SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2017

FORT LAUDERDALE, FL--(Marketwired - May 9, 2017) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2017.

For the quarter ended March 31, 2017, net income attributable to SEACOR Holdings Inc. was $4.1 million ($0.24 per diluted share) compared with a net loss of $93.7 million ($5.52 per diluted share) for the quarter ended December 31, 2016. A comparison of results for the quarter ended March 31, 2017 with the preceding quarter ended December 31, 2016 is included in the "Highlights for the Quarter" discussion below.

Operating income before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein) was $16.1 million in the first quarter compared with $30.8 million in the preceding quarter, excluding impairment charges of $0.4 million and $98.8 million, respectively.

For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share).

Highlights for the Quarter

Offshore Marine Services ("OMS") - Operating loss was $18.6 million compared with $82.7 million in the preceding quarter. As a consequence of continuing difficult market conditions, OMS recognized impairment charges of $69.1 million in the preceding quarter primarily associated with its anchor handling towing supply fleet. OIBDA, excluding impairment charges, was $(6.1) million on operating revenues of $34.3 million compared with $0.2 million on operating revenues of $44.4 million in the preceding quarter.

Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 39% to 38% and average rates per day worked decreased by 9% from $9,093 to $8,272. Days available for charter were 8% lower in the first quarter primarily due to vessels retired and removed from service, net fleet dispositions and fewer operating days during the quarter. This release includes a table presenting time charter operating data by vessel class.

Operating results from international regions, excluding losses on asset dispositions and impairments, were $7.7 million lower compared with the preceding quarter. Time charter revenues were $7.6 million lower primarily due to the conclusion of several term charters, the deferral of revenues for which collection was not reasonably assured and additional out-of-service days associated with drydockings. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization increased from 64% to 65%, and average rates per day worked decreased from $9,073 to $8,082. Other operating revenues were $2.6 million lower primarily due to a reduction in mobilization and other marine services. General and administrative expenses included a $1.6 million provision for doubtful accounts compared with a $3.1 million provision in the preceding quarter. As of March 31, 2017, the Company had four of 92 owned and leased-in vessels cold-stacked in international regions compared with nine of 89 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels in the international roster consisted of one fast support vessel, one supply vessel, one specialty vessel and one wind farm utility vessel. As of March 31, 2017, the Company had five vessels retired and removed from service in international regions including two fast support vessels and three supply vessels. Effective March 31, 2017, the Company has consolidated the net assets of its Falcon Global joint venture, which owns two-foreign-flag liftboats, after its partner declined to participate in a capital call and the Company obtained 100% voting control. Falcon Global's net assets include property and equipment of $96.0 million and debt of $58.3 million.

Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.8 million higher compared with the preceding quarter. Time charter revenues were $0.3 million higher for the U.S. anchor handling towing supply vessels and unchanged for other vessel classes. On a total fleet basis, including cold-stacked vessels, utilization was unchanged at 7%, and average rates per day worked increased from $9,316 to $10,133. Operating expenses were $1.2 million higher primarily due to reactivation costs for certain offshore support vessels in anticipation of improved market conditions. General and administrative expenses were lower primarily due to recording a $1.1 million provision for doubtful accounts in the preceding quarter. Depreciation expense was $0.9 million lower compared with the preceding quarter. As of March 31, 2017, the Company had 35 of 44 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 40 of 44 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels consisted of ten anchor handling towing supply vessels, 16 fast support vessels, one supply vessel, one specialty vessel and seven liftboats. As of the March 31, 2017, the Company had one anchor handling towing supply vessel retired and removed from service in the U.S. Gulf of Mexico.

Other, net losses of $1.8 million in the preceding quarter primarily related to a reserve for a note receivable from a third party following a decline in the underlying collateral value.

Equity in losses of 50% or less owned companies of $6.0 million in the preceding quarter were primarily due to impairment charges of $6.4 million associated with the joint ventured foreign-flag liftboat fleet.

On April 28, 2017, the Company acquired a 100% controlling interest in its Sea-Cat Crewzer and Sea-Cat Crewzer II joint ventures through the acquisition of its partner's 50% ownership interest for $15.7 million in cash. Sea-Cat Crewzer and Sea-Cat Crewzer II each own and operate two foreign-flag catamaran fast support vessels.

Inland River Services - Operating loss was $0.1 million compared with operating income of $8.7 million in the preceding quarter. OIBDA was $6.5 million on operating revenues of $42.7 million compared with $15.3 million on operating revenues of $53.0 million in the preceding quarter.

Operating results, excluding gains (losses) on asset dispositions and impairments, were $8.3 million lower compared with the preceding quarter primarily due to lower activity levels for the dry-cargo barge pools following the conclusion of the fall harvest, partially offset by higher activity levels for terminal and fleeting operations.

Foreign currency gains of $1.4 million were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.

Equity in losses of 50% or less owned companies of $2.4 million was primarily due to the operating results of SCFCo, the Company's joint venture operating on the Parana-Paraguay River Waterway, as a consequence of continued weakness in the iron ore and grain markets and seasonal low water conditions.

Shipping Services - Operating income was $13.6 million compared with $7.6 million in the preceding quarter. OIBDA was $22.8 million (of which $10.1 million was attributable to noncontrolling interests) on operating revenues of $67.6 million compared with $16.5 million (of which $5.3 million was attributable to noncontrolling interests) on operating revenues of $59.6 million in the preceding quarter.

Operating results were $6.0 million higher primarily due to lower regulatory drydocking costs and related out-of-service time for one U.S.-flag product tanker, partially offset by higher drydocking and maintenance and repair costs for harbor towing and short-sea transportation.

Equity in earnings of 50% or less owned companies of $1.0 million was primarily due to the operating results of Trailer Bridge, the Company's joint venture operating in the Puerto Rico liner trade.

Illinois Corn Processing - Segment profit was $1.3 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $38.4 million compared with $5.8 million (of which $1.7 million was attributable to noncontrolling interests) on operating revenues of $43.2 million in the preceding quarter. Segment profit was $4.5 million lower primarily due to lower volumes and prices for fuel ethanol.

Marketable Security Gains (Losses) - Marketable security results during the first quarter were primarily attributable to the Company's investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG." The Company recognized unrealized gains related to Dorian of $21.3 million compared with $20.3 million in the preceding quarter. The closing share price of Dorian was $10.53 and $8.21 as of March 31, 2017 and December 31, 2016, respectively. The Company's cost basis in Dorian is $13.66 per share. The closing share price of Dorian was $8.90 as of May 8, 2017.

Capital Commitments - The Company's capital commitments as of March 31, 2017 by year of expected payment were as follows (in thousands):

	2017			2018			2019			2020			Total
Offshore Marine Services	$	13,817		$	53,050		$	13,183		$	1,800		$	81,850
Shipping Services		13,893			--			--			--			13,893
Inland River Services		20,465			--			--			--			20,465
Illinois Corn Processing		1,762			375			--			--			2,137
	$	49,937		$	53,425		$	13,183		$	1,800		$	118,345

Offshore Marine Services' capital commitments included six fast support vessels, three supply vessels and one wind farm utility vessel. These commitments included $15.4 million for one supply vessel that may be assumed by a third party at their option. Shipping Services' capital commitments included one U.S.-flag chemical and petroleum articulated tug-barge, two U.S.-flag harbor tugs and two foreign-flag harbor tugs. Inland River Services' capital commitments included one 30,000 barrel inland river liquid tank barge, two inland river towboats and other equipment and improvements. Subsequent to March 31, 2017, the Company committed to purchase additional equipment for $9.7 million.

Liquidity and Debt - As of March 31, 2017, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $669.1 million and its total outstanding debt was $1,097.8 million. In addition, the Company had $35.9 million of borrowing capacity under its subsidiary credit facilities. Subsequent to March 31, 2017, the Company's subsidiaries borrowed $13.9 million under these credit facilities to fund their capital commitments.

As of March 31, 2017, the remaining principal amount outstanding of the Company's 2.5% Convertible Senior Notes of $157.1 million and the principal amount of the Company's 3.75% Subsidiary Convertible Senior Notes of $175.0 million are included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017 and January 11, 2018, respectively.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards 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 a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such 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 a decline in the price of oil, an oversupply of newly built offshore support vessels, 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, including as a result of the recent vote in the U.K. to leave the European Union, 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 and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several key 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 on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, 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 and other reports filed by the Company with the SEC. 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

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 (LOSS) (in thousands, except share data, unaudited)
			Three Months Ended
			March 31,
			2017				2016
Operating Revenues			$	190,447			$	213,928
Costs and Expenses:
		Operating		143,964				157,468
		Administrative and general		35,427				35,704
		Depreciation and amortization		30,397				30,989
				209,788				224,161
Gains on Asset Dispositions and Impairments, Net				4,631				217
Operating Loss				(14,710	)			(10,016	)
Other Income (Expense):
		Interest income		2,813				5,593
		Interest expense		(13,474	)			(11,935	)
		Debt extinguishment gains, net		--				3,223
		Marketable security gains (losses), net		32,574				(25,096	)
		Derivative gains, net		3,075				2,620
		Foreign currency gains, net		1,210				37
		Other, net		194				268
				26,392				(25,290	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies				11,682				(35,306	)
	Income Tax Expense (Benefit)			1,572				(14,831	)
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies				10,110				(20,475	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				546				(49	)
	Net Income (Loss)			10,656				(20,524	)
	Net Income attributable to Noncontrolling Interests in Subsidiaries			6,573				6,662
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	4,083			$	(27,186	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	0.24			$	(1.62	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	0.24			$	(1.62	)
Weighted Average Common Shares Outstanding:
	Basic			17,074,043				16,817,368
	Diluted			17,363,839				16,817,368
OIBDA(1)			$	15,687			$	20,973

______________________

(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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company's ability to fund its cash needs. 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 officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited)
		Three Months Ended
		Mar. 31, 2017				Dec. 31, 2016				Sep. 30, 2016				Jun. 30, 2016				Mar. 31, 2016
Operating Revenues		$	190,447			$	213,036			$	206,983			$	197,038			$	213,928
Costs and Expenses:
	Operating		143,964				149,667				146,796				143,882				157,468
	Administrative and general		35,427				36,457				32,245				34,175				35,704
	Depreciation and amortization		30,397				31,451				31,132				31,361				30,989
			209,788				217,575				210,173				209,418				224,161
Gains (Losses) on Asset Dispositions and Impairments, Net			4,631				(94,825	)			(29,826	)			(17,771	)			217
Operating Loss			(14,710	)			(99,364	)			(33,016	)			(30,151	)			(10,016	)
Other Income (Expense):
	Interest income		2,813				3,449				5,277				5,020				5,593
	Interest expense		(13,474	)			(12,453	)			(12,504	)			(12,834	)			(11,935	)
	Debt extinguishment gains (losses), net		--				(211	)			557				1,615				3,223
	Marketable security gains (losses), net		32,574				24,713				(7,865	)			(23,951	)			(25,096	)
	Derivative gains (losses), net		3,075				(10,116	)			(1,174	)			(1,555	)			2,620
	Foreign currency gains (losses), net		1,210				(1,217	)			(666	)			(22	)			37
	Other, net		194				(7,362	)			(5,460	)			(7,652	)			268
			26,392				(3,197	)			(21,835	)			(39,379	)			(25,290	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies			11,682				(102,561	)			(54,851	)			(69,530	)			(35,306	)
Income Tax Expense (Benefit)			1,572				(32,093	)			(21,147	)			(25,759	)			(14,831	)
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies			10,110				(70,468	)			(33,704	)			(43,771	)			(20,475	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			546				(19,821	)			(322	)			(7,162	)			(49	)
Net Income (Loss)			10,656				(90,289	)			(34,026	)			(50,933	)			(20,524	)
Net Income attributable to Noncontrolling Interests in Subsidiaries			6,573				3,460				5,777				4,226				6,662
Net Income (Loss) attributable to SEACOR Holdings Inc.		$	4,083			$	(93,749	)		$	(39,803	)		$	(55,159	)		$	(27,186	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.		$	0.24			$	(5.52	)		$	(2.35	)		$	(3.26	)		$	(1.62	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.		$	0.24			$	(5.52	)		$	(2.35	)		$	(3.26	)		$	(1.62	)
Weighted Average Common Shares of Outstanding:
	Basic		17,074				16,969				16,944				16,929				16,817
	Diluted		17,364				16,969				16,944				16,929				16,817
Common Shares Outstanding at Period End			17,406				17,401				17,336				17,321				17,295
OIBDA(1)		$	15,687			$	(67,913	)		$	(1,884	)		$	1,210			$	20,973

______________________

(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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company's ability to fund its cash needs. 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 officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited)
			Three Months Ended
			Mar. 31, 2017				Dec. 31, 2016				Sep. 30, 2016				Jun. 30, 2016				Mar. 31, 2016
Offshore Marine Services
Operating Revenues			$	34,304			$	44,361			$	54,125			$	57,271			$	59,879
Costs and Expenses:
		Operating		33,379				32,671				41,159				44,245				48,850
		Administrative and general		11,826				14,393				10,588				11,929				12,398
		Depreciation and amortization		12,503				13,764				14,213				15,254				14,838
				57,708				60,828				65,960				71,428				76,086
Gains (Losses) on Asset Dispositions and Impairments, Net				4,819				(66,252	)			(29,233	)			(20,357	)			(380	)
Operating Loss				(18,585	)			(82,719	)			(41,068	)			(34,514	)			(16,587	)
Other Income (Expense):
	Derivative gains (losses), net			(89	)			(82	)			16				163				2,898
	Foreign currency gains (losses), net			(189	)			151				(1,084	)			(819	)			(1,560	)
	Other, net			(1	)			(1,756	)			1				--				265
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				438				(5,950	)			790				(3,315	)			2,161
Segment Loss(1)			$	(18,426	)		$	(90,356	)		$	(41,345	)		$	(38,485	)		$	(12,823	)
OIBDA(2)			$	(6,082	)		$	(68,955	)		$	(26,855	)		$	(19,260	)		$	(1,749	)
Drydocking expenditures (included in operating costs and expenses)			$	3,067			$	131			$	2,024			$	1,964			$	3,703
Out-of-service days for drydockings				248				20				62				191				131
Inland River Services
Operating Revenues			$	42,669			$	53,021			$	41,094			$	33,814			$	39,614
Costs and Expenses:
		Operating		32,569				35,400				31,496				27,446				30,118
		Administrative and general		3,792				2,945				3,982				3,777				3,912
		Depreciation and amortization		6,592				6,628				6,308				6,254				7,137
				42,953				44,973				41,786				37,477				41,167
Gains (Losses) on Asset Dispositions and Impairments, Net				233				605				(597	)			2,580				605
Operating Income (Loss)				(51	)			8,653				(1,289	)			(1,083	)			(948	)
Other Income (Expense):
	Foreign currency gains (losses), net			1,368				(1,143	)			410				1,018				1,437
	Other, net			--				1				(1	)			(4	)			--
Equity in Losses of 50% or Less Owned Companies, Net of Tax				(2,378	)			(11,318	)			(171	)			(1,677	)			(2,778	)
Segment Loss(1)			$	(1,061	)		$	(3,807	)		$	(1,051	)		$	(1,746	)		$	(2,289	)
OIBDA(2)			$	6,541			$	15,281			$	5,019			$	5,171			$	6,189

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Mar. 31, 2017				Dec. 31, 2016				Sep. 30, 2016				Jun. 30, 2016				Mar. 31, 2016
Shipping Services
Operating Revenues			$	67,639			$	59,618			$	57,350			$	55,620			$	57,055
Costs and Expenses:
		Operating		37,354				36,586				28,542				30,269				27,234
		Administrative and general		7,088				6,895				6,675				7,337				6,918
		Depreciation and amortization		9,161				8,969				8,216				7,415				6,562
				53,603				52,450				43,433				45,021				40,714
Gains (Losses) on Asset Dispositions				(421	)			408				3				6				(6	)
Operating Income				13,615				7,576				13,920				10,605				16,335
Other Income (Expense):
	Foreign currency losses, net			(5	)			(6	)			(3	)			(6	)			(3	)
	Other, net			(362	)			237				(5,534	)			(928	)			1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				1,036				(2,581	)			(551	)			(1,591	)			26
Segment Profit(1)			$	14,284			$	5,226			$	7,832			$	8,080			$	16,359
OIBDA(2)			$	22,776			$	16,545			$	22,136			$	18,020			$	22,897
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)			$	94			$	4,506			$	95			$	62			$	(73	)
Out-of-service days for drydockings of U.S.-flag product tankers				--				45				--				--				--
Illinois Corn Processing
Operating Revenues			$	38,385			$	43,197			$	44,019			$	40,576			$	49,609
Costs and Expenses:
		Operating		36,101				36,174				39,879				36,153				46,289
		Administrative and general		746				693				750				912				656
		Depreciation and amortization		1,175				1,127				1,055				1,064				1,053
				38,022				37,994				41,684				38,129				47,998
Operating Income				363				5,203				2,335				2,447				1,611
Other Income (Expense):
	Derivative gains (losses), net			334				570				(328	)			856				(187	)
	Other, net			615				--				--				--				--
Segment Profit(1)			$	1,312			$	5,773			$	2,007			$	3,303			$	1,424

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Mar. 31, 2017				Dec. 31, 2016				Sep. 30, 2016				Jun. 30, 2016				Mar. 31, 2016
Witt O'Brien's and Other
Operating Revenues			$	8,124			$	13,572			$	11,146			$	10,261			$	8,419
Costs and Expenses:
		Operating		5,372				9,711				6,618				6,427				5,805
		Administrative and general		3,373				5,510				3,833				3,649				4,223
		Depreciation and amortization		202				204				432				448				455
				8,947				15,425				10,883				10,524				10,483
Gains (Losses) on Asset Dispositions and Impairments, Net				--				(29,586	)			1				--				(2	)
Operating Income (Loss)				(823	)			(31,439	)			264				(263	)			(2,066	)
Other Income (Expense):
	Foreign currency gains (losses), net			10				(57	)			(25	)			(73	)			(27	)
	Other, net			(300	)			(5,885	)			--				(6,723	)			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				1,450				28				(390	)			(579	)			542
Segment Profit (Loss)(1)			$	337			$	(37,353	)		$	(151	)		$	(7,638	)		$	(1,551	)
Corporate and Eliminations
Operating Revenues			$	(674	)		$	(733	)		$	(751	)		$	(504	)		$	(648	)
Costs and Expenses:
		Operating		(811	)			(875	)			(898	)			(658	)			(828	)
		Administrative and general		8,602				6,021				6,417				6,571				7,597
		Depreciation and amortization		764				759				908				926				944
				8,555				5,905				6,427				6,839				7,713
Operating Loss			$	(9,229	)		$	(6,638	)		$	(7,178	)		$	(7,343	)		$	(8,361	)
Other Income (Expense):
	Derivative gains (losses), net		$	2,830			$	(10,604	)		$	(862	)		$	(2,574	)		$	(91	)
	Foreign currency gains (losses), net			26				(162	)			36				(142	)			190
	Other, net			242				41				74				3				2

______________________

(1)	Includes amounts attributable to both SEACOR and noncontrolling interests.
(2)	Non-GAAP Financial Measure.The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment 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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company's ability to fund its cash needs. 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 officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited)
		Three Months Ended
		Mar. 31, 2017				Dec. 31, 2016				Sep. 30, 2016				Jun. 30, 2016				Mar. 31, 2016
Rates Per Day Worked:
	Anchor handling towing supply	$	13,341			$	13,686			$	16,469			$	20,828			$	21,719
	Fast support		7,417				7,875				7,848				7,636				7,587
	Supply		11,707				6,298				5,935				5,709				6,484
	Standby safety		8,131				8,284				8,904				9,632				9,564
	Specialty		--				37,024				30,593				18,642				12,403
	Liftboats		9,782				13,486				16,822				11,852				15,150
	Overall Average Rates Per Day Worked(excluding wind farm utility)		8,272				9,093				10,089				10,354				10,545
	Wind farm utility		2,005				2,104				2,260				2,394				2,419
	Overall Average Rates Per Day Worked		5,726				6,308				6,834				7,352				7,915
Utilization:
	Anchor handling towing supply		15	%			20	%			27	%			33	%			47	%
	Fast support		44	%			47	%			62	%			69	%			68	%
	Supply		20	%			19	%			31	%			27	%			37	%
	Standby safety		80	%			81	%			78	%			77	%			79	%
	Specialty		--	%			23	%			58	%			81	%			45	%
	Liftboats		1	%			1	%			8	%			6	%			5	%
	Overall Fleet Utilization (excluding wind farm utility)		38	%			39	%			47	%			50	%			52	%
	Wind farm utility		65	%			71	%			86	%			77	%			65	%
	Overall Fleet Utilization		46	%			47	%			58	%			57	%			56	%
Available Days:
	Anchor handling towing supply		1,260				1,564				1,483				1,365				1,365
	Fast support		3,212				3,312				2,389				2,174				2,093
	Supply		630				953				1,109				1,140				1,179
	Standby safety		1,800				1,840				1,989				2,104				2,184
	Specialty		270				337				276				273				273
	Liftboats		1,265				1,380				1,380				1,365				1,365
	Overall Fleet Available Days(excluding wind farm utility)		8,437				9,386				8,626				8,421				8,459
	Wind farm utility		3,330				3,404				3,345				3,276				3,245
	Overall Fleet Available Days		11,767				12,790				11,971				11,697				11,704

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
			Mar. 31, 2017			Dec. 31, 2016			Sep. 30, 2016			Jun. 30, 2016			Mar. 31, 2016
ASSETS
Current Assets:
	Cash and cash equivalents		$	418,903		$	399,644		$	471,180		$	552,840		$	496,473
	Restricted cash			4,065			3,711			3,364			1,742			--
	Marketable securities			98,189			116,276			78,717			87,701			110,894
	Receivables:
		Trade, net of allowance for doubtful accounts		131,292			162,880			148,358			125,987			130,731
		Other		65,227			56,287			32,452			34,319			31,440
	Inventories			19,385			16,773			16,047			16,798			18,431
	Prepaid expenses and other			8,998			7,230			9,500			10,157			9,615
		Total current assets		746,059			762,801			759,618			829,544			797,584
	Property and Equipment:
		Historical cost		2,482,651			2,194,023			2,128,010			2,158,826			2,015,205
		Accumulated depreciation		(1,020,009	)		(1,008,867	)		(1,008,629	)		(997,214	)		(986,048	)
				1,462,642			1,185,156			1,119,381			1,161,612			1,029,157
		Construction in progress		224,809			370,512			464,660			402,090			484,472
		Held for sale equipment		--			--			--			--			86,332
		Net property and equipment		1,687,451			1,555,668			1,584,041			1,563,702			1,599,961
Investments, at Equity, and Advances to 50% or Less Owned Companies				297,162			313,772			331,063			325,386			334,370
Construction Reserve Funds				147,955			153,962			161,865			166,888			255,350
Goodwill				32,787			32,758			52,403			52,394			52,376
Intangible Assets, Net				19,519			20,078			23,496			24,116			25,750
Other Assets				24,045			23,282			41,647			39,287			46,496
			$	2,954,978		$	2,862,321		$	2,954,133		$	3,001,317		$	3,111,887
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	364,583		$	183,602		$	28,228		$	24,409		$	35,688
	Accounts payable and accrued expenses			66,749			90,702			70,032			55,971			50,660
	Other current liabilities			103,088			95,645			96,324			98,706			107,811
		Total current liabilities		534,420			369,949			194,584			179,086			194,159
Long-Term Debt				733,214			848,771			1,013,691			1,014,632			1,018,331
Exchange Option Liability on Subsidiary Convertible Senior Notes				16,809			19,436			8,938			8,171			5,747
Deferred Income Taxes				311,949			288,601			307,353			330,375			374,476
Deferred Gains and Other Liabilities				131,717			139,296			148,085			155,859			153,051
		Total liabilities		1,728,109			1,666,053			1,672,651			1,688,123			1,745,764
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		380			379			379			379			379
		Additional paid-in capital		1,527,460			1,518,635			1,512,209			1,510,623			1,508,981
		Retained earnings		914,806			910,723			1,004,472			1,044,275			1,099,434
		Shares held in treasury, at cost		(1,364,172	)		(1,357,331	)		(1,357,331	)		(1,357,876	)		(1,357,809	)
		Accumulated other comprehensive loss, net of tax		(11,024	)		(11,514	)		(10,471	)		(10,810	)		(7,764	)
				1,067,450			1,060,892			1,149,258			1,186,591			1,243,221
Noncontrolling interests in subsidiaries				159,419			135,376			132,224			126,603			122,902
		Total equity		1,226,869			1,196,268			1,281,482			1,313,194			1,366,123
			$	2,954,978		$	2,862,321		$	2,954,133		$	3,001,317		$	3,111,887

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016
Offshore Marine Services(1)
Anchor handling towing supply		25		25		27		27		18
Fast support		51		48		50		39		38
Supply		28		28		31		33		33
Standby safety		21		21		21		23		25
Specialty		6		6		7		7		5
Liftboats		15		15		15		15		15
Wind farm utility		40		40		40		39		39
		186		183		191		183		173
Inland River Services
Dry-cargo barges		1,443		1,443		1,405		1,393		1,426
Liquid tank barges:
	10,000 barrel	18		18		18		18		18
	30,000 barrel	--		--		--		--		27
Specialty barges(2)		10		11		11		11		11
Towboats:
	4,000 hp - 6,600 hp	18		17		17		17		17
	3,300 hp - 3,900 hp	1		1		1		1		--
	Less than 3,200 hp	4		4		4		4		17
Harbor boats:
	1,100 hp - 2,000 hp	15		15		13		13		13
	Less than 1,100 hp	9		9		6		6		6
		1,518		1,518		1,475		1,463		1,535
Shipping Services
Petroleum Transportation:
	Product tankers - U.S.-flag	10		9		8		8		7
	Crude oil tanker - U.S.-flag	--		--		--		--		1
Harbor Towing and Bunkering:
	Harbor tugs - U.S.-flag	23		23		24		24		24
	Harbor tugs - Foreign-flag	4		4		4		4		4
	Offshore tug - U.S.-flag	1		1		1		1		1
	Ocean liquid tank barges - U.S.-flag	5		5		5		5		5
Liner and Short-sea Transportation:
	RORO/deck barges - U.S.-flag	7		7		7		7		7
	Short-sea container/RORO - Foreign-flag	7		7		7		7		7
Other:
	Dry bulk articulated tug-barge - U.S.-flag	1		1		1		1		1
		58		57		57		57		57

______________________

(1)	Excludes six and eight offshore support vessels as of March 31, 2017 and December 31, 2016, respectively, that had been retired and removed from service.
(2)	Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES AS OF MARCH 31, 2017 (unaudited)
		2017						2018								2019								2020
		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Total
Offshore Marine Services
Fast support		1		1		--		--		--		--		1		--		1		--		1		--		1		6
Supply(1)		--		--		--		1		--		1		--		1		--		--		--		--		--		3
Wind farm utility		--		1		--		--		--		--		--		--		--		--		--		--		--		1
Shipping Services
Articulated tug-barge - U.S.-flag		--		1		--		--		--		--		--		--		--		--		--		--		--		1
Harbor tugs - U.S.-flag		1		--		1		--		--		--		--		--		--		--		--		--		--		2
Harbor tugs - Foreign-flag		2		--		--		--		--		--		--		--		--		--		--		--		--		2
Inland River Services
30,000 barrel liquid tank barge		1		--		--		--		--		--		--		--		--		--		--		--		--		1
Towboats:
	4,000 hp - 6,600 hp	--		1		1		--		--		--		--		--		--		--		--		--		--		2

______________________

(1)	Includes one vessel that may be assumed by a third party at their option.