SEACOR Holdings Announces Fourth Quarter Results

FORT LAUDERDALE, FL--(Marketwire - February 17, 2009) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the fourth quarter ended December 31, 2008 of $71.8 million, or $3.11 per diluted share, on operating revenues of $454.9 million. For the twelve months ended December 31, 2008, net income was $223.7 million, or $9.25 per diluted share, on operating revenues of $1,656.0 million.

For the quarter ended December 31, 2007, net income was $67.9 million, or $2.62 per diluted share, on operating revenues of $363.1 million. For the twelve months ended December 31, 2007, net income was $241.6 million, or $9.04 per diluted share, on operating revenues of $1,359.2 million.

Net income for the preceding quarter ended September 30, 2008 was $75.6 million, or $3.20 per diluted share, on operating revenues of $437.6 million. Comparison of results for the fourth quarter ended December 31, 2008 with the preceding quarter ended September 30, 2008 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the fourth quarter was $97.2 million on operating revenues of $186.0 million compared with operating income of $84.5 million on operating revenues of $196.9 million in the preceding quarter. Fourth quarter results included $34.2 million in gains on asset dispositions compared with $13.5 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income in the fourth quarter was $7.9 million lower than in the preceding quarter. The decrease was primarily due to lower time charter revenues, principally in the U.S. Gulf of Mexico where the Company's AHTS vessels undertook fewer rig moves. Operating revenues were also lower due to net fleet dispositions and a decline in the value of the pound sterling. In the fourth quarter, $3.1 million of vessel charter hire billed to two customers was deferred due to uncertainty regarding the collection of the amounts in question. The Company will recognize the amounts as operating revenues as cash is collected. Overall operating expenses were lower primarily as a result of lower wage expense and lower charter-in expense. Administrative and general expenses were higher primarily due to a $1.1 million increase in the provision for doubtful accounts for receivables due from the two customers noted above.

The number of days available for charter in the fourth quarter decreased by 263, or 1.7%, primarily as a result of a net reduction in fleet count. Overall utilization decreased from 87.7% to 87.5% and overall average day rates were lower at $12,402 per day compared with $13,161 per day in the preceding quarter.

Marine Transportation Services -- Marine Transportation Services reported operating income in the fourth quarter of $2.1 million on operating revenues of $28.8 million compared with an operating loss of $4.3 million on operating revenues of $27.5 million in the preceding quarter.

The improvement in operating results was primarily due to the return to service of the Seabulk Arctic on October 7, 2008 and the Seabulk Pride on October 21, 2008 after completing regulatory drydockings. Operating results improved for the Seabulk Challenge due to higher freight revenues but were lower for the California Voyager (formerly - Brenton Reef) following its change in contract status from time charter to a long-term bareboat contract in September 2008.

Inland River Services -- Operating income in the fourth quarter was $20.4 million on operating revenues of $44.0 million compared with operating income of $11.6 million on operating revenues of $36.5 million in the preceding quarter. Fourth quarter results included $4.1 million in gains on asset dispositions, the same amount as in the preceding quarter.

Operating income was $8.8 million higher in the fourth quarter primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the grain harvest. Operating expenses were generally in line with the increased activity levels but were also impacted by lower prevailing fuel prices and lower repair and maintenance expenditures for towboats and liquid tank barges.

Aviation Services -- Aviation Services reported an operating loss in the fourth quarter of $3.2 million on operating revenues of $57.6 million compared with operating income of $10.1 million on operating revenues of $73.5 million in the preceding quarter. There were no gains on asset dispositions in the fourth quarter compared with $1.3 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $11.9 million lower in the fourth quarter primarily due to a reduction in hurricane support activity and drilling contracts in the U.S. Gulf of Mexico and the end of seasonal activity in Alaska. Reductions in operating expenses were generally in line with the decreased activity levels but were partially offset by higher maintenance costs due to the timing of component overhauls and fleet repair and maintenance and higher expenses related to hurricane disruption in the U.S. Gulf of Mexico. In addition, depreciation expense was higher due to newly acquired assets being placed in service.

Environmental Services -- Operating income in the fourth quarter was $5.5 million on operating revenues of $45.4 million compared with operating income of $4.3 million on operating revenues of $42.2 million in the preceding quarter. The improvement in operating income was primarily due to higher emergency response service activities partially offset by higher compensation expense.

Commodity Trading -- Commodity trading reported an operating loss in the fourth quarter of $3.8 million on operating revenues of $79.9 million compared with operating income of $5.2 million on operating revenues of $44.3 million in the preceding quarter. Operating results in the fourth quarter were impacted by lower product sales of rice, increased insurance costs, higher wage and benefit costs, higher freight costs due to increased activity in renewable fuels and higher rental costs for increased storage capacity. In addition, the carrying values of certain inventories at December 31, 2008 were reduced to reflect the lower of cost or market.

Harbor and Offshore Towing Services -- Operating income in the fourth quarter was $2.4 million on operating revenues of $16.8 million compared with operating income of $3.1 million on operating revenues of $19.5 million in the preceding quarter. The decrease in operating results was primarily due to generally lower activity levels.

Interest Income -- Interest income was $2.6 million in the fourth quarter compared with $4.3 million in the preceding quarter. The decrease was primarily due to lower invested cash balances and lower interest rates.

Interest Expense -- Interest expense was $13.3 million in the fourth quarter compared with $14.4 million in the prior quarter. The reduction in interest expense was primarily due to the Company's purchase during the fourth quarter of $101.8 million in principal amount of its Senior Notes partially offset by its drawdown of $100.0 million on its unsecured revolving credit facility, resulting in a lower overall interest rate.

Debt Extinguishment -- During the fourth quarter, the Company recorded gains of $6.3 million on the purchase of $101.8 million in principal amount of its Senior Notes. The gains resulted from the purchase of the notes at average prices below par and the recognition of unamortized premiums.

Derivatives -- Derivative losses were $4.5 million in the fourth quarter compared with losses of $8.4 million in the preceding quarter. The losses in the fourth quarter were primarily due to losses on U.S. treasury notes and bond future and option contracts, and forward exchange, option and future contracts partially offset by gains on equity index and option positions.

Foreign Currencies -- Foreign currency losses were $4.4 million in the fourth quarter compared with losses of $6.7 million in the preceding quarter. Fourth quarter losses were primarily due to the strengthening of the U.S. dollar versus the pound sterling.

Marketable Securities -- Marketable security losses were $0.5 million in the fourth quarter compared with gains of $36.0 million in the preceding quarter.

Income Taxes -- The Company's effective income tax rate was 29.7% in the fourth quarter primarily due to benefits recognized on the reduction of deferred tax liabilities resulting from lower state tax apportionment factors.

Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $4.0 million in the fourth quarter compared with equity in earnings of $2.2 million in the preceding quarter. The increase was primarily due to a $1.3 million loss, net of tax, recognized by the Company in the preceding quarter resulting from an impairment charge on prime broker exposure recorded in one of its Inland River Services' joint ventures.

Stock and Debt Repurchases -- During the fourth quarter, the Company purchased 400 shares of its common stock at an average price of $54.86 per share. At the end of the quarter, 20,017,547 shares of SEACOR's common stock remained outstanding.

During the fourth quarter, the Company purchased $64.7 million in principal amount of its 7.2% Senior Notes due September 2009 at an average price of 100 percent of par, $36.6 million in principal amount of its 9.5% Senior Notes due August 2013 at an average price of 91 percent of par and $0.5 million in principal amount of its 5.875% Senior Notes due October 2012 at 86 percent of par.

Capital Commitments -- The Company's unfunded capital commitments as of December 31, 2008, consisted primarily of offshore marine vessels, helicopters, inland river barges and inland river towboats and totaled $157.4 million, of which $113.3 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.6 million may be terminated without further liability other than the payment of liquidated damages of $1.8 million in the aggregate. As of December 31, 2008, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $655.8 million.

SEACOR is a global provider of marine support and transportation services, 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, aviation services, environmental services, commodity trading and logistics, and offshore and harbor towing services. 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 is 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 per share data, unaudited)

                                Three Months Ended    Twelve Months Ended
                                   December 31,          December 31,
                               --------------------- ---------------------
                                  2008       2007       2008       2007
                               ---------- ---------- ---------- ----------

Operating Revenues             $  454,926 $  363,090 $1,655,956 $1,359,230
                               ---------- ---------- ---------- ----------

Costs and Expenses:
  Operating                       291,898    230,935  1,071,116    832,403
  Administrative and general       49,291     42,097    174,878    147,317
  Depreciation and amortization    41,300     39,934    156,426    154,307
                               ---------- ---------- ---------- ----------
                                  382,489    312,966  1,402,420  1,134,027
                               ---------- ---------- ---------- ----------

Gains on Asset Dispositions and
 Impairments, Net                  37,899     48,315     89,153    122,572
                               ---------- ---------- ---------- ----------

Operating Income                  110,336     98,439    342,689    347,775
                               ---------- ---------- ---------- ----------

Other Income (Expense):
  Interest income                   2,610     10,219     19,788     45,173
  Interest expense                (13,276)   (13,030)   (51,901)   (49,557)
  Debt extinguishment gains
   (losses), net                    6,266        (99)     6,265        197
  Marketable security gains
   (losses), net                     (544)    (1,233)    30,105     (3,391)
  Derivative gains (losses), net   (4,512)     5,738    (13,588)    10,835
  Foreign currency gains
   (losses), net                   (4,368)        44     (7,837)       230
  Other, net                           83        109        320        (11)
                               ---------- ---------- ---------- ----------
                                  (13,741)     1,748    (16,848)     3,476
                               ---------- ---------- ---------- ----------
Income Before Income Tax
 Expense, Minority Interest in
 (Income) Loss of Subsidiaries
 and Equity In Earnings of 50%
 or Less Owned Companies           96,595    100,187    325,841    351,251
Income Tax Expense                 28,705     41,054    113,342    130,441
                               ---------- ---------- ---------- ----------
Income Before Minority Interest
 in (Income) Loss of
 Subsidiaries and Equity in
 Earnings of 50% or Less Owned
 Companies                         67,890     59,133    212,499    220,810
Minority Interest in (Income)
 Loss of Subsidiaries                (124)       182       (880)    (1,227)
Equity in Earnings of 50% or
 Less Owned Companies               4,015      8,633     12,069     22,065
                               ---------- ---------- ---------- ----------
Net Income                     $   71,781 $   67,948 $  223,688 $  241,648
                               ========== ========== ========== ==========

Basic Earnings Per Common
 Share                         $     3.64 $     2.99 $    10.71 $    10.26

Diluted Earnings Per Common
 Share                         $     3.11 $     2.62 $     9.25 $     9.04

Weighted Average Common Shares
 Outstanding:
  Basic                            19,704     22,738     20,893     23,548
  Diluted                          23,471     26,439     24,699     27,267





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



                                      Three Months Ended
                     -----------------------------------------------------
                      Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
                        2008       2008       2008       2008       2007
                     ---------  ---------  ---------  ---------  ---------

Operating Revenues   $ 454,926  $ 437,608  $ 408,967  $ 354,455  $ 363,090
                     ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
  Operating            291,898    269,874    274,304    235,040    230,935
  Administrative and
   general              49,291     41,487     45,095     39,005     42,097
  Depreciation and
   amortization         41,300     39,598     37,728     37,800     39,934
                     ---------  ---------  ---------  ---------  ---------
                       382,489    350,959    357,127    311,845    312,966
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net       37,899     20,074     19,274     11,906     48,315
                     ---------  ---------  ---------  ---------  ---------

Operating Income       110,336    106,723     71,114     54,516     98,439
                     ---------  ---------  ---------  ---------  ---------

Other Income
 (Expense):
  Interest income        2,610      4,329      5,373      7,476     10,219
  Interest expense     (13,276)   (14,404)   (12,673)   (11,548)   (13,030)
  Debt extinguishment
   gains (losses),
   net                   6,266         --         (1)        --        (99)
  Marketable security
   gains (losses), net    (544)    35,950        383     (5,684)    (1,233)
  Derivative gains
   (losses), net        (4,512)    (8,430)    (7,113)     6,467      5,738
  Foreign currency
   gains (losses),
   net                  (4,368)    (6,683)       604      2,610         44
  Other, net                83        (89)       162        164        109
                     ---------  ---------  ---------  ---------  ---------
                       (13,741)    10,673    (13,265)      (515)     1,748
                     ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense,
 Minority Interest
 in (Income) Loss of
 Subsidiaries and
 Equity In Earnings
 of 50% or Less
 Owned Companies        96,595    117,396     57,849     54,001    100,187
Income Tax Expense      28,705     43,551     20,616     20,470     41,054
                     ---------  ---------  ---------  ---------  ---------
Income Before
 Minority Interest
 in (Income) Loss of
 Subsidiaries and
 Equity in Earnings
 of 50% or Less
 Owned Companies        67,890     73,845     37,233     33,531     59,133
Minority Interest in
 (Income) Loss of
 Subsidiaries             (124)      (363)      (191)      (202)       182
Equity in Earnings
 of 50% or Less
 Owned Companies         4,015      2,160      1,315      4,579      8,633
                     ---------  ---------  ---------  ---------  ---------
Net Income           $  71,781  $  75,642  $  38,357  $  37,908  $  67,948
                     =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share        $    3.64  $    3.75  $    1.80  $    1.70  $    2.99

Diluted Earnings Per
 Common Share        $    3.11  $    3.20  $    1.57  $    1.50  $    2.62

Weighted Average
 Common Shares
 Outstanding:
  Basic                 19,704     20,183     21,363     22,344     22,738
  Diluted               23,471     23,999     25,171     26,011     26,439
Common Shares
 Outstanding at
 Period End             20,018     19,976     21,117     22,223     22,575




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



                                         Three Months Ended
                          ------------------------------------------------
                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2008      2008      2008      2008      2007
                          --------  --------  --------- --------- --------

Offshore Marine Services
Operating Revenues        $185,956  $196,911  $ 171,214 $ 154,647 $170,430
                          --------  --------  --------- --------- --------
Costs and Expenses:
  Operating                 93,443    97,790    104,599    94,270   97,534
  Administrative and
   general                  15,344    14,473     15,801    12,804   13,855
  Depreciation and
   amortization             14,146    13,689     13,674    14,125   15,415
                          --------  --------  --------- --------- --------
                           122,933   125,952    134,074   121,199  126,804
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions and
 Impairments, Net           34,200    13,516     14,352     7,138   22,472
                          --------  --------  --------- --------- --------
Operating Income          $ 97,223  $ 84,475  $  51,492 $  40,586 $ 66,098
                          ========  ========  ========= ========= ========

Marine Transportation
 Services
Operating Revenues        $ 28,776  $ 27,535  $  28,764 $  28,953 $ 31,827
                          --------  --------  --------- --------- --------
Costs and Expenses:
  Operating                 16,874    22,391     16,762    16,219   27,781
  Administrative and
   general                   1,771     1,486      1,607     1,438    1,737
  Depreciation and
   amortization              7,997     7,997      8,039     7,980    8,764
                          --------  --------  --------- --------- --------
                            26,642    31,874     26,408    25,637   38,282
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions                   --        --         --     3,629       --
                          --------  --------  --------- --------- --------
Operating Income (Loss)   $  2,134  $ (4,339) $   2,356 $   6,945 $ (6,455)
                          ========  ========  ========= ========= ========

Inland River Services
Operating Revenues        $ 44,038  $ 36,517  $  33,322 $  30,145 $ 33,850
                          --------  --------  --------- --------- --------
Costs and Expenses:
  Operating                 21,304    23,079     21,310    16,726   15,863
  Administrative and
   general                   2,048     1,800      1,916     2,123    2,076
  Depreciation and
   amortization              4,440     4,146      4,032     3,964    4,220
                          --------  --------  --------- --------- --------
                            27,792    29,025     27,258    22,813   22,159
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions                4,138     4,073      1,472       711   22,726
                          --------  --------  --------- --------- --------
Operating Income          $ 20,384  $ 11,565  $   7,536 $   8,043 $ 34,417
                          ========  ========  ========= ========= ========

Aviation Services
Operating Revenues        $ 57,557  $ 73,483  $  63,795 $  53,792 $ 51,296
                          --------  --------  --------- --------- --------
Costs and Expenses:
  Operating                 44,931    49,991     46,697    39,871   38,156
  Administrative and
   general                   5,432     5,174      4,895     4,629    5,315
  Depreciation and
   amortization             10,379     9,571      8,672     7,789    7,866
                          --------  --------  --------- --------- --------
                            60,742    64,736     60,264    52,289   51,337
                          --------  --------  --------- --------- --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net              (26)    1,307      3,208       394    1,996
                          --------  --------  --------- --------- --------
Operating Income (Loss)   $ (3,211) $ 10,054  $   6,739 $   1,897 $  1,955
                          ========  ========  ========= ========= ========

Environmental Services
Operating Revenues        $ 45,360  $ 42,177  $  37,984 $  42,509 $ 55,879
                          --------  --------  --------- --------- --------
Costs and Expenses:
  Operating                 30,253    29,904     26,571    30,598   36,623
  Administrative and
   general                   7,471     5,924      8,423     5,709    7,755
  Depreciation and
   amortization              2,161     2,033      1,414     1,445    1,748
                          --------  --------  --------- --------- --------
                            39,885    37,861     36,408    37,752   46,126
                          --------  --------  --------- --------- --------

Gains on Asset
 Dispositions                    5        --         84        35      249
                          --------  --------  --------- --------- --------
Operating Income          $  5,480  $  4,316  $   1,660 $   4,792 $ 10,002
                          ========  ========  ========= ========= ========





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

                                     Three Months Ended
                     -----------------------------------------------------
                     Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
                       2008       2008       2008       2008       2007
                     ---------  ---------  ---------  ---------  ---------

Commodity Trading
Operating Revenues   $  79,881  $  44,290  $  55,419  $  28,674  $   6,338
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             78,425     37,746     46,977     26,757      6,902
  Administrative and
   general               5,231      1,358      1,644        727        365
  Depreciation and
   amortization             --         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
                        83,656     39,104     48,621     27,484      7,267
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions               --         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $  (3,775) $   5,186  $   6,798  $   1,190  $    (929)
                     =========  =========  =========  =========  =========

Harbor and Offshore
 Towing Services
Operating Revenues   $  16,792  $  19,529  $  19,929  $  16,257  $  13,461
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              9,812     11,941     12,959     11,109      8,053
  Administrative and
   general               2,654      2,571      2,398      1,771      1,882
  Depreciation and
   amortization          1,940      1,884      1,648      2,267      1,714
                     ---------  ---------  ---------  ---------  ---------
                        14,406     16,396     17,005     15,147     11,649
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         (5)        --        158         --         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income     $   2,381  $   3,133  $   3,082  $   1,110  $   1,812
                     =========  =========  =========  =========  =========

Other
Operating Revenues   $      --  $     270  $     104  $      --  $      --
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating                 --         --         --         --         --
  Administrative and
   general                 122        117        131        202        509
  Depreciation and
   amortization             --          3          8         --         --
                     ---------  ---------  ---------  ---------  ---------
                           122        120        139        202        509
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions        (16)     1,178         --         --        873
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $    (138) $   1,328  $     (35) $    (202) $     364
                     =========  =========  =========  =========  =========

Corporate and
 Eliminations
Operating Revenues   $  (3,434) $  (3,104) $  (1,564) $    (522) $       9
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             (3,144)    (2,968)    (1,571)      (510)        23
  Administrative and
   general               9,218      8,584      8,280      9,602      8,603
  Depreciation and
   amortization            237        275        241        230        207
                     ---------  ---------  ---------  ---------  ---------
                         6,311      5,891      6,950      9,322      8,833
                     ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions and
 Impairments, Net         (397)        --         --         (1)        (1)
                     ---------  ---------  ---------  ---------  ---------
Operating Loss       $ (10,142) $  (8,995) $  (8,514) $  (9,845) $  (8,825)
                     =========  =========  =========  =========  =========





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

                 Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,
                   2008        2008        2008        2008        2007
                 ---------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
  Cash and cash
   equivalents  $  275,442  $  326,143  $  422,569  $  444,787  $  537,305
  Restricted
   cash             20,787      23,659      30,072      39,152      30,624
  Marketable
   securities       53,817      72,862      97,920      75,669      28,792
Receivables:
   Trade, net of
    allowance for
    doubtful
    accounts       277,350     294,330     272,291     250,789     267,564
   Other            40,141      57,892      54,520      72,073      62,975
 Inventories        66,278      50,234      42,063      35,021      30,468
 Deferred income
  taxes              5,164       9,929       9,929       9,929       9,929
Prepaid expenses
 and other          10,499       8,943      12,067       9,196       9,756
                ----------  ----------  ----------  ----------  ----------
  Total current
   assets          749,478     843,992     941,431     936,616     977,413
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,741,322   2,706,500   2,665,956   2,511,118   2,469,735
  Accumulated
   depreciation   (601,806)   (596,017)   (578,100)   (554,838)   (526,583)
                ----------  ----------  ----------  ----------  ----------
  Net property
   and
   equipment     2,139,516   2,110,483   2,087,856   1,956,280   1,943,152
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or
 Less Owned
 Companies         150,062     143,190     115,701     117,409     109,288
Construction
 Reserve Funds
 & Title XI
 Reserve Funds     305,757     265,586     270,357     413,681     405,000
Goodwill            51,496      61,401      63,101      62,020      60,226
Intangible
 Assets             28,478      29,707      28,079      29,292      30,500
Other Assets,
 net of
 allowance for
 doubtful
 accounts           37,413      33,067      41,806      36,136      43,072
                ----------  ----------  ----------  ----------  ----------
                $3,462,200  $3,487,426  $3,548,331  $3,551,434  $3,568,651
                ==========  ==========  ==========  ==========  ==========


 LIABILITIES AND STOCKHOLDERS' EQUITY
Current
 Liabilities:
  Current portion
   of long-term
   debt         $   33,671  $   10,301  $   10,385  $   11,414  $    9,648
  Current portion
   of capital
   lease obligations   907      15,074      33,682         864         851
  Accounts payable
   and accrued
   expenses        102,798     105,496     101,942      93,079     119,321
  Other current
   liabilities     139,425     226,395     273,185     254,522     258,940
                ----------  ----------  ----------  ----------  ----------
   Total current
    liabilities    276,801     357,266     419,194     359,879     388,760
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     921,275     931,588     927,701     928,308     929,114
Capital Lease
 Obligations         7,685       7,940       8,192       8,439       8,642
Deferred Income
 Taxes             507,391     512,102     492,131     493,701     480,447
Deferred Gains
 and Other
 Liabilities       121,796     126,281     127,217     131,259     130,311
Minority
 Interest in
 Subsidiaries       12,078      11,945      11,981      12,207       9,558
Stockholders'
 Equity:
  Preferred stock       --          --          --          --          --
  Common stock         324         323         323         323         322
  Additional
   paid-in
   capital         922,540     917,192     913,874     910,843     905,702
  Retained
   earnings      1,421,712   1,349,931   1,274,289   1,235,932   1,198,024
  Shares held in
   treasury, at
   cost           (724,357)   (724,165)   (628,041)   (531,236)   (486,505)
  Accumulated
   other
   comprehensive
   income (loss):
    Cumulative
     translation
     adjustments    (5,045)         27       2,344       2,337       1,938
    Unrealized gain
     (loss) on
     available-for-
     sale marketable
     securities         --      (3,004)       (874)       (558)      2,338
                ----------  ----------  ----------  ----------  ----------
Total
 stockholders'
 equity          1,615,174   1,540,304   1,561,915   1,617,641   1,621,819
                ----------  ----------  ----------  ----------  ----------
                $3,462,200  $3,487,426  $3,548,331  $3,551,434  $3,568,651
                ==========  ==========  ==========  ==========  ==========




                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS

                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2008      2008      2008      2008      2007
                          --------- --------- --------- --------- ---------
Offshore Marine Services
Anchor handling towing
 supply                          20        20        20        20        20
Crew                             75        77        76        77        77
Mini-supply                      16        19        20        21        21
Standby safety                   29        29        29        29        29
Supply                           27        27        28        26        25
Towing supply                    14        15        16        18        21
Specialty                         9        10        13        14        13
                          --------- --------- --------- --------- ---------
                                190       197       202       205       206
                          ========= ========= ========= ========= =========

Marine Transportation
 Services
U.S.-flag product tankers         8         8         8         8        10
                          ========= ========= ========= ========= =========

Inland River Services
Inland river dry cargo
 barges-open                    345       338       318       318       318
Inland river dry cargo
 barges-covered                 638       643       665       671       667
Inland river liquid tank
 barges                          86        75        75        70        73
Inland river deck barges         26        26        26        26        26
Inland river towboats            22        21        20        20        17
                          --------- --------- --------- --------- ---------
                              1,117     1,103     1,104     1,105     1,101
                          ========= ========= ========= ========= =========

Aviation Services
Light helicopters -
 single engine                   63        62        62        64        61
Light helicopters - twin
 engine                          55        53        55        54        53
Medium helicopters               62        58        57        55        54
Heavy helicopters                 7         6         5         3         3
                          --------- --------- --------- --------- ---------
                                187       179       179       176       171
                          ========= ========= ========= ========= =========

Harbor and Offshore
 Towing Services
Harbor and offshore tugs         35        35        35        36        30
Ocean liquid tank barges          3         3         2         2        --
                          --------- --------- --------- --------- ---------
                                 38        38        37        38        30
                          ========= ========= ========= ========= =========

Contact Information: For additional information, contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com