Contact Information: For additional information, contact Timothy McKeand Vice President (954) 627-6380 www.seacorholdings.com
SEACOR Announces Increase in Securities Repurchase Authority
| Source: SEACOR Holdings Inc.
FORT LAUDERDALE, FL--(Marketwire - December 3, 2007) - SEACOR Holdings Inc. (NYSE : CKH )
announced today that its Board of Directors has increased its authorization
for repurchases of SEACOR's common stock and its 2.875% convertible senior
debentures due 2024 by $115.5 million for a total authorized expenditure of
up to $150 million for the purchase of such securities. In addition,
SEACOR may purchase, separate from such authorization, any or all of its
7.2% senior notes due 2009, its 5 7/8% senior notes due 2012, and the 9
1/2% senior notes due 2013 of Seabulk International, Inc., a wholly-owned
subsidiary. The repurchase of securities may be conducted from time to time
through open market purchases, privately negotiated transactions or
otherwise depending on market conditions.
SEACOR is a global provider of marine support and transportation service,
primarily to the energy and chemical industries. SEACOR and its
subsidiaries provide customers with a full suite of marine-related services
including offshore services, U.S. coastwise shipping, inland river
services, helicopter services, environmental services, and offshore and
harbor towing services. SEACOR is uniquely 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: the cyclical nature of the oil and
gas industry, activity in foreign countries and changes in foreign
political, military and economic conditions, the dependence of Offshore
Marine Services, Marine Transportation Services and Aviation Services on
several customers, industry fleet capacity, consolidation of our customer
base, the ongoing need to replace aging vessels, restrictions imposed by
the Shipping Acts and Aviation Acts on the amount of foreign ownership of
the Company's Common Stock, increased competition if the Jones Act is
repealed, safety record requirements related to Offshore Marine Services
and Aviation Services, changes in foreign and domestic oil and gas
exploration and production activity, operational risks of Offshore Marine
Services, Marine Transportation Services, Harbor and Offshore Towing
Services and
Aviation Services, effects of adverse weather conditions and seasonality on
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, future phase-out of
our single-hull tankers, dependence of spill response revenue on the number
and size of spills and upon continuing government regulation in this area
and our ability to comply with such regulation and other governmental
regulation, changes in NRC's OSRO classification, liability in connection
with providing spill response services, effects of adverse weather and
river conditions and seasonality on Inland River 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 Service's
operations, adequacy of insurance coverage, compliance with government
regulation, including environmental laws and regulations, currency exchange
fluctuations, the attraction and retention of qualified personnel by the
Company and various other matters, many of which are beyond the Company's
control and other factors. In addition, these statements constitute our
cautionary statements under the Private Securities Litigation Reform Act of
1995. You should understand that it is not possible to predict or identify
all such factors. Consequently, you should not consider the following to be
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. We disclaim any obligation or undertaking to provide any updates or
revisions to any forward-looking statement to reflect any change in our
expectations or any change in events, conditions or circumstances on which
the forward-looking statement is based. The forward-looking statements in
this release should be evaluated together with the many uncertainties that
affect our businesses, particularly those mentioned under "Forward-Looking
Statements" in Item 7 of our Form 10-K and SEACOR's periodic reporting on
Form 10-Q and Form 8-K (if any), which we incorporate by reference.