SEACOR Holdings Announces Results for the First Quarter Ended March 31, 2012

FORT LAUDERDALE, FL -- (Marketwire) -- 04/24/12 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the first quarter ended March 31, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2012 was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. During the first quarter, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million. Operating results for all periods presented have been restated to reflect results for the part of the business that was sold as income (loss) from discontinued operations, net of tax.

For the preceding quarter ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per diluted share, including net income from discontinued operations of $9.7 million, or $0.45 per diluted share. A comparison of results for the quarter ended March 31, 2012 with the preceding quarter ended December 31, 2011 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2011, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.52 per diluted share, including a net loss from discontinued operations of $1.2 million, or $0.06 per diluted share.

Highlights for the Quarter

Offshore Marine Services -- Operating income was $22.9 million on operating revenues of $121.1 million compared with operating income of $16.1 million on operating revenues of $109.8 million in the preceding quarter. First quarter results included $1.8 million in gains on asset dispositions compared with $1.4 million in gains in the preceding quarter. First quarter results also included the contribution of the Company's fleet of wind farm utility vessels acquired in December 2011. During the first quarter, these vessels contributed operating revenues of $6.0 million with an average day rate of $2,431 per day and a utilization rate of 86.0%.

In the first quarter, excluding the contribution of wind farm utility vessels, the total number of days available for charter decreased by 259 days, or 2.5%; utilization increased from 79.7% to 80.6%; and average day rates increased by 8.1% from $12,187 per day to $13,174 per day.

In the U.S. Gulf of Mexico, operating income was $8.4 million higher in the first quarter primarily due to an increase in revenues from rig moving activity. Utilization was 73.1% compared with 70.3% in the preceding quarter and average day rates increased from $12,523 per day to $14,964 per day. As of March 31, 2012, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico, the same as of December 31, 2011.

In international regions, excluding the wind farm utility vessels, operating income was $1.8 million lower in the first quarter. Time charter revenues were $0.6 million lower primarily due to fewer days available and a decrease in utilization, which was 85.6% compared with 86.2% in the preceding quarter. Average day rates increased from $11,999 per day to $12,149 per day. Other revenues were $1.8 million lower primarily due a decrease in mobilization and other marine services. Operating expenses were $1.2 million higher primarily due to increased drydocking activity.

Administrative and general expenses were $1.8 million lower in the first quarter primarily due to lower wage and benefit costs and a reduction in legal expenses.

Equity in earnings increased by $2.3 million in the first quarter primarily due to the commencement of a long-term charter for a vessel in one of Offshore Marine Services' joint ventures in November 2011.

Aviation Services -- Operating income was $3.8 million on operating revenues of $61.1 million compared with operating income of $1.5 million on operating revenues of $61.7 million in the preceding quarter. During the first quarter, Aviation Services deferred $2.8 million of contract-leasing revenues from its Brazilian joint venture and recognized an impairment charge of $5.9 million, net of tax, on its investment. These adjustments resulted from difficulties experienced by the joint venture following one of its customers' cancellation of certain contracts for a number of AW139 aircraft under contract-lease from Aviation Services.

In the U.S. Gulf of Mexico, operating revenues were $3.2 million higher primarily due to contracts for newly delivered aircraft, an increase in activity with existing customers and additional charter activity. This increase was offset by $1.1 million of revenue reductions in Alaska following the conclusion of seasonal firefighting contracts and the temporary postponement of a contract that is scheduled to resume later in 2012.

Operating expenses were $1.4 million lower in the first quarter primarily due to the recognition of vendor credits, partially offset by higher insurance premiums due to the addition of new aircraft, increased activity and additional maintenance expense due to the timing of repairs.

Administrative and general expenses were $2.1 million lower in the first quarter primarily due to severance costs associated with a change in executive management in the preceding quarter, partially offset by the recognition in the first quarter of previously deferred legal and professional expenses.

Inland River Services -- Operating income was $9.2 million on operating revenues of $53.5 million compared with operating income of $12.3 million on operating revenues of $51.9 million in the preceding quarter. Results for the first quarter included the contribution of Lewis & Clark, acquired in December 2011, which contributed operating revenues of $8.5 million. Operating results for the pooled hopper barge fleet were lower in the first quarter primarily due to poor river conditions and weak demand for barge freight resulting in idling a portion of the fleet.

Marine Transportation Services -- Operating income was $2.4 million on operating revenues of $26.3 million compared with operating income of $3.7 million on operating revenues of $26.7 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of the Seabulk America. Operating results for Marine Transportation Services' U.S.-flag product tanker fleet were lower primarily due to increases in insurance deductibles and higher repair and maintenance costs. Operating results for its foreign flag Roll-on/Roll-off vessels were higher primarily due to reduced legal fees.

Emergency and Crisis Services -- As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $0.4 million on operating revenues of $10.2 million compared with operating income of $3.1 million on operating revenues of $16.8 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in debris activity, continuing reduction in activity associated with the Deepwater Horizon incident and seasonal reductions in professional services.

Commodity Trading and Logistics -- Segment profit was $5.6 million on operating revenues of $209.7 million compared with segment profit of $1.4 million on operating revenues of $237.2 million in the preceding quarter. Segment results improved primarily due to the recognition of a gain of $6.0 million, net of tax, arising from Company's acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012.

Other -- Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.2 million on operating revenues of $19.9 million compared with operating income of $1.7 million on operating revenues of $17.7 million in the preceding quarter. The increase in operating income was primarily due to increased traffic and the addition of bareboat charter revenues for one tug contracted to a third party in Port Arthur, a decrease in charter-in expenses at the Company's terminal operation in St. Eustatius, and lower wage and benefit costs and professional fees.

Corporate and Eliminations -- Administrative and general expenses were $9.0 million compared with $10.5 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals and reduced professional fees.

Interest Expense -- In the first quarter, interest expense was $12.0 million compared with $10.0 million in the preceding quarter. The increase was primarily due to interest expense on borrowings from Era Group Inc.'s $350.0 million senior secured revolving credit facility entered into on December 22, 2011.

Debt Repurchases -- During the first quarter, the Company purchased $5.5 million, in principal amount, of its 5.875% Senior Notes due 2012 for $5.7 million, resulting in debt extinguishment losses of $0.2 million.

Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2012 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $343.0 million, of which $157.7 million is payable during 2012 with the balance payable through 2016. Of the total unfunded capital commitments, $44.9 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. As of March 31, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $636.4 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; emergency and crisis; 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, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, 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 Emergency and Crisis Services' ability to comply with such regulation and other governmental regulation, 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.

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
                                                         March 31,
                                               ----------------------------
                                                    2012           2011
                                               -------------  -------------

Operating Revenues                             $     497,885  $     438,011
                                               -------------  -------------

Costs and Expenses:
  Operating                                          384,112        341,743
  Administrative and general                          46,178         41,654
  Depreciation and amortization                       39,327         38,330
                                               -------------  -------------
                                                     469,617        421,727
                                               -------------  -------------

Gains on Asset Dispositions and Impairments,
 Net                                                   5,542          7,255
                                               -------------  -------------

Operating Income                                      33,810         23,539
                                               -------------  -------------

Other Income (Expense):
  Interest income                                      2,976          3,732
  Interest expense                                   (12,024)       (10,040)
  Debt extinguishment losses, net                       (160)           (48)
  Marketable security gains, net                       3,358          1,534
  Derivative losses, net                              (4,119)        (3,318)
  Foreign currency gains, net                          2,552          5,059
  Other, net                                             (54)          (178)
                                               -------------  -------------
                                                      (7,471)        (3,259)
                                               -------------  -------------
Income from Continuing Operations Before
 Income Tax Expense and Equity In Earnings of
 50% or Less Owned Companies                          26,339         20,280
Income Tax Expense                                    10,608          7,673
                                               -------------  -------------
Income from Continuing Operations Before
 Equity in Earnings of 50% or Less Owned
 Companies                                            15,731         12,607
Equity in Earnings of 50% or Less Owned
 Companies, Net of Tax                                 1,242             42
                                               -------------  -------------
Income from Continuing Operations                     16,973         12,649
Income (Loss) from Discontinued Operations,
 Net of Tax                                           19,400         (1,180)
                                               -------------  -------------
Net Income                                            36,373         11,469
Net Income (Loss) attributable to
 Noncontrolling Interests in Subsidiaries               (115)           299
                                               -------------  -------------
Net Income attributable to SEACOR Holdings
 Inc.                                          $      36,488  $      11,170
                                               =============  =============

Net Income (Loss) attributable to SEACOR
 Holdings Inc.:
  Continuing operations                        $      17,088  $      12,350
  Discontinued operations                             19,400         (1,180)
                                               -------------  -------------
                                               $      36,488  $      11,170
                                               =============  =============
Basic Earnings (Loss) Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations                        $        0.83  $        0.59
  Discontinued operations                               0.95          (0.06)
                                               -------------  -------------
                                               $        1.78  $        0.53
                                               =============  =============
Diluted Earnings (Loss) Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations                        $        0.82  $        0.58
  Discontinued operations                               0.93          (0.06)
                                               -------------  -------------
                                               $        1.75  $        0.52
                                               =============  =============
Weighted Average Common Shares Outstanding:
  Basic                                           20,519,660     21,104,739
  Diluted                                         20,893,210     21,439,424


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

                                        Three Months Ended
                      -----------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  ---------
Operating Revenues    $ 497,885  $ 518,954  $ 545,089  $ 509,283  $ 438,011
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             384,112    412,042    455,442    409,365    341,743
  Administrative and
   general               46,178     50,731     35,387     39,170     41,654
  Depreciation and
   amortization          39,327     35,395     36,437     39,330     38,330
                      ---------  ---------  ---------  ---------  ---------
                        469,617    498,168    527,266    487,865    421,727
                      ---------  ---------  ---------  ---------  ---------
Gains on Asset
 Dispositions and
 Impairments, Net         5,542      5,469     10,986     10,301      7,255
                      ---------  ---------  ---------  ---------  ---------
Operating Income         33,810     26,255     28,809     31,719     23,539
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Interest income         2,976      1,127      5,462      3,297      3,732
  Interest expense      (12,024)   (10,027)   (10,711)   (10,465)   (10,040)
  Debt extinguishment
   losses, net             (160)        --        (51)        --        (48)
  Marketable security
   gains (losses),
   net                    3,358     (4,803)       130     (4,754)     1,534
  Derivative losses,
   net                   (4,119)      (262)   (25,954)    (6,601)    (3,318)
  Foreign currency
   gains (losses),
   net                    2,552     (2,600)    (3,126)     1,416      5,059
  Other, net                (54)     1,133        (39)       (56)      (178)
                      ---------  ---------  ---------  ---------  ---------
                         (7,471)   (15,432)   (34,289)   (17,163)    (3,259)
                      ---------  ---------  ---------  ---------  ---------
Income (Loss) from
 Continuing
 Operations Before
 Income Tax Expense
 (Benefit) and Equity
 In Earnings (Losses)
 of 50% or Less Owned
 Companies               26,339     10,823     (5,480)    14,556     20,280
Income Tax Expense
 (Benefit)               10,608      2,645       (669)     5,877      7,673
                      ---------  ---------  ---------  ---------  ---------
Income (Loss) from
 Continuing
 Operations Before
 Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies    15,731      8,178     (4,811)     8,679     12,607
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      1,242       (579)     9,655        872         42
                      ---------  ---------  ---------  ---------  ---------
Income from
 Continuing
 Operations              16,973      7,599      4,844      9,551     12,649
Income (Loss) from
 Discontinued
 Operations, Net of
 Tax                     19,400      9,653       (782)      (184)    (1,180)
                      ---------  ---------  ---------  ---------  ---------
Net Income               36,373     17,252      4,062      9,367     11,469
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries              (115)       212        247        336        299
                      ---------  ---------  ---------  ---------  ---------
Net Income
 attributable to
 SEACOR Holdings Inc. $  36,488  $  17,040  $   3,815  $   9,031  $  11,170
                      =========  =========  =========  =========  =========
Net Income (Loss)
 attributable to
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $  17,088  $   7,387  $   4,597  $   9,215  $  12,350
  Discontinued
   operations            19,400      9,653       (782)      (184)    (1,180)
                      ---------  ---------  ---------  ---------  ---------
                      $  36,488  $  17,040  $   3,815  $   9,031  $  11,170
                      =========  =========  =========  =========  =========
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $    0.83  $    0.35  $    0.22  $    0.44  $    0.59
  Discontinued
   operations              0.95       0.46      (0.04)     (0.01)     (0.06)
                      ---------  ---------  ---------  ---------  ---------
                      $    1.78  $    0.81  $    0.18  $    0.43  $    0.53
                      =========  =========  =========  =========  =========
Diluted Earnings
 (Loss) Per Common
 Share of SEACOR
 Holdings Inc.:
  Continuing
   operations         $    0.82  $    0.35  $    0.21  $    0.43  $    0.58
  Discontinued
   operations              0.93       0.45      (0.03)     (0.01)     (0.06)
                      ---------  ---------  ---------  ---------  ---------
                      $    1.75  $    0.80  $    0.18  $    0.42  $    0.52
                      =========  =========  =========  =========  =========
Weighted Average
 Common Shares of
 Outstanding:
  Basic                  20,520     21,005     21,202     21,166     21,105
  Diluted                20,893     21,354     21,565     21,518     21,439
Common Shares
 Outstanding at
 Period End              21,114     20,933     21,715     21,679     21,652


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

                                        Three Months Ended
                      -----------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  ---------

Offshore Marine
 Services
Operating Revenues    $ 121,086  $ 109,781  $  93,277  $  93,386  $  80,344
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              75,340     69,484     68,457     68,242     63,020
  Administrative and
   general               11,856     13,666     10,687     11,078     11,770
  Depreciation and
   amortization          12,882     11,954     11,785     12,205     12,533
                      ---------  ---------  ---------  ---------  ---------
                        100,078     95,104     90,929     91,525     87,323
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions             1,845      1,449      5,241      3,607      4,364
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                  22,853     16,126      7,589      5,468     (2,615)
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                    1,123     (1,290)    (2,129)      (408)       725
  Other, net                 --        272          6         --         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      1,829       (500)     8,754        200        735
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $  25,805  $  14,608  $  14,220  $   5,260  $  (1,155)
                      =========  =========  =========  =========  =========

Aviation Services
Operating Revenues    $  61,052  $  61,696  $  71,804  $  68,493  $  56,155
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              39,676     41,084     45,701     42,457     33,465
  Administrative and
   general                9,677     11,803      6,841      6,229      7,020
  Depreciation and
   amortization           9,630      9,210      9,093     12,390     11,919
                      ---------  ---------  ---------  ---------  ---------
                         58,983     62,097     61,635     61,076     52,404
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net         1,765      1,912      4,894      6,172      2,194
                      ---------  ---------  ---------  ---------  ---------
Operating Income          3,834      1,511     15,063     13,589      5,945
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Derivative gains
   (losses), net           (124)       (18)      (807)      (811)       310
  Foreign currency
   gains (losses),
   net                      917        (80)       (95)       338        353
  Other, net                 30          9         --         --         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                     (6,419)      (979)       106      1,054        (99)
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $  (1,762) $     443  $  14,267  $  14,170  $   6,509
                      =========  =========  =========  =========  =========

Inland River Services
Operating Revenues    $  53,490  $  51,871  $  47,875  $  41,442  $  46,469
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              35,183     31,702     31,196     28,717     27,884
  Administrative and
   general                3,982      3,270      2,206      3,166      2,697
  Depreciation and
   amortization           7,007      5,617      6,464      5,791      5,622
                      ---------  ---------  ---------  ---------  ---------
                         46,172     40,589     39,866     37,674     36,203
                      ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions       1,927        986      1,303        (22)       697
                      ---------  ---------  ---------  ---------  ---------
Operating Income          9,245     12,268      9,312      3,746     10,963
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   losses, net              (22)        --         --         --         --
  Other, net                 --         --         --          3          1
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        250        955      2,771        666       (256)
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $   9,473  $  13,223  $  12,083  $   4,415  $  10,708
                      =========  =========  =========  =========  =========


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

                                        Three Months Ended
                      -----------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  ---------

Marine Transportation
 Services
Operating Revenues    $  26,283  $  26,705  $  24,783  $  24,336  $  17,312
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              15,758     15,338     15,194     13,584      8,979
  Administrative and
   general                2,475      3,257      2,044      2,146      1,417
  Depreciation and
   amortization           5,651      5,540      5,833      5,728      4,978
                      ---------  ---------  ---------  ---------  ---------
                         23,884     24,135     23,071     21,458     15,374
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions                --      1,125         --         --         --
                      ---------  ---------  ---------  ---------  ---------
Operating Income          2,399      3,695      1,712      2,878      1,938
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                        9        (15)       (18)         6         16
  Other, net                 30         87        131         56         --
Equity in Losses of
 50% or Less Owned
 Companies, Net of
 Tax                       (217)       (74)        --         --         --
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $   2,221  $   3,693  $   1,825  $   2,940  $   1,954
                      =========  =========  =========  =========  =========

Emergency and Crisis
 Services
Operating Revenues    $  10,215  $  16,763  $  14,080  $  21,275  $  28,833
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating               6,873     10,145      9,141     12,328     14,776
  Administrative and
   general                3,254      3,030      2,961      3,555      2,811
  Depreciation and
   amortization             484        486        655        498        502
                      ---------  ---------  ---------  ---------  ---------
                         10,611     13,661     12,757     16,381     18,089
                      ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions                 5         --          7         --         --
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                    (391)     3,102      1,330      4,894     10,744
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                       14        (14)        17         (7)       (51)
  Other, net                 --         --         --          2         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                         67         (4)        --         --         --
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $    (310) $   3,084  $   1,347  $   4,889  $  10,693
                      =========  =========  =========  =========  =========

Commodity Trading and
 Logistics
Operating Revenues    $ 209,696  $ 237,177  $ 279,178  $ 245,321  $ 194,012
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             203,233    236,664    279,180    237,644    187,018
  Administrative and
   general                3,141      1,598      1,944      2,202      2,660
  Depreciation and
   amortization           1,060         20         12         12         13
                      ---------  ---------  ---------  ---------  ---------
                        207,434    238,282    281,136    239,858    189,691
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                   2,262     (1,105)    (1,958)     5,463      4,321
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Derivative gains
   (losses), net         (2,939)     1,251     (3,063)       828     (4,750)
  Foreign currency
   gains (losses),
   net                       79        (28)       153        (16)        (5)
  Other, net                 --       (167)        --         --         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      6,154      1,452     (2,267)    (1,051)        51
                      ---------  ---------  ---------  ---------  ---------
Segment Profit (Loss) $   5,556  $   1,403  $  (7,135) $   5,224  $    (383)
                      =========  =========  =========  =========  =========


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

                                        Three Months Ended
                      -----------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  ---------

Other
Operating Revenues    $  19,944  $  17,730  $  16,741  $  17,921  $  17,536
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              11,814     10,274      9,117      9,158      9,142
  Administrative and
   general                2,817      3,589      2,523      3,210      2,620
  Depreciation and
   amortization           2,158      2,119      2,129      2,237      2,289
                      ---------  ---------  ---------  ---------  ---------
                         16,789     15,982     13,769     14,605     14,051
                      ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions          --         (3)      (315)       544         --
                      ---------  ---------  ---------  ---------  ---------
Operating Income          3,155      1,745      2,657      3,860      3,485
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                      (16)        --        (75)       (24)         1
  Other, net                 --        983         (1)        --         (1)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                       (422)    (1,429)       291          3       (389)
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $   2,717  $   1,299  $   2,872  $   3,839  $   3,096
                      =========  =========  =========  =========  =========

Corporate and
 Eliminations
Operating Revenues    $  (3,881) $  (2,769) $  (2,649) $  (2,891) $  (2,650)
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              (3,765)    (2,649)    (2,544)    (2,765)    (2,541)
  Administrative and
   general                8,976     10,518      6,181      7,584     10,659
  Depreciation and
   amortization             455        449        466        469        474
                      ---------  ---------  ---------  ---------  ---------
                          5,666      8,318      4,103      5,288      8,592
                      ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions and
 Impairments                 --         --       (144)        --         --
                      ---------  ---------  ---------  ---------  ---------
Operating Loss        $  (9,547) $ (11,087) $  (6,896) $  (8,179) $ (11,242)
                      =========  =========  =========  =========  =========
Other Income
 (Expense):
  Derivative gains
   (losses), net      $  (1,056) $  (1,495) $ (22,084) $  (6,618) $   1,122
  Foreign currency
   gains (losses),
   net                      448     (1,173)      (979)     1,527      4,020
  Other, net               (114)       (51)      (175)      (117)      (178)


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

                  Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                    2012        2011        2011        2011        2011
                 ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
 Cash and cash
  equivalents    $  281,977  $  462,188  $  301,603  $  362,825  $  405,818
 Restricted cash     25,958      21,281      19,474      12,976      19,545
 Marketable
  securities         68,586      66,898      82,978     105,608     149,026
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts         299,484     303,843     280,434     277,301     227,639
  Other              41,699      51,793      51,318      47,852      54,669
 Inventories         94,329      69,109      70,623      83,119      92,523
 Deferred income
  taxes              11,123      11,123       5,136       5,136       5,136
 Prepaid
  expenses and
  other              11,384       9,323      13,704      23,461      21,355
 Discontinued
  operations          4,019      44,989      48,984      54,740     107,910
                 ----------  ----------  ----------  ----------  ----------
  Total current
   assets           838,559   1,040,547     874,254     973,018   1,083,621
                 ----------  ----------  ----------  ----------  ----------
Property and
 Equipment        3,314,759   3,018,145   2,900,843   2,859,773   2,781,655
  Accumulated
   depreciation    (905,362)   (867,914)   (868,986)   (852,648)   (828,295)
                 ----------  ----------  ----------  ----------  ----------
  Net property
   and equipment  2,409,397   2,150,231   2,031,857   2,007,125   1,953,360
                 ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          220,772     249,753     243,678     208,021     188,325
Construction
 Reserve Funds &
 Title XI
 Reserve Funds      259,926     259,974     298,345     314,679     331,689
Goodwill             57,054      57,054      54,410      54,454      53,851
Intangible
 Assets              22,132      21,528      16,055      17,396      18,572
Other Assets,
 net of
 allowance for
 doubtful
 accounts            99,113     102,348      97,724      84,588      59,387
Discontinued
 Operations              --      46,699      45,995      46,479      45,893
                 ----------  ----------  ----------  ----------  ----------
                 $3,906,953  $3,928,134  $3,662,318  $3,705,760  $3,734,698
                 ==========  ==========  ==========  ==========  ==========

 LIABILITIES AND
      EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt           $   22,078  $   41,091  $   23,138  $   20,568  $   18,106
 Current portion
  of capital
  lease
  obligations         2,289       2,368       1,081       1,064       1,047
 Accounts
  payable and
  accrued
  expenses          142,410     185,156     170,680     164,359     189,392
 Other current
  liabilities       176,558     150,864     191,475     216,031     191,967
 Discontinued
  operations            650      22,047      55,093      64,276     100,178
                 ----------  ----------  ----------  ----------  ----------
  Total current
   liabilities      343,985     401,526     441,467     466,298     500,690
                 ----------  ----------  ----------  ----------  ----------
Long-Term Debt      976,872     995,450     669,573     690,774     694,872
Capital Lease
 Obligations          2,848       3,068       4,598       4,901       5,200
Deferred Income
 Taxes              576,195     566,920     560,484     557,013     558,134
Deferred Gains
 and Other
 Liabilities        135,695     143,390     137,783     145,815     149,211
Discontinued
 Operations              --       9,717       5,780       5,502       6,271
                 ----------  ----------  ----------  ----------  ----------
  Total
   liabilities    2,035,595   2,120,071   1,819,685   1,870,303   1,914,378
                 ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR Holdings
  Inc.
  stockholders'
  equity:
  Preferred
   stock                 --          --          --          --          --
  Common stock          366         364         364         363         363
  Additional
   paid-in
   capital        1,265,708   1,256,209   1,245,436   1,239,502   1,233,250
  Retained
   earnings       1,549,167   1,512,679   1,495,639   1,491,824   1,482,793
  Shares held in
   treasury, at
   cost            (970,023)   (971,687)   (900,225)   (901,460)   (901,386)
  Accumulated
   other
   comprehensive
   loss              (5,369)     (7,958)     (9,644)     (6,843)     (5,724)
                 ----------  ----------  ----------  ----------  ----------
                  1,839,849   1,789,607   1,831,570   1,823,386   1,809,296
 Noncontrolling
  interests in
  subsidiaries       31,509      18,456      11,063      12,071      11,024
                 ----------  ----------  ----------  ----------  ----------
  Total equity    1,871,358   1,808,063   1,842,633   1,835,457   1,820,320
                 ----------  ----------  ----------  ----------  ----------
                 $3,906,953  $3,928,134  $3,662,318  $3,705,760  $3,734,698
                 ==========  ==========  ==========  ==========  ==========


                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                                  2012     2011     2011     2011     2011
                                -------- -------- -------- -------- --------

Offshore Marine Services
Anchor handling towing supply         19       19       19       19       19
Crew                                  48       49       50       52       52
Mini-supply                            9        8        8        8        9
Standby safety                        26       26       27       26       26
Supply                                28       30       29       28       26
Towing supply                          5        5        5        6        7
Liftboats                             20        2        2        2        2
Specialty                              9        9        9        9       10
Wind farm utility                     30       29       --       --       --
                                -------- -------- -------- -------- --------
                                     194      177      149      150      151
                                ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                               58       58       60       61       61
Light helicopters - twin engine       46       45       45       44       44
Medium helicopters                    66       65       65       65       63
Heavy helicopters                      8        7        7        7        9
                                -------- -------- -------- -------- --------
                                     178      175      177      177      177
                                ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo barges      1,479    1,496    1,489    1,492    1,497
Inland river liquid tank barges       77       77       79       80       80
Inland river deck barges              20       20       20       26       26
Inland river towboats                 30       31       31       31       32
Dry-cargo vessel                       1        1        1        1        1
                                -------- -------- -------- -------- --------
                                   1,607    1,625    1,620    1,630    1,636
                                ======== ======== ======== ======== ========

Marine Transportation Services
U.S.-flag product tankers              7        7        8        8        8
RORO vessels                           8        8        8        8       --
                                -------- -------- -------- -------- --------
                                      15       15       16       16        8
                                ======== ======== ======== ======== ========

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

Contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com

Source: SEACOR Holdings Inc.