728   2,009,250   1,786,981
                ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR Holdings Inc.
  stockholders'
  equity:
    Preferred
     stock              --          --          --          --          --
    Common stock       358         357         356         326         326
    Additional
     paid-in
     capital     1,191,943   1,186,871   1,182,023     966,895     962,990
    Retained
     earnings    1,614,264   1,550,182   1,546,581   1,524,355   1,498,073
    Shares held
     in
     treasury,
     at cost      (887,129)   (786,992)   (768,438)   (722,569)   (723,650)
    Accumulated
     other
     comprehensive
     income
     (loss)         (7,839)     (5,862)     (3,260)     (3,577)      2,318
                ----------  ----------  ----------  ----------  ----------
                 1,911,597   1,944,556   1,957,262   1,765,430   1,740,057
 Noncontrolling
  interests in
  subsidiaries       9,597       8,847       8,629       9,056       9,657
                ----------  ----------  ----------  ----------  ----------
   Total equity  1,921,194   1,953,403   1,965,891   1,774,486   1,749,714
                ----------  ----------  ----------  ----------  ----------
                $3,726,890  $3,683,572  $3,723,619  $3,783,736  $3,536,695
                ==========  ==========  ==========  ==========  ==========




                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS


                               Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
                                 2010     2010     2009     2009     2009
                               -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply        20       20       23       21       21
Crew                                 57       57       57       68       68
Mini-supply                          12       11       11       11       12
Standby safety                       26       25       25       24       24
Supply                               27       26       27       27       28
Towing supply                         9       10       13       13       13
Specialty                            12       12        9        9        9
                               -------- -------- -------- -------- --------
                                    163      161      165      173      175
                               ======== ======== ======== ======== ========

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

Inland River Services
Inland river dry-cargo barges     1,449    1,419    1,395    1,385      959
Inland river liquid tank
 barges                              87       87       87       87       87
Inland river deck barges             26       26       26       26       26
Inland river towboats                29       29       29       28       23
Dry-cargo vessel                      1        1        1        1        1
                               -------- -------- -------- -------- --------
                                  1,592    1,562    1,538    1,527    1,096
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                              60       60       60       60       60
Light helicopters - twin
 engine                              46       48       47       50       50
Medium helicopters                   59       59       59       58       61
Heavy helicopters                     9        9        8        9        8
                               -------- -------- -------- -------- --------
                                    174      176      174      177      179
                               ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs             31       31       31       31       33
Ocean liquid tank barges              5        6        6        6        3
                               -------- -------- -------- -------- --------
                                     36       37       37       37       36
                               ======== ======== ======== ======== ========
For additional information, contact:
Molly Hottinger
(954) 627-5278 or
www.seacorholdings.com