SEACOR Holdings Announces Results for Its First Quarter

FORT LAUDERDALE, FL--(Marketwired - Apr 29, 2013) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its first quarter ended March 31, 2013. For the quarter ended March 31, 2013, net loss attributable to SEACOR Holdings Inc. was $10.9 million, or $0.55 per diluted share.

Executive Chairman of the Board, Charles Fabrikant, commented: "We are very unhappy with our results for both this quarter and the fourth quarter of 2012. As noted in the discussion of highlights that follow, these disappointing results resulted primarily because of four factors: (i) a large seasonal swing in revenues and expenses that negatively impacted our lift boat business; (ii) reduced barge activity levels for our inland group's dry cargo fleet; (iii) an impairment charge for two harbor tugs; and (iv) poor results from our ethanol investment. We believe the outlook for offshore activity in the U.S. Gulf of Mexico is positive, however, and we are also evaluating various paths to return our ethanol operation to profitability."

For the preceding quarter ended December 31, 2012, the Company reported a net loss attributable to SEACOR Holdings Inc. of $2.6 million, or $0.13 per diluted share, including a loss from continuing operations of $12.2 million, or $0.61 per diluted share.

A comparison of results for the quarter ended March 31, 2013 with the preceding quarter ended December 31, 2012 is included in "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2012, net income attributable to SEACOR Holdings Inc. was $36.5 million, or $1.75 per diluted share, including income from continuing operations of $21.3 million, or $1.02 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $5.2 million on operating revenues of $124.0 million compared with operating income of $19.3 million on operating revenues of $141.1 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $2.5 million lower in the first quarter. Time charter revenues for the Company's liftboat fleet were $8.2 million lower primarily due to the seasonal downturn for that fleet. The decrease was partially offset by increased time charter revenues of $5.5 million for the Company's anchor handling towing supply vessels primarily due to increased utilization in support of platform supply activities. The number of out of service days attributable to drydockings increased by 292, or 230%, during the first quarter. Utilization was 73.7% compared with 77.1% in the preceding quarter and average day rates increased from $14,404 to $15,119 per day. As of March 31, 2013, the Company had one vessel cold-stacked in the U.S. Gulf of Mexico.

In International regions, excluding the contribution of the wind farm utility vessels, operating revenues were $13.2 million lower in the first quarter. In Mexico, Central and South America, time charter revenues were $5.6 million lower, primarily due to an increase in out-of-service days attributable to drydocking activity and weak spot market conditions in Brazil. In Asia, time charter revenues were $5.1 million lower, primarily due to the sale of a vessel to one of the Company's joint ventures and lower utilization following the conclusion of a term charter for a vessel operating in Sakhalin. Time charter revenues were lower in other geographical regions primarily due to weaker market conditions and the weakening of the pound sterling against the U.S. dollar. Utilization was 83.2% compared with 88.9% in the preceding quarter and average day rates decreased from $12,372 per day to $10,942 per day.

Operating expenses were $1.4 million lower in the first quarter. Personnel expenses and the cost of fuel, lubes and supplies were lower consistent with reduced utilization levels and fewer days in the quarter. These reductions were partially offset by higher drydocking expenses primarily due to an extensive drydocking program during the seasonal downturn of the liftboat fleet. During the first quarter, drydocking costs were $11.2 million compared with $7.3 million in the preceding quarter. The number of out-of-service days attributable to drydockings was 645 days compared with 323 days in the preceding quarter.

Administration and general expenses were $4.6 million lower in the first quarter primarily due to additional compensation expenses incurred during the preceding quarter arising from the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014.

In the first quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 408 days, or 4% primarily due to fewer days in the quarter. Overall utilization, excluding wind farm utility vessels, decreased from 83.0% to 79.0% and overall average day rates, excluding wind farm utility vessels, decreased by 3% from $13,306 per day to $12,878 per day. Time charter operating data by vessel class is presented in the table included herein.

Inland River Services - Operating income was $3.3 million on operating revenues of $50.1 million compared with operating income of $8.9 million on operating revenues of $66.5 million in the preceding quarter. First quarter results included $0.7 million of gains on asset dispositions compared with $1.4 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the first quarter primarily due to weak demand for barge freight as a consequence of lower grain exports resulting in idling a portion of the fleet. United States grain exports are not currently competitive in the global market.

Shipping Services - Operating income was $3.8 million on operating revenues of $46.5 million compared with operating income of $5.7 million on operating revenues of $46.3 million in the preceding quarter. Operating results for petroleum transportation were $3.1 million higher in the first quarter primarily due to less out-of-service time and lower drydocking expenses. Operating results for harbor towing and bunkering were $5.4 million lower in the first quarter primarily due to higher repairs and maintenance and drydocking expenses, and an impairment charge of $3.0 million for two harbor tugs. Operating results for short-sea and liner transportation were $0.4 million higher primarily due to improved operational efficiencies and lower repairs and maintenance expenses. Equity in losses in both quarters were primarily attributable to losses in the Company's Jones Act liner transportation joint venture.

Ethanol and Industrial Alcohol - Ethanol and Industrial Alcohol reported a segment loss of $3.3 million on operating revenues of $32.8 million compared with a segment loss of $2.2 million on operating revenues of $42.3 million in the preceding quarter. Operating results in both quarters were negatively impacted by higher corn prices.

Other - Other reported a segment profit of $2.4 million during the first quarter primarily due to a gain on the sale of real property. In the preceding quarter, segment loss included equity in losses of $9.2 million primarily due to the one-time recognition of deferred tax liabilities on the deconsolidation of non-deductible goodwill upon the contribution of O'Brien's Response Management Inc. in exchange for an equity interest in Witt O'Brien's LLC.

Corporate and Eliminations - Administrative and general expenses were $9.3 million compared with $18.2 million in the preceding quarter. The decrease was primarily due to $6.8 million of expense recorded in the preceding quarter associated with the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014 and lower accruals for bonuses.

Interest Expense - Interest expense was $12.8 million compared with $7.8 million in the preceding quarter primarily due to higher borrowing costs following the issuance of the Company's 2.5% Senior Convertible Notes, partially offset by the repayment of borrowings on the SEACOR revolving credit facility in the preceding quarter.

Foreign Currency - Foreign currency losses, net of $4.0 million during the first quarter were primarily due to the weakening of the pound sterling against the euro and U.S. dollar.

Discontinued Operations - On January 31, 2013, the Company completed the spin-off Era Group Inc. ("Era Group"), the entity that operated the Company's Aviation Services business segment, by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock of Era Group, which is now a stand-alone public company. Discontinued operations includes the results of Era Group as well as the operations previously reported as discontinued in SEACOR's most recent Annual Report on Form 10-K filed with the SEC on February 27, 2013.

Capital Commitments - As of March 31, 2013, the Company's unfunded capital commitments were $151.8 million and included: 14 offshore support vessels for $106.1 million; seven inland river tank barges for $15.0 million; five inland river towboats for $12.7 million; four harbor tugs for $7.4 million; and other equipment and improvements for $8.0 million. In addition, the Company notified a lessor of its intent to purchase two harbor tugs currently operating under capital leases for $2.6 million. Of these commitments, $97.8 million is payable during 2013 with the balance payable through 2015. Subsequent to March 31, 2013, the Company committed to purchase additional equipment for $49.7 million.

As of March 31, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $557.2 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, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including 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 or failures to finalize commitments to charter vessels 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 the provision of 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 a lack of liquidity 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 and Shipping Services, decreased demand for Shipping 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 and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, 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 agriculture 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 as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).


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

			Three Months Ended
			March 31,
			2013			2012
Operating Revenues			$	267,064		$	297,849
Costs and Expenses:
		Operating		200,913			208,419
		Administrative and general		35,645			34,991
		Depreciation and amortization		33,548			29,702
				270,106			273,112
Gains on Asset Dispositions and Impairments, Net				2,015			3,777
Operating Income (Loss)				(1,027	)		28,514
Other Income (Expense):
	Interest income			3,167			2,643
	Interest expense			(12,840	)		(9,987	)
	Debt extinguishment losses, net			--			(160	)
	Marketable security gains, net			3,995			3,358
	Derivative losses, net			(2,107	)		(2,958	)
	Foreign currency gains (losses), net			(4,011	)		1,661
	Other, net			3			(84	)
				(11,793	)		(5,527	)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies				(12,820	)		22,987
Income Tax Expense (Benefit)				(2,653	)		9,460
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies				(10,167	)		13,527
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(869	)		7,661
Income (Loss) from Continuing Operations				(11,036	)		21,188
Income (Loss) from Discontinued Operations, Net of Tax				(211	)		15,185
Net Income (Loss)				(11,247	)		36,373
Net Loss attributable to Noncontrolling Interests in Subsidiaries				(373	)		(115	)
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	(10,874	)	$	36,488

Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations		$	(10,763	)	$	21,303
	Discontinued operations			(111	)		15,185
			$	(10,874	)	$	36,488
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	(0.55	)	$	1.04
	Discontinued operations			--			0.74
			$	(0.55	)	$	1.78
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	(0.55	)	$	1.02
	Discontinued operations			--			0.73
			$	(0.55	)	$	1.75
Weighted Average Common Shares Outstanding:
	Basic			19,738,930			20,519,660
	Diluted			19,738,930			20,893,210

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

		Three Months Ended
		Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012
Operating Revenues		$	267,064		$	362,368		$	338,855		$	309,225		$	297,849
Costs and Expenses:
	Operating		200,913			270,500			254,005			244,545			208,419
	Administrative and general		35,645			55,942			39,509			36,301			34,991
	Depreciation and amortization		33,548			34,398			34,347			33,220			29,702
			270,106			360,840			327,861			314,066			273,112
Gains on Asset Dispositions and Impairments, Net			2,015			7,804			9,064			3,342			3,777
Operating Income (Loss)			(1,027	)		9,332			20,058			(1,499	)		28,514
Other Income (Expense):
	Interest income		3,167			3,435			3,890			7,392			2,643
	Interest expense		(12,840	)		(7,816	)		(10,076	)		(10,012	)		(9,987	)
	Debt extinguishment losses, net		--			--			--			--			(160	)
	Marketable security gains (losses), net		3,995			(333	)		(1,730	)		11,596			3,358
	Derivative gains (losses), net		(2,107	)		(378	)		(2,030	)		2,554			(2,958	)
	Foreign currency gains (losses), net		(4,011	)		(34	)		1,028			(1,024	)		1,661
	Other, net		3			(309	)		7,098			443			(84	)
			(11,793	)		(5,435	)		(1,820	)		10,949			(5,527	)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies			(12,820	)		3,897			18,238			9,450			22,987
Income Tax Expense (Benefit)			(2,653	)		3,769			7,702			3,250			9,460
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(10,167	)		128			10,536			6,200			13,527
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			(869	)		(12,423	)		(1,297	)		295			7,661
Income (Loss) from Continuing Operations			(11,036	)		(12,295	)		9,239			6,495			21,188
Income (Loss) from Discontinued Operations, Net of Tax			(211	)		9,578			6,265			4,804			15,185
Net Income (Loss)			(11,247	)		(2,717	)		15,504			11,299			36,373
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries			(373	)		(93	)		(598	)		50			(115	)
Net Income (Loss) attributable to SEACOR Holdings Inc.		$	(10,874	)	$	(2,624	)	$	16,102		$	11,249		$	36,488

Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations	$	(10,763	)	$	(12,242	)	$	9,837		$	6,445		$	21,303
	Discontinued operations		(111	)		9,618			6,265			4,804			15,185
		$	(10,874	)	$	(2,624	)	$	16,102		$	11,249		$	36,488
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations	$	(0.55	)	$	(0.61	)	$	0.48		$	0.31		$	1.04
	Discontinued operations		--			0.48			0.31			0.24			0.74
		$	(0.55	)	$	(0.13	)	$	0.79		$	0.55		$	1.78
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations	$	(0.55	)	$	(0.61	)	$	0.47		$	0.31		$	1.02
	Discontinued operations		--			0.48			0.31			0.23			0.73
		$	(0.55	)	$	(0.13	)	$	0.78		$	0.54		$	1.75
Weighted Average Common Shares of Outstanding:
	Basic		19,739			20,173			20,433			20,585			20,520
	Diluted		19,739			20,173			20,740			20,871			20,893
Common Shares Outstanding at Period End			20,106			19,888			20,851			20,948			21,114
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.		$	--		$	5.00		$	--		$	--		$	--

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

		Three Months Ended
		Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012
Offshore Marine Services
Operating Revenues		$	124,016		$	141,133		$	134,322		$	123,276		$	121,086
Costs and Expenses:
	Operating		90,031			91,414			88,842			94,084			75,340
	Administrative and general		14,827			19,456			14,795			13,146			11,856
	Depreciation and amortization		16,287			16,750			16,051			15,859			12,882
			121,145			127,620			119,688			123,089			100,078
Gains on Asset Dispositions			2,339			5,822			6,585			624			1,845
Operating Income			5,210			19,335			21,219			811			22,853
Other Income (Expense):
	Derivative gains (losses), net		150			(243	)		--			--			--
	Foreign currency gains (losses), net		(3,264	)		(409	)		717			(354	)		1,123
	Other, net		--			(9	)		--			11			--
Equity in Earnings of 50% or Less Owned Companies, Net of Tax			1,313			1,146			1,238			1,001			1,829
Segment Profit		$	3,409		$	19,820		$	23,174		$	1,469		$	25,805

OIBDA⁽¹⁾		$	21,497		$	36,085		$	37,270		$	16,670		$	35,735
Drydocking expenditures (included in operating costs and expenses)		$	11,225		$	7,261		$	4,343		$	10,810		$	5,329
Out-of-service days for drydockings			645			323			315			795			378

Inland River Services
Operating Revenues		$	50,077		$	66,476		$	53,293		$	53,302		$	53,490
Costs and Expenses:
	Operating		36,389			47,630			38,320			37,463			35,183
	Administrative and general		4,024			4,689			3,480			3,773			3,982
	Depreciation and amortization		7,084			6,684			7,335			7,244			7,007
			47,497			59,003			49,135			48,480			46,172
Gains on Asset Dispositions			697			1,378			3,503			858			1,927
Operating Income			3,277			8,851			7,661			5,680			9,245
Other Income (Expense):
	Foreign currency gains (losses), net		(137	)		144			33			(71	)		(22	)
	Other, net		--			(1	)		--			--			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			(2,387	)		(1,772	)		(2,227	)		439			250
Segment Profit		$	753		$	7,222		$	5,467		$	6,048		$	9,473

OIBDA⁽¹⁾		$	10,361		$	15,535		$	14,996		$	12,924		$	16,252

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

		Three Months Ended
		Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012
Shipping Services
Operating Revenues		$	46,476		$	46,322		$	45,157		$	42,824		$	45,733
Costs and Expenses:
	Operating		26,614			28,250			28,089			28,214			27,572
	Administrative and general		5,177			5,614			6,567			5,505			4,867
	Depreciation and amortization		7,797			7,880			7,776			7,362			7,617
			39,588			41,744			42,432			41,081			40,056
Gains (Losses) on Asset Dispositions and Impairments, Net			(3,069	)		1,123			145			1,860			--
Operating Income			3,819			5,701			2,870			3,603			5,677
Other Income (Expense):
	Foreign currency gains (losses), net		(7	)		(11	)		8			(4	)		13
	Other, net		14			20			7,145			257			30
Equity in Losses of 50% or Less Owned Companies, Net of Tax			(1,505	)		(2,606	)		(551	)		(774	)		(217	)
Segment Profit		$	2,321		$	3,104		$	9,472		$	3,082		$	5,503

OIBDA⁽¹⁾		$	11,616		$	13,581		$	10,646		$	10,965		$	13,294
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)		$	74		$	2,137		$	--		$	--		$	--
Out-of-service days for drydockings of U.S.-flag product tankers			1			27			--			--			--

Ethanol and Industrial Alcohol
Operating Revenues		$	32,849		$	42,280		$	47,813		$	58,938		$	39,619
Costs and Expenses:
	Operating		34,045			43,364			45,472			57,201			37,405
	Administrative and general		661			516			545			434			425
	Depreciation and amortization		1,489			1,549			1,578			1,578			1,052
			36,195			45,429			47,595			59,213			38,882
Operating Income (Loss)			(3,346	)		(3,149	)		218			(275	)		737
Other Income (Expense):
	Derivative gains (losses), net		39			900			(1,035	)		(236	)		(485	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax			--			--			--			--			6,154
Segment Profit (Loss)		$	(3,307	)	$	(2,249	)	$	(817	)	$	(511	)	$	6,406

OIBDA⁽¹⁾		$	(1,857	)	$	(1,600	)	$	1,796		$	1,303		$	1,789

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

		Three Months Ended
		Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012
Other
Operating Revenues		$	14,324		$	68,394		$	58,336		$	30,893		$	38,108
Costs and Expenses:
	Operating		14,488			62,027			53,287			27,566			33,077
	Administrative and general		1,656			7,492			5,635			5,899			4,798
	Depreciation and amortization		99			721			753			711			689
			16,243			70,240			59,675			34,176			38,564
Gains (Losses) on Asset Dispositions and Impairments, Net			1,907			(363	)		(1,169	)		--			5
Operating Loss			(12	)		(2,209	)		(2,508	)		(3,283	)		(451	)
Other Income (Expense):
	Derivative gains (losses), net		842			649			(838	)		2,516			(1,417	)
	Foreign currency gains (losses), net		(167	)		12			(25	)		(84	)		99
	Other, net		54			--			--			--			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			1,710			(9,191	)		243			(371	)		(355	)
Segment Profit (Loss)		$	2,427		$	(10,739	)	$	(3,128	)	$	(1,222	)	$	(2,124	)

OIBDA⁽¹⁾		$	87		$	(1,488	)	$	(1,755	)	$	(2,572	)	$	238

Corporate and Eliminations
Operating Revenues		$	(678	)	$	(2,237	)	$	(66	)	$	(8	)	$	(187	)
Costs and Expenses:
	Operating		(654	)		(2,185	)		(5	)		17			(158	)
	Administrative and general		9,300			18,175			8,487			7,544			9,063
	Depreciation and amortization		792			814			854			466			455
			9,438			16,804			9,336			8,027			9,360
Gains (Losses) on Asset Dispositions and Impairments, Net			141			(156	)		--			--			--
Operating Loss		$	(9,975	)	$	(19,197	)	$	(9,402	)	$	(8,035	)	$	(9,547	)
Other Income (Expense):
	Derivative gains (losses), net	$	(3,138	)	$	(1,684	)	$	(157	)	$	274		$	(1,056	)
	Foreign currency gains (losses), net		(436	)		230			295			(511	)		448
	Other, net		(65	)		(319	)		(47	)		175			(114	)

(1)		Non-GAAP Financial Measure.The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company's executive officers and other shore-based employees; (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions; and (iv) to assess the Company's ability to service existing fixed charges and incur additional indebtedness.

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

			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012
ASSETS
Current Assets:
	Cash and cash equivalents		$	312,977		$	248,204		$	198,068		$	289,851		$	250,937
	Restricted cash			27,129			28,285			191,782			18,347			25,958
	Marketable securities			22,568			21,668			22,134			32,821			68,586
	Receivables:
		Trade, net of allowance for doubtful accounts		172,889			224,944			216,861			199,049			213,254
		Other		41,139			45,334			61,486			55,701			31,353
	Inventories			31,966			25,787			22,356			27,248			31,965
	Deferred income taxes			3,530			3,530			9,007			9,007			9,007
	Prepaid expenses and other			8,834			12,719			14,256			10,883			8,596
	Discontinued operations			384			108,153			175,836			156,461			198,903
		Total current assets		621,416			718,624			911,786			799,368			838,559
Property and Equipment:
		Historical cost		2,186,892			2,238,383			2,220,488			2,168,106			2,212,159
		Accumulated depreciation		(785,765	)		(763,803	)		(745,503	)		(714,730	)		(694,115	)
				1,401,127			1,474,580			1,474,985			1,453,376			1,518,044
		Construction in progress		113,381			110,296			150,520			143,100			138,678
		Net property and equipment		1,514,508			1,584,876			1,625,505			1,596,476			1,656,722
Investments, at Equity, and Advances to 50% or Less Owned Companies				299,778			272,535			230,834			281,992			179,931
Construction Reserve Funds & Title XI Reserve Funds				194,477			195,629			179,932			192,420			259,926
Goodwill				17,978			17,978			56,702			56,702			56,702
Intangible Assets, Net				15,754			15,305			19,931			21,116			22,132
Other Assets				51,576			55,123			63,235			66,861			83,255
Discontinued Operations				--			840,724			829,311			830,882			809,726
			$	2,715,487		$	3,700,794		$	3,917,236		$	3,845,817		$	3,906,953

LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	15,435		$	21,920		$	193,539		$	21,759		$	19,291
	Current portion of capital lease obligations			2,711			2,900			4,442			4,719			2,289
	Accounts payable and accrued expenses			69,008			107,892			101,455			96,929			97,717
	Other current liabilities			109,300			93,093			120,500			137,415			160,041
	Discontinued operations			300			39,836			76,726			59,756			64,647
		Total current liabilities		196,754			265,641			496,662			320,578			343,985
Long-Term Debt				655,384			655,309			592,314			649,206			654,471
Capital Lease Obligations				36			59			87			117			2,848
Deferred Income Taxes				422,719			426,027			452,482			436,589			432,526
Deferred Gains and Other Liabilities				116,572			120,342			112,661			124,273			128,131
Discontinued Operations				2,599			490,741			379,546			445,870			473,634
		Total liabilities		1,394,064			1,958,119			2,033,752			1,976,633			2,035,595
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		369			367			366			366			366
		Additional paid-in capital		1,340,875			1,330,324			1,277,751			1,271,617			1,265,708
		Retained earnings		1,047,426			1,473,509			1,576,518			1,560,416			1,549,167
		Shares held in treasury, at cost		(1,089,064	)		(1,088,560	)		(997,541	)		(987,485	)		(970,023	)
		Accumulated other comprehensive loss, net of tax		(4,321	)		(1,986	)		(3,604	)		(5,831	)		(5,369	)
				1,295,285			1,713,654			1,853,490			1,839,083			1,839,849
	Noncontrolling interests in subsidiaries			26,138			29,021			29,994			30,101			31,509
		Total equity		1,321,423			1,742,675			1,883,484			1,869,184			1,871,358
			$	2,715,487		$	3,700,794		$	3,917,236		$	3,845,817		$	3,906,953

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)

	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
Offshore Marine Services
Anchor handling towing supply	19	19	19	19	19
Crew	47	47	48	48	48
Mini-supply	9	9	9	9	9
Standby safety	25	25	25	25	26
Supply	26	26	25	28	28
Towing supply	3	3	3	3	5
Liftboats	20	20	20	20	20
Specialty	11	10	9	9	9
Wind farm utility	31	30	30	30	30
	191	189	188	191	194

Inland River Services
Inland river dry-cargo barges	1,434	1,444	1,444	1,453	1,479
Inland river liquid tank barges	80	81	80	78	77
Inland river deck barges	20	20	20	20	20
Inland river towboats	31	31	31	31	30
Dry-cargo vessel	1	1	1	1	1
	1,566	1,577	1,576	1,583	1,607

Shipping Services
U.S.-flag product tankers	8	8	8	8	8
U.S.-flag container vessel	1	1	1	1	1
U.S.-flag articulated tug-barge	1	1	1	1	--
U.S.-flag deck barges	5	5	5	5	--
U.S.-flag RORO barges	2	2	2	2	--
Azimuth drive harbor tugs	15	15	15	15	16
Conventional drive harbor tugs	11	11	12	12	13
Ocean liquid tank barges	5	5	5	5	5
Foreign-flag RORO vessels	7	7	7	8	8
	55	55	56	57	51

SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited)

		Three Months Ended
		Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012
Rates Per Day Worked:
	Anchor handling towing supply	$	26,683		$	25,059		$	22,794		$	24,541		$	30,928
	Crew		7,664			7,231			7,267			7,134			7,803
	Mini-supply		7,666			7,664			7,735			7,424			7,409
	Standby safety		9,642			10,001			9,806			9,679			9,230
	Supply		14,915			16,599			16,567			14,354			16,662
	Towing supply		9,349			9,573			8,265			9,269			9,301
	Specialty		12,950			20,635			26,195			14,557			12,964
	Liftboats		18,573			20,673			19,830			17,454			--
	Overall Average Rates Per Day Worked (excluding wind farm utility)		12,878			13,306			12,718			12,068			13,174
	Wind farm utility		2,142			2,653			2,882			2,802			2,431
	Overall Average Rates Per Day Worked		10,657			11,160			10,552			10,019			10,839

Utilization:
	Anchor handling towing supply		74	%		63	%		57	%		63	%		77	%
	Crew		91	%		91	%		94	%		84	%		79	%
	Mini-supply		74	%		85	%		88	%		98	%		98	%
	Standby safety		88	%		87	%		89	%		87	%		86	%
	Supply		72	%		87	%		77	%		75	%		84	%
	Towing supply		100	%		94	%		54	%		51	%		48	%
	Specialty		25	%		57	%		59	%		45	%		62	%
	Liftboats		64	%		80	%		82	%		70	%		--	%
	Overall Fleet Utilization (excluding wind farm utility)		79	%		83	%		82	%		77	%		81	%
	Wind farm utility		82	%		88	%		96	%		93	%		86	%
	Overall Fleet Utilization		79	%		84	%		85	%		80	%		82	%

Available Days:
	Anchor handling towing supply		1,530			1,632			1,564			1,547			1,547
	Crew		3,060			3,220			3,233			3,276			3,363
	Mini-supply		630			644			644			637			637
	Standby safety		2,160			2,208			2,208			2,195			2,275
	Supply		1,581			1,656			1,631			1,649			1,705
	Towing supply		180			184			184			360			364
	Specialty		360			329			276			273			273
	Liftboats		1,620			1,656			1,656			1,656			--
	Overall Fleet Available Days (excluding wind farm utility)		11,121			11,529			11,396			11,593			10,164
	Wind farm utility		2,790			2,760			2,760			2,730			2,647
	Overall Fleet Available Days		13,911			14,289			14,156			14,323			12,811

Contact Information:

For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com

SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2013