SEACOR Announces Increase in Securities Repurchase Authority
SEACOR SMIT Inc. (NYSE:CKH) announced today that its Board of Directors had increased its previously announced securities repurchase program by $25.0 million. With this increase, the Company has approximately $52.8 million available for such purposes. The securities covered by the repurchase program include the Company’s common stock, its 5 3/8% convertible subordinated notes due 2006, its 7.2% senior notes due 2009 and its 5 7/8% senior notes due 2012. The repurchase of securities would be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.
SEACOR and its subsidiaries are primarily engaged in the operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, offshore West Africa, the North Sea, Asia, Latin America and other foreign regions. Other business activities include environmental services and inland river operations.
This release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Statements herein that describe the company’s business strategy, industry outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. The forward-looking statements included in this release are made only as of the date of this release and the company undertakes no obligation to publicly update the forward-looking statements to reflect subsequent events or circumstances.
For additional information, contact Randall Blank, Executive Vice President and Chief Financial Officer, at (281) 899-4800 or (212) 307-6633.
Released February 13, 2003