SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

October 21, 2009 16:49 ET

SEACOR Holdings Announces Third Quarter Results

FORT LAUDERDALE, FL--(Marketwire - October 21, 2009) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2009 was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the nine months ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $121.6 million, or $5.53 per diluted share, on operating revenues of $1,234.8 million.

For the quarter ended September 30, 2008, net income attributable to SEACOR Holdings Inc. was $74.3 million, or $3.20 per diluted share, on operating revenues of $437.6 million. For the nine months ended September 30, 2008, net income attributable to SEACOR Holdings Inc. was $148.1 million, or $6.19 per diluted share, on operating revenues of $1,201.0 million. See explanation below on the retrospective application of ASC 470-20.

For the preceding 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. Comparison of results for the quarter ended September 30, 2009 with the preceding quarter ended June 30, 2009 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the third quarter was $30.0 million on operating revenues of $129.8 million compared with operating income of $40.5 million on operating revenues of $146.5 million in the preceding quarter. Third quarter results included $3.9 million in gains on asset dispositions compared with $0.4 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $14.0 million lower in the third quarter.

Overall operating revenues were $16.6 million lower in the third quarter reflecting continuing soft market conditions, particularly in the U.S. Gulf of Mexico where the Company had 26 vessels cold-stacked as of September 30, 2009. As of September 30, 2009, $12.6 million of vessel charter hire billed to three customers has been deferred due to uncertainty of collection. The Company's policy is to recognize the deferred amounts as operating revenues if and when collection is reasonably assured. Overall operating expenses were $4.6 million lower in the third quarter primarily due to decreased repair and maintenance costs and reductions in operating expenses due to the effect of cold-stacking vessels, partially offset by higher mobilization costs. Administrative and general expenses increased primarily due to higher legal, audit and professional fees.

The number of days available for charter in the third quarter decreased by 311, or 2.2%. Overall utilization decreased from 75.0% to 67.4% and overall average day rates, based on time charter revenues recognized, decreased by 1.3% from $12,030 per day to $11,880 per day.

Marine Transportation Services -- Operating income in the third quarter was $1.4 million on operating revenues of $21.7 million compared with operating income of $3.4 million on operating revenues of $24.1 million in the preceding quarter.

The decrease in operating income was primarily due to the temporary lay-up of the Seabulk Trader for 53 days during the third quarter and lower utilization and higher repair and maintenance costs for the Seabulk America, which operated in the spot market. Operating income was higher for the Seabulk Challenge, due to higher utilization and lower drydocking costs.

Inland River Services -- Operating income in the third quarter was $7.8 million on operating revenues of $34.3 million compared with operating income of $5.7 million on operating revenues of $30.2 million in the preceding quarter. Third quarter results included $0.8 million in gains on asset dispositions compared with $0.4 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $1.6 million higher in the third quarter primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the harvest season.

Aviation Services -- Operating income in the third quarter was $10.3 million on operating revenues of $64.3 million compared with operating income of $4.6 million on operating revenues of $57.7 million in the preceding quarter. Third quarter results include $1.1 million in net gains on asset dispositions and impairments compared with net losses on asset dispositions and impairments of $1.1 million in the preceding quarter.

Excluding the impact of asset dispositions and impairments, operating income was $3.6 million higher in the third quarter. The improvement was primarily due to newly delivered aircraft placed on international leases, additional contracts in the U.S. Gulf of Mexico and Alaska as well as seasonal flightseeing and firefighting activity. Depreciation expense increased as new assets were placed in service.

Environmental Services -- Operating income in the third quarter was $2.7 million on operating revenues of $33.8 million compared with operating income of $1.8 million on operating revenues of $33.2 million in the preceding quarter. The improvement in operating income was primarily due to an increase in retainer and standby services and higher margins on project activities.

Commodity Trading -- Commodity Trading reported an operating loss in the third quarter of $3.8 million on operating revenues of $150.9 million compared with operating income of $3.2 million on operating revenues of $85.9 million in the preceding quarter. Derivative gains were $1.7 million in the third quarter compared with gains of $0.6 million in the preceding quarter. Overall losses in the third quarter, including the impact of derivative transactions, were primarily attributable to provisions for doubtful accounts.

Harbor and Offshore Towing Services -- Operating income in the third quarter was $2.0 million on operating revenues of $15.6 million compared with operating income of $3.2 million on operating revenues of $16.2 million in the preceding quarter. The reduction in operating income was primarily due to fewer harbor jobs and higher drydocking and mobilization expenditures.

Debt Extinguishment -- During the third quarter, the Company recorded gains of $2.8 million on the purchase of $17.4 million in principal amount of its 5.875% Senior Notes and the call of $81.7 million in principal amount of its 9.5% Senior Notes. The gains in the third quarter were primarily the result of calling the Company's 9.5% Senior Notes.

Marketable Securities -- Marketable security gains were $6.9 million in the third quarter compared with gains of $11.8 million in the preceding quarter.

Derivatives -- Derivative gains were $2.3 million in the third quarter compared with gains of $3.8 million in the preceding quarter.

Foreign Currencies -- Foreign currency losses were $0.9 million in the third quarter compared with gains of $6.8 million in the preceding quarter. The gains in the preceding quarter were primarily due to a weakening of the U.S. dollar against foreign currencies underlying certain of the Company's cash positions and intercompany notes receivable.

Debt Issuance -- During the third quarter, the Company issued $250.0 million of 7.375% Senior Notes due 2019 and drew $33.5 million on its revolving credit facility. On October 2, 2009, the Company repaid $33.5 million on its revolving credit facility.

Capital Commitments -- The Company's unfunded capital commitments as of September 30, 2009 consisted primarily of offshore marine vessels, helicopters, inland river dry cargo barges and an inland river towboat and totaled $123.1 million, of which $53.1 million is payable during 2009 and the balance payable through 2011. Of the total unfunded capital commitments, $20.7 million may be terminated without further liability other than the payment of liquidated damages of $3.0 million in the aggregate. As of September 30, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $993.2 million.

ASC 470-20 -- Effective January 1, 2009, the Company adopted Accounting Standards Codification ("ASC") 470-20, Debt with Conversion and Other Options, which includes the rules formerly referred to as Financial Accounting Standards Board Staff Position, Accounting Principles Board 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement). ASC 470-20 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the issuers' non-convertible debt borrowing rate. The resulting debt discount is amortized over the period the debt is expected to be outstanding as additional non-cash interest expense. Upon adopting ASC 470-20, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported equity as of December 31, 2008 by increasing additional paid-in capital $33.9 million and reducing retained earnings $18.9 million. Previously reported diluted earnings per common share remained unchanged.

SEACOR Holdings 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 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: the unprecedented decline 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, increased competition if the Jones Act is repealed, 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, 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         Nine Months Ended
                              September 30,             September 30,
                        ------------------------  ------------------------
                            2009         2008         2009         2008
                        -----------  -----------  -----------  -----------
Operating Revenues      $   446,079  $   437,608  $ 1,234,828  $ 1,201,030
                        -----------  -----------  -----------  -----------

Costs and Expenses:
  Operating                 327,602      269,874      832,145      779,218
  Administrative and
   general                   41,926       41,487      120,666      125,587
  Depreciation and
   amortization              40,272       39,598      119,364      115,126
                        -----------  -----------  -----------  -----------
                            409,800      350,959    1,072,175    1,019,931
                        -----------  -----------  -----------  -----------

Gains on Asset
 Dispositions and
 Impairments, Net             5,783       20,074       22,528       51,254
                        -----------  -----------  -----------  -----------

Operating Income             42,062      106,723      185,181      232,353
                        -----------  -----------  -----------  -----------

Other Income (Expense):
  Interest income               789        4,329        2,410       17,178
  Interest expense          (14,267)     (16,409)     (42,679)     (44,525)
  Debt extinguishment
   gains (losses), net        2,787           --        4,072           (1)
  Marketable security
   gains, net                 6,948       35,950       14,796       30,649
  Derivative gains
   (losses), net              2,328       (8,430)       9,704       (9,076)
  Foreign currency
   gains (losses), net         (939)      (6,683)       6,566       (3,469)
  Other, net                    (57)         (89)         132          237
                        -----------  -----------  -----------  -----------
                             (2,411)       8,668       (4,999)      (9,007)
                        -----------  -----------  -----------  -----------
Income Before Income
 Tax Expense and Equity
 In Earnings of 50% or
 Less Owned Companies        39,651      115,391      180,182      223,346
Income Tax Expense           15,751       42,849       66,866       82,572
                        -----------  -----------  -----------  -----------
Income Before Equity in
 Earnings of 50% or
 Less Owned Companies        23,900       72,542      113,316      140,774
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax        2,340        2,160        9,358        8,054
                        -----------  -----------  -----------  -----------
Net Income                   26,240       74,702      122,674      148,828
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries                   (42)         363        1,090          756
                        -----------  -----------  -----------  -----------
Net Income attributable
 to SEACOR Holdings
 Inc.                   $    26,282  $    74,339  $   121,584  $   148,072
                        ===========  ===========  ===========  ===========

Basic Earnings Per
 Common Share of SEACOR
 Holdings Inc.          $      1.32  $      3.68  $      6.13  $      6.95

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.          $      1.23  $      3.20  $      5.53  $      6.19

Weighted Average Common
 Shares Outstanding:
  Basic                  19,867,226   20,183,310   19,824,913   21,292,625
  Diluted                23,458,195   23,999,260   23,374,644   25,121,290



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



                                       Three Months Ended
                     -----------------------------------------------------
                     Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,
                       2009       2009       2009       2008       2008
                     ---------  ---------  ---------  ---------  ---------
Operating Revenues   $ 446,079  $ 389,233  $ 399,516  $ 454,926  $ 437,608
                     ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
  Operating            327,602    256,131    248,412    291,898    269,874
  Administrative and
   general              41,926     40,058     38,682     49,291     41,487
  Depreciation and
   amortization         40,272     39,828     39,264     41,300     39,598
                     ---------  ---------  ---------  ---------  ---------
                       409,800    336,017    326,358    382,489    350,959
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments, Net    5,783        (15)    16,760     37,899     20,074
                     ---------  ---------  ---------  ---------  ---------

Operating Income        42,062     53,201     89,918    110,336    106,723
                     ---------  ---------  ---------  ---------  ---------

Other Income
 (Expense):
  Interest income          789        578      1,043      2,610      4,329
  Interest expense     (14,267)   (14,075)   (14,337)   (15,291)   (16,409)
  Debt extinguishment
   gains (losses), net   2,787        (78)     1,363      6,266         --
  Marketable
   security gains
   (losses), net         6,948     11,829     (3,981)      (544)    35,950
  Derivative gains
   (losses), net         2,328      3,765      3,611     (4,512)    (8,430)
  Foreign currency
   gains (losses), net    (939)     6,847        658     (4,368)    (6,683)
  Other, net               (57)        (1)       190         83        (89)
                     ---------  ---------  ---------  ---------  ---------
                        (2,411)     8,865    (11,453)   (15,756)     8,668
                     ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense and
 Equity In Earnings
 of 50% or Less
 Owned Companies        39,651     62,066     78,465     94,580    115,391
Income Tax Expense      15,751     22,916     28,199     28,000     42,849
                     ---------  ---------  ---------  ---------  ---------
Income Before Equity
 in Earnings of 50%
 or Less Owned
 Companies              23,900     39,150     50,266     66,580     72,542
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax              2,340      3,491      3,527      4,015      2,160
                     ---------  ---------  ---------  ---------  ---------
Net Income              26,420     42,641     53,793     70,595     74,702
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries              (42)       333        799        124        363
                     ---------  ---------  ---------  ---------  ---------
Net Income
 attributable to
 SEACOR Holdings
 Inc.                   26,282  $  42,308  $  52,994  $  70,471  $  74,339
                     =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings
 Inc.                $    1.32  $    2.13  $    2.68  $    3.58  $    3.68

Diluted Earnings
 Per Common Share
 of SEACOR Holdings
 Inc.                $    1.23  $    1.91  $    2.36  $    3.11  $    3.20

Weighted Average
 Common Shares of
 Outstanding:
  Basic                 19,867     19,845     19,762     19,704     20,183
  Diluted               23,458     23,528     23,507     23,471     23,999
Common Shares
 Outstanding at
 Period End             20,230     20,201     20,191     20,018     19,976



                           SEACOR HOLDINGS INC.
                OPERATING INCOME (LOSS) BY LINE OF BUSINESS
                        (in thousands, unaudited)



                                       Three Months Ended
                     -----------------------------------------------------
                     Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,
                       2009       2009       2009       2008       2008
                     ---------  ---------  ---------- ---------  ---------
Offshore Marine
 Services
Operating Revenues   $ 129,839  $ 146,466  $  164,783 $ 185,956  $ 196,911
                     ---------  ---------  ---------- ---------  ---------
Costs and Expenses:
  Operating             76,982     81,609      78,839    93,443     97,790
  Administrative and
   general              13,128     10,935      10,198    15,344     14,473
  Depreciation and
   amortization         13,608     13,802      13,689    14,146     13,689
                     ---------  ---------  ---------- ---------  ---------
                       103,718    106,346     102,726   122,933    125,952
                     ---------  ---------  ---------- ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net        3,852        361      14,446    34,200     13,516
                     ---------  ---------  ---------- ---------  ---------
Operating Income     $  29,973  $  40,481  $   76,503 $  97,223  $  84,475
                     =========  =========  ========== =========  =========

Marine Transportation
 Services
Operating Revenues   $  21,737  $  24,095  $   26,537 $  28,776  $  27,535
                     ---------  ---------  ---------- ---------  ---------
Costs and Expenses:
  Operating             11,420     11,792      16,771    16,874     22,391
  Administrative and
   general                 953        942       1,184     1,771      1,486
  Depreciation and
   amortization          8,003      7,999       7,999     7,997      7,997
                     ---------  ---------  ---------- ---------  ---------
                        20,376     20,733      25,954    26,642     31,874
                     ---------  ---------  ---------- ---------  ---------
Operating Income
 (Loss)              $   1,361  $   3,362  $      583 $   2,134  $  (4,339)
                     =========  =========  ========== =========  =========

Inland River
 Services
Operating Revenues   $  34,314  $  30,163  $   37,014 $  44,038  $  36,517
                     ---------  ---------  ---------- ---------  ---------
Costs and Expenses:
  Operating             20,144     17,839      19,409    21,304     23,079
  Administrative and
   general               2,443      2,048       2,136     2,048      1,800
  Depreciation and
   amortization          4,785      4,950       4,866     4,440      4,146
                     ---------  ---------  ---------- ---------  ---------
                        27,372     24,837      26,411    27,792     29,025
                     ---------  ---------  ---------- ---------  ---------

Gains on Asset
 Dispositions              813        396       2,261     4,138      4,073
                     ---------  ---------  ---------- ---------  ---------
Operating Income     $   7,755  $   5,722  $   12,864 $  20,384  $  11,565
                     =========  =========  ========== =========  =========

Aviation Services
Operating Revenues   $  64,259  $  57,700  $   59,385 $  57,557  $  73,483
                     ---------  ---------  ---------- ---------  ---------
Costs and Expenses:
  Operating             39,659     37,312      40,317    44,931     49,991
  Administrative and
   general               5,624      5,649       4,151     5,432      5,174
  Depreciation and
   amortization          9,706      9,070       8,706    10,379      9,571
                     ---------  ---------  ---------- ---------  ---------
                        54,989     52,031      53,174    60,742     64,736
                     ---------  ---------  ---------- ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments, Net    1,062     (1,104)         45       (26)     1,307
                     ---------  ---------  ---------- ---------  ---------
Operating Income
 (Loss)              $  10,332  $   4,565  $    6,256 $  (3,211) $  10,054
                     =========  =========  ========== =========  =========

Environmental
 Services
Operating Revenues   $  33,827  $  33,175  $   34,234 $  45,360  $  42,177
                     ---------  ---------  ---------- ---------  ---------
Costs and Expenses:
  Operating             23,206     23,656      24,077    30,253     29,904
  Administrative and
   general               6,090      5,966       7,241     7,471      5,924
  Depreciation and
   amortization          1,846      1,739       1,754     2,161      2,033
                     ---------  ---------  ---------- ---------  ---------
                        31,142     31,361      33,072    39,885     37,861
                     ---------  ---------  ---------- ---------  ---------

Gains (Losses) on
 Asset Dispositions         (1)         4           8         5         --
                     ---------  ---------  ---------- ---------  ---------
Operating Income     $   2,684  $   1,818  $    1,170 $   5,480  $   4,316
                     =========  =========  ========== =========  =========




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



                                    Three Months Ended
                -----------------------------------------------------------
                 Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,     Sep. 30,
                   2009        2009        2009        2008        2008
                ----------- ----------- ----------- ----------- ----------

Commodity
 Trading
Operating
 Revenues       $   150,866 $    85,852 $    64,503 $    79,881 $   44,290
                ----------- ----------- ----------- ----------- ----------
Costs and
 Expenses:
  Operating         150,983      79,165      61,871      78,425     37,746
  Administrative
   and general        3,705       3,468       1,839       5,231      1,358
  Depreciation
   and
   amortization           7           2          --          --         --
                ----------- ----------- ----------- ----------- ----------
                    154,695      82,635      63,710      83,656     39,104
                ----------- ----------- ----------- ----------- ----------
Operating
 Income (Loss)  $    (3,829)$     3,217 $       793 $    (3,775)$    5,186
                =========== =========== =========== =========== ==========

Harbor and
 Offshore
 Towing
 Services
Operating
 Revenues       $    15,574 $    16,241 $    16,346 $    16,792 $   19,529
                ----------- ----------- ----------- ----------- ----------
Costs and
 Expenses:
  Operating           9,544       9,214      10,704       9,812     11,941
  Administrative
   and general        2,035       2,228       2,020       2,654      2,571
  Depreciation
   and
   amortization       2,049       1,973       1,952       1,940      1,884
                ----------- ----------- ----------- ----------- ----------
                     13,628      13,415      14,676      14,406     16,396
                ----------- ----------- ----------- ----------- ----------

Gains (Losses)
 on Asset
 Dispositions            58         330          --          (5)        --
                ----------- ----------- ----------- ----------- ----------
Operating
 Income         $     2,004 $     3,156 $     1,670 $     2,381 $    3,133
                =========== =========== =========== =========== ==========

Other
Operating
 Revenues       $        -- $        -- $        -- $        -- $      270
                ----------- ----------- ----------- ----------- ----------
Costs and
 Expenses:
  Operating              --          --          --          --         --
  Administrative
   and general          343         379         206         122        117
  Depreciation
   and
   amortization          --          --          --          --          3
                ----------- ----------- ----------- ----------- ----------
                        343         379         206         122        120
                ----------- ----------- ----------- ----------- ----------

Gains (Losses)
 on Asset
 Dispositions            --          --          --         (16)     1,178
                ----------- ----------- ----------- ----------- ----------
Operating
 Income (Loss)  $      (343)$      (379)$      (206)$      (138)$    1,328
                =========== =========== =========== =========== ==========

Corporate and
 Eliminations
Operating
 Revenues       $    (4,337)$    (4,459)$    (3,286)$    (3,434)$   (3,104)
                ----------- ----------- ----------- ----------- ----------
Costs and
 Expenses:
  Operating          (4,336)     (4,456)     (3,576)     (3,144)    (2,968)
  Administrative
   and general        7,605       8,443       9,707       9,218      8,584
  Depreciation
   and
   amortization         268         293         298         237        275
                ----------- ----------- ----------- ----------- ----------
                      3,537       4,280       6,429       6,311      5,891
                ----------- ----------- ----------- ----------- ----------

Losses on Asset
 Dispositions
 and
 Impairments,
 Net                     (1)         (2)         --        (397)        --
                ----------- ----------- ----------- ----------- ----------
Operating Loss  $    (7,875)$    (8,741)$    (9,715)$   (10,142)$   (8,995)
                =========== =========== =========== =========== ==========


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



                      Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,
                        2009       2009       2009       2008       2008
                     ---------- ---------- ---------- ---------- ----------
      ASSETS
Current Assets:
  Cash and cash
   equivalents      $  620,045 $  415,626 $  376,720 $  275,442 $  326,143
  Restricted cash       29,353     20,838     23,984     20,787     23,659
  Marketable
   securities           52,897     47,305     50,785     53,817     72,862
  Receivables:
    Trade, net of
     allowance for
     doubtful
     accounts          266,537    251,111    262,170    277,350    294,330
    Other               74,378     60,373     41,515     40,141     57,892
  Inventories           52,502     68,082     62,065     66,278     50,234
  Deferred income
   taxes                 5,164      5,164      5,164      5,164      9,929
  Prepaid expenses
   and other            21,121     14,734     11,286     10,499      8,943
                    ---------- ---------- ---------- ---------- ----------
    Total current
     assets          1,121,997    883,233    833,689    749,478    843,992
                    ---------- ---------- ---------- ---------- ----------
Property and
 Equipment           2,794,067  2,801,446  2,761,837  2,741,322  2,706,500
   Accumulated
    depreciation      (718,749)  (692,084)  (649,971)  (601,806)  (596,017)
                    ---------- ---------- ---------- ---------- ----------
   Net property and
    equipment        2,075,318  2,109,362  2,111,866  2,139,516  2,110,483
                    ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Receivables from
 50% or Less Owned
 Companies             166,878    150,862    158,066    150,062    143,190
Construction Reserve
 Funds& Title XI
 Reserve Funds         290,871    265,586    297,681    305,757    265,586
Goodwill                53,990     53,581     52,919     51,496     61,401
Intangible Assets       24,762     26,018     27,230     28,478     29,707
Other Assets, net of
 allowance for
 doubtful accounts      49,920     48,053     36,086     34,867     30,606
                    ---------- ---------- ---------- ---------- ----------
                    $3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965
                    ========== ========== ========== ========== ==========

    LIABILITIES AND
        EQUITY
Current Liabilities:
  Current portion of
   long-term debt   $   23,765 $   11,834 $   12,301 $   33,671 $   10,301
  Current portion of
   capital lease
   obligations             951        921        921        907     15,074
  Accounts payable
   and accrued
   expenses            105,981     93,908    104,023    102,798    105,496
  Other current
   liabilities         156,800    157,030    145,421    139,425    226,395
                    ---------- ---------- ---------- ---------- ----------
    Total current
     liabilities       287,497    263,693    262,666    276,801    357,266
                    ---------- ---------- ---------- ---------- ----------
Long-Term Debt       1,027,496    861,096    910,156    895,689    904,072
Capital Lease
 Obligations             6,895      7,178      7,426      7,685      7,940
Deferred Income
 Taxes                 565,321    543,075    530,825    515,455    520,871
Deferred Gains and
 Other Liabilities     122,041    111,939    111,714    121,796    126,281
                    ---------- ---------- ---------- ---------- ----------
   Total liabilities 2,009,250  1,786,981  1,822,787  1,817,426  1,916,430
                    ---------- ---------- ---------- ---------- ----------
Equity:
 SEACOR Holdings
  Inc. stockholders’
  equity:
   Preferred stock          --         --         --         --         --
   Common stock            326        326        325        324        323
   Additional
    paid-in capital    966,895    962,990    959,092    956,457    951,109
   Retained earnings 1,524,355  1,498,073  1,455,765  1,402,771  1,332,300
   Shares held in
    treasury, at
    cost              (722,569)  (723,650)  (723,154)  (724,357)  (724,165)
   Accumulated other
    comprehensive
    income (loss)       (3,577)     2,318     (5,614)    (5,045)    (2,977)
                    ---------- ---------- ---------- ---------- ----------
                     1,765,430  1,740,057  1,686,414  1,630,150  1,556,590
Noncontrolling
 interests in
 subsidiaries            9,056      9,657      8,336     12,078     11,945
                    ---------- ---------- ---------- ---------- ----------
  Total equity       1,774,486  1,749,714  1,694,750  1,642,228  1,568,535
                    ---------- ---------- ---------- ---------- ----------
                    $3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965
                    ========== ========== ========== ========== ==========


                          SEACOR  HOLDINGS  INC.
                    EQUIPMENT  BY  LINE  OF  BUSINESS




                     Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,    Sep. 30,
                       2009       2009       2009       2008        2008
                     ---------- ---------- ---------- ---------- ----------

Offshore Marine
 Services
Anchor handling
 towing supply              21         21         21         20         20
Crew                        68         68         71         75         77
Mini-supply                 11         12         15         16         19
Standby safety              24         24         28         29         29
Supply                      27         28         28         27         27
Towing supply               13         13         13         14         15
Specialty                    9          9          9          9         10
                    ---------- ---------- ---------- ---------- ----------
                           173        175        185        190        197
                    ========== ========== ========== ========== ==========

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

Inland River
 Services
Inland river dry
 cargo barges-open         303        333        333        345        338
Inland river dry
 cargo
 barges-covered          1,082        626        629        632        637
Inland river liquid
 tank barges                87         87         87         86         75
Inland river deck
 barges                     26         26         26         26         26
Inland river
 towboats                   28         23         23         22         21
Dry-cargo vessel             1          1          1         --         --
                    ---------- ---------- ---------- ---------- ----------
                         1,527      1,096      1,099      1,111      1,097
                    ========== ========== ========== ========== ==========

Aviation Services
Light helicopters -
 single engine              60         60         64         63         62
Light helicopters -
 twin engine                50         50         55         55         53
Medium helicopters          58         61         63         62         58
Heavy helicopters            9          8          6          7          6
                    ---------- ---------- ---------- ---------- ----------
                           177        179        188        187        179
                    ========== ========== ========== ========== ==========

Harbor and Offshore
 Towing Services
Harbor and offshore
 tugs                       31         33         35         35         35
Ocean liquid tank
 barges                      6          3          3          3          3
                    ---------- ---------- ---------- ---------- ----------
                            37         36         38         38         38
                    ========== ========== ========== ========== ==========

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