SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2015

FORT LAUDERDALE, FL--(Marketwired - Jul 23, 2015) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2015.

For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million, or $1.06 per diluted share. Results attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2015 included a loss on the extinguishment of the Company's Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.53 per diluted share. See "Debt Extinguishment Losses" below.

For the preceding quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share. A comparison of results for the quarter ended June 30, 2015 with the preceding quarter ended March 31, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $32.6 million, or $1.58 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income before depreciation and amortization ("OIBDA" -- see definition included in the segment information tables herein) was $15.3 million on operating revenues of $96.7 million in the second quarter compared with a loss of $1.1 million on operating revenues of $93.5 million in the preceding quarter, an improvement of $9.8 million when excluding the $6.6 million impairment charge related to the suspended construction of two offshore support vessels in the preceding quarter. Operating loss after depreciation and amortization was $0.4 million in the second quarter compared with $16.5 million in the preceding quarter.

During the second quarter, the Company sold two offshore support vessels, including one vessel to a joint venture in which the Company has a 30.4% interest, and other equipment for net proceeds of $15.5 million and gains of $1.0 million, all of which were recognized currently. In addition, the Company recognized previously deferred gains of $2.5 million in the second quarter.

On a total fleet basis, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 49 days, or 1%. Overall utilization, including cold-stacked vessels but excluding wind farm utility vessels, decreased from 68% to 65% and overall average day rates, including cold-stacked vessels but excluding wind farm utility vessels, increased by 6% from $13,178 to $13,955 per day. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results excluding the impact of gains (losses) on asset dispositions and impairments were $6.7 million higher in the second quarter. Time charter revenues for the anchor handling towing supply vessels were $5.2 million higher primarily due to an improvement in average day rates attributable to several charters which commenced during the second quarter. Time charter revenues for the Company's liftboat fleet increased by $3.7 million primarily due to seasonally improved market conditions. Time charter revenues for all other vessel classes were $3.6 million lower primarily due to continued weak market conditions. On a total fleet basis, utilization including cold-stacked vessels was unchanged at 49% and average day rates including cold-stacked vessels increased from $18,097 to $21,898 per day. Operating expenses were $1.4 million lower primarily due to an increase in the number of cold-stacked vessels, partially offset by higher drydocking expenses. As of June 30, 2015, the Company had ten vessels cold-stacked in the U.S. Gulf of Mexico compared with seven vessels as of March 31, 2015.

In international regions, operating results excluding the impact of gains (losses) on asset dispositions and impairments was $0.7 million lower in the second quarter. Operating revenues were $2.0 million lower primarily due to the conclusion of several charters and overall weaker market conditions. Including cold-stacked vessels but excluding wind farm utility vessels, overall utilization was 73% compared with 78% in the preceding quarter, and overall average day rates decreased from $11,510 to $11,111 per day. Operating expenses were $0.8 million lower primarily due a reduction drydocking costs, partially offset by an increase in routine repair and maintenance expenses. The Company had two vessels cold-stacked in international regions as of June 30, 2015 and March 31, 2015.

Foreign currency gains, net of $1.9 million in the second quarter were primarily due to the weakening of the U.S. dollar versus the pound sterling and euro currencies underlying certain of the Company's intercompany notes payable and debt balances.

Inland River Services - OIBDA was $10.0 million on operating revenues of $61.2 million in the second quarter compared with $13.0 million on operating revenues of $56.6 million in the preceding quarter. Operating income after depreciation and amortization was $2.6 million in the second quarter compared with $6.1 million in the preceding quarter.

Operating income excluding the impact of gains on asset dispositions was $2.9 million lower in the second quarter. Operating results for the dry-cargo barge pools were $1.7 million lower primarily due to operating restrictions caused by high water levels and lower rates. Operating results for the 10,000 barrel liquid tank barge operations were $1.5 million lower primarily due to higher costs associated with U.S. Coast Guard inspections and related repairs.

During the second quarter, the Company recognized $3.7 million of equity losses in 50% or less owned companies primarily due to reduced activity in the Company's joint venture operating on the Parana-Paraguay River Waterway as a result of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $1.1 million during the second quarter on notes due from this joint venture.

Shipping Services - OIBDA was $12.9 million on operating revenues of $55.7 million in the second quarter compared with $8.0 million on operating revenues of $51.4 million in the preceding quarter. Operating income after depreciation and amortization was $6.3 million in the second quarter compared with $1.3 million in the preceding quarter.

Operating income was $5.0 million higher in the second quarter. Operating revenues were $4.3 million higher in the second quarter primarily due to less out-of-service time for drydocking U.S.-flag product tankers, an increase in the time charter rate for one U.S.-flag product tanker and increased harbor towing activities resulting from higher port traffic. Operating expenses were $1.0 million lower in the second quarter primarily due to lower drydocking costs for U.S.-flag product tankers and harbor tugs.

Equity in earnings from 50% or less owned companies increased by $1.2 million primarily due to improved operating results from the Company's joint venture operating in the Puerto Rico liner trade.

Illinois Corn Processing - Segment profit was $10.5 million on operating revenues of $48.4 million in the second quarter compared with $4.1 million on operating revenues of $39.6 million in the preceding quarter. Segment profit was $6.3 million higher in the second quarter primarily due to the recognition of a $4.1 million gain from a business interruption insurance claim and higher sales volumes of alcohol and DDGS. The preceding quarter's sales volumes were lower as a result of reduced production resulting from unplanned plant maintenance.

Other - Segment profit was $1.9 million in the second quarter compared with a segment loss of $1.8 million in the preceding quarter. The segment profit in the second quarter was primarily due to higher activity levels for emergency and crisis services.

Corporate and Eliminations - Administrative and general expenses were $1.0 million higher in the second quarter primarily due to higher legal and professional fees.

Debt Extinguishment Losses - Certain subsidiaries of the Company that operate its fleet of U.S.-flag product tankers (collectively "SEA-Vista," in which the Company has a 51% controlling interest) redeemed their Title XI bonds in the second quarter for $99.9 million and recorded a $29.0 million loss on extinguishment of debt for the then unamortized debt discount, the make whole premium paid and certain other redemption costs. As a consequence of redeeming the bonds prior to their scheduled maturity, SEA-Vista was required to pay a make whole premium in the amount of $20.5 million. The redemption of the bonds released the liens on vessels supporting the Title XI financing and facilitated the issuance of SEA-Vista's $300 million secured credit facility with a syndicate of lenders at a lower effective borrowing rate to fund its working capital needs, meet its capital commitments for the three U.S.-flag product tankers (referred to below under "Capital Commitments"), and fund future growth opportunities. The redemption of the Title XI bonds was funded with advances from SEA-Vista's $300.0 million secured credit facility, its restricted cash and its Title XI reserve funds.

In addition, the Company purchased $14.0 million in principal amount of its 7.375% Senior Notes for $14.4 million in the second quarter resulting in a loss on debt extinguishment of $0.5 million. As of June 30, 2015, the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $219.5 million.

Marketable Securities - Marketable security gains, net of $10.2 million in the second quarter were primarily due to gains on long marketable security positions.

Income Tax Expense - The Company's effective tax rate of negative 1.6% for the second quarter was primarily due to tax benefits not recognized on losses attributable to noncontrolling interests.

Share Repurchases - During the quarter ended June 30, 2015, the Company purchased 250,873 shares of its common stock for an aggregate purchase price of $17.6 million, or $70.30 per share. Subsequent to June 30, 2015, the Company purchased 107,018 shares of it common stock for an aggregate purchase price of $6.9 million, or $64.45 per share.

Capital Commitments - As of June 30, 2015, the Company's unfunded capital commitments were $432.8 million and included: $142.3 million for 17 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $6.9 million for eight 10,000 barrel inland river liquid tank barges; $6.8 million for three inland river towboats; $190.3 million for three U.S.-flag product tankers; $41.9 million for one U.S.-flag articulated tug-barge; $20.5 million for two U.S.-flag harbor tugs; and $22.4 million for other equipment and improvements. These commitments are payable as follows: $135.9 million is payable during the remainder of 2015 (including $64.8 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $233.2 million is payable during 2016 (including $146.9 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $38.8 million is payable during 2017 (including $20.5 million for the construction of SEA-Vista's three U.S.-flag product tankers); $19.0 million is payable during 2018; and $5.9 million is payable during 2019. Of these committments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of June 30, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $738.4 million and its total outstanding long-term debt was $924.6 million. In addition, the Company had $165.0 million of borrowing capacity under Sea-Vista's $300 million secured credit facility.

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 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 (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 a decline in the price of oil, an oversupply of newly built offshore support vessels and 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 and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing 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 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 potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, 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 Annual Reports on Form 10-K, 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								Six Months Ended
				June 30,								June 30,
				2015				2014				2015				2014
Operating Revenues				$	281,609			$	328,224			$	542,253			$	638,241
Costs and Expenses:
		Operating			207,743				231,906				406,891				450,882
		Administrative and general			38,674				34,686				77,561				72,763
		Depreciation and amortization			32,079				33,220				63,509				66,612
					278,496				299,812				547,961				590,257
Gains (Losses) on Asset Dispositions and Impairments, Net					4,386				4,295				(460	)			8,973
Operating Income (Loss)					7,499				32,707				(6,168	)			56,957
Other Income (Expense):
	Interest income				4,474				6,030				9,053				10,073
	Interest expense				(10,391	)			(10,458	)			(20,903	)			(21,861	)
	Debt extinguishment losses				(29,536	)			--				(29,536	)			--
	Marketable security gains, net				10,249				731				1,128				5,801
	Derivative gains (losses), net				1,426				94				(1,570	)			(143	)
	Foreign currency gains, net				2,436				1,720				443				1,521
	Other, net				4,433				10,213				4,389				6,558
					(16,909	)			8,330				(36,996	)			1,949
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies					(9,410	)			41,037				(43,164	)			58,906
Income Tax Expense (Benefit)					155				13,000				(11,799	)			19,375
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies					(9,565	)			28,037				(31,365	)			39,531
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax					1,064				(512	)			4,963				1,709
Net Income (Loss)					(8,501	)			27,525				(26,402	)			41,240
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries					(9,188	)			6,458				(7,520	)			8,664
Net Income (Loss) attributable to SEACOR Holdings Inc.				$	687			$	21,067			$	(18,882	)		$	32,576
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.				$	0.04			$	1.05			$	(1.06	)		$	1.62
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.				$	0.04			$	0.98			$	(1.06	)		$	1.58
Weighted Average Common Shares Outstanding:
	Basic				17,780,759				19,989,402				17,779,250				20,049,056
	Diluted				18,082,464				24,584,494				17,779,250				24,665,869

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
			Three Months Ended
			Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014				Jun. 30, 2014
Operating Revenues			$	281,609			$	260,644			$	342,217			$	338,936			$	328,224
Costs and Expenses:
	Operating			207,743				199,148				220,814				237,676				231,906
	Administrative and general			38,674				38,887				45,520				46,655				34,686
	Depreciation and amortization			32,079				31,430				31,603				33,604				33,220
				278,496				269,465				297,937				317,935				299,812
Gains (Losses) on Asset Dispositions and Impairments, Net				4,386				(4,846	)			13,136				29,869				4,295
Operating Income (Loss)				7,499				(13,667	)			57,416				50,870				32,707
Other Income (Expense):
	Interest income			4,474				4,579				5,126				4,463				6,030
	Interest expense			(10,391	)			(10,512	)			(10,647	)			(11,124	)			(10,458	)
	Debt extinguishment losses			(29,536	)			--				--				--				--
	Marketable security gains (losses), net			10,249				(9,121	)			13,266				9,693				731
	Derivative gains (losses), net			1,426				(2,996	)			(1,221	)			(2,538	)			94
	Foreign currency gains (losses), net			2,436				(1,993	)			(4,797	)			(3,059	)			1,720
	Other, net			4,433				(44	)			(3,230	)			111				10,213
				(16,909	)			(20,087	)			(1,503	)			(2,454	)			8,330
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies				(9,410	)			(33,754	)			55,913				48,416				41,037
Income Tax Expense (Benefit)				155				(11,954	)			20,212				15,610				13,000
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies				(9,565	)			(21,800	)			35,701				32,806				28,037
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				1,064				3,899				13,628				972				(512	)
Net Income (Loss)				(8,501	)			(17,901	)			49,329				33,778				27,525
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				(9,188	)			1,668				9,236				6,315				6,458
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	687			$	(19,569	)		$	40,093			$	27,463			$	21,067
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	0.04			$	(1.10	)		$	2.22			$	1.43			$	1.05
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	0.04			$	(1.10	)		$	1.85			$	1.28			$	0.98
Weighted Average Common Shares of Outstanding:
	Basic			17,781				17,778				18,074				19,196				19,989
	Diluted			18,082				17,778				24,503				25,628				24,584
Common Shares Outstanding at Period End				18,012				18,241				18,140				19,044				20,144

SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
			Three Months Ended
			Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014				Jun. 30, 2014
Offshore Marine Services
Operating Revenues			$	96,715			$	93,456			$	127,518			$	135,178			$	138,247
Costs and Expenses:
	Operating			72,173				74,355				86,558				90,736				93,755
	Administrative and general			12,655				13,559				15,253				14,514				13,426
	Depreciation and amortization			15,692				15,366				15,594				16,269				16,448
				100,520				103,280				117,405				121,519				123,629
Gains (Losses) on Asset Dispositions and Impairments, Net				3,455				(6,649	)			12,062				3,219				3,526
Operating Income (Loss)				(350	)			(16,473	)			22,175				16,878				18,144
Other Income (Expense):
	Derivative gains (losses), net			4				(9	)			(7	)			(33	)			(70	)
	Foreign currency gains (losses), net			1,907				(17	)			(934	)			(1,870	)			1,322
	Other, net			43				(146	)			(68	)			--				14,739
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				2,826				2,975				3,054				2,529				2,244
Segment Profit (Loss)(1)			$	4,430			$	(13,670	)		$	24,220			$	17,504			$	36,379
OIBDA(2)			$	15,342			$	(1,107	)		$	37,769			$	33,147			$	34,592
Drydocking expenditures (included in operating costs and expenses)			$	5,932			$	6,881			$	9,052			$	7,606			$	10,887
Out-of-service days for drydockings				315				294				326				357				575
Inland River Services
Operating Revenues			$	61,150			$	56,607			$	79,252			$	59,932			$	56,007
Costs and Expenses:
	Operating			48,556				41,513				46,250				43,947				45,047
	Administrative and general			3,765				3,884				4,245				3,520				3,835
	Depreciation and amortization			7,362				6,889				6,660				7,841				7,564
				59,683				52,286				57,155				55,308				56,446
Gains on Asset Dispositions				1,166				1,803				1,565				26,429				810
Operating Income				2,633				6,124				23,662				31,053				371
Other Income (Expense):
	Derivative gains, net			177				82				--				--				--
	Foreign currency gains (losses), net			208				(1,121	)			(3,032	)			(450	)			474
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(3,717	)			(274	)			10,515				(95	)			(3,335	)
Segment Profit (Loss)(1)			$	(699	)		$	4,811			$	31,145			$	30,508			$	(2,490	)
OIBDA(2)			$	9,995			$	13,013			$	30,322			$	38,894			$	7,935

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
			Three Months Ended
			Jun. 30, 2015			Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014				Jun. 30, 2014
Shipping Services
Operating Revenues			$	55,674		$	51,407			$	56,681			$	51,659			$	53,575
Costs and Expenses:
	Operating			36,124			37,131				28,688				29,068				28,018
	Administrative and general			6,676			6,289				7,318				5,883				5,421
	Depreciation and amortization			6,611			6,735				6,821				6,730				7,115
				49,411			50,155				42,827				41,681				40,554
Gains (Losses) on Asset Dispositions				--			--				202				(2	)			(41	)
Operating Income				6,263			1,252				14,056				9,976				12,980
Other Income (Expense):
	Foreign currency gains (losses), net			9			(12	)			(4	)			(27	)			1
	Other, net			187			29				22				123				158
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				2,363			1,141				(790	)			(2,188	)			1,564
Segment Profit(1)			$	8,822		$	2,410			$	13,284			$	7,884			$	14,703
OIBDA(2)			$	12,874		$	7,987			$	20,877			$	16,706			$	20,095
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)			$	7,171		$	8,083			$	--			$	--			$	--
Out-of-service days for drydockings of U.S.-flag product tankers				38			71				--				--				--
Illinois Corn Processing
Operating Revenues			$	48,371		$	39,598			$	51,026			$	53,813			$	72,798
Costs and Expenses:
	Operating			40,588			33,118				39,685				44,461				56,429
	Administrative and general			509			562				609				463				594
	Depreciation and amortization			979			980				1,064				1,055				1,010
				42,076			34,660				41,358				45,979				58,033
Operating Income				6,295			4,938				9,668				7,834				14,765
Other Income (Expense):
	Derivative gains (losses), net			50			(828	)			(302	)			(2,674	)			(1,519	)
	Other, net			4,112			--				167				--				300
Segment Profit(1)			$	10,457		$	4,110			$	9,533			$	5,160			$	13,546

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
			Three Months Ended
			Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014				Jun. 30, 2014
Other
Operating Revenues			$	20,337			$	20,452			$	29,283			$	39,024			$	8,437
Costs and Expenses:
	Operating			11,103				13,830				21,145				30,099				9,464
	Administrative and general			6,617				7,136				9,948				8,629				3,449
	Depreciation and amortization			489				500				513				649				82
				18,209				21,466				31,606				39,377				12,995
Losses on Asset Dispositions and Impairments, Net				(235	)			--				(668	)			--				--
Operating Income (Loss)				1,893				(1,014	)			(2,991	)			(353	)			(4,558	)
Other Income (Expense):
	Derivative gains (losses), net			304				(776	)			(702	)			205				1,500
	Foreign currency gains (losses), net			36				(40	)			(96	)			(121	)			53
	Other, net			40				8				(3,357	)			42				(5,013	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(408	)			57				849				726				(985	)
Segment Profit (Loss)(1)			$	1,865			$	(1,765	)		$	(6,297	)		$	499			$	(9,003	)
Corporate and Eliminations
Operating Revenues			$	(638	)		$	(876	)		$	(1,543	)		$	(670	)		$	(840	)
Costs and Expenses:
	Operating			(801	)			(799	)			(1,512	)			(635	)			(807	)
	Administrative and general			8,452				7,457				8,147				13,646				7,961
	Depreciation and amortization			946				960				951				1,060				1,001
				8,597				7,618				7,586				14,071				8,155
Gains (Losses) on Asset Dispositions				--				--				(25	)			223				--
Operating Loss			$	(9,235	)		$	(8,494	)		$	(9,154	)		$	(14,518	)		$	(8,995	)
Other Income (Expense):
	Derivative gains (losses), net		$	891			$	(1,465	)		$	(210	)		$	(36	)		$	183
	Foreign currency gains (losses), net			276				(803	)			(731	)			(591	)			(130	)
	Other, net			51				65				6				(54	)			29

(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 its 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 BALANCE SHEETS
(in thousands, unaudited)
			Jun. 30, 2015			Mar. 31, 2015			Dec. 31, 2014			Sep. 30, 2014			Jun. 30, 2014
ASSETS
Current Assets:
	Cash and cash equivalents		$	433,827		$	448,011		$	434,183		$	449,632		$	453,415
	Restricted cash			--			16,896			16,435			13,656			14,346
	Marketable securities			29,411			39,002			58,004			43,286			33,275
	Receivables:
		Trade, net of allowance for doubtful accounts		181,733			186,583			225,242			215,191			198,768
		Other		48,627			39,805			67,745			57,621			50,571
	Inventories			19,736			23,156			22,783			20,896			20,207
	Deferred income taxes			--			--			--			116			116
	Prepaid expenses and other			11,411			8,814			9,011			11,431			12,837
		Total current assets		724,745			762,267			833,403			811,829			783,535
Property and Equipment:
		Historical cost		2,100,309			2,083,035			2,086,957			2,166,509			2,216,627
		Accumulated depreciation		(954,931	)		(918,769	)		(902,284	)		(889,993	)		(888,442	)
				1,145,378			1,164,266			1,184,673			1,276,516			1,328,185
		Construction in progress		399,033			339,390			318,000			284,362			297,523
		Net property and equipment		1,544,411			1,503,656			1,502,673			1,560,878			1,625,708
Investments, at Equity, and Advances to 50% or Less Owned Companies				482,302			483,748			484,157			444,826			484,164
Construction Reserve Funds & Title XI Reserve Funds				275,131			288,529			278,022			321,278			324,856
Goodwill				62,686			62,688			62,759			62,904			18,012
Intangible Assets, Net				30,742			31,955			32,727			34,306			10,754
Other Assets				57,463			47,169			51,292			55,049			48,964
			$	3,177,480		$	3,180,012		$	3,245,033		$	3,291,070		$	3,295,993
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	35,270		$	44,953		$	48,499		$	50,785		$	43,557
	Accounts payable and accrued expenses			68,832			72,738			103,760			90,704			87,235
	Other current liabilities			118,330			138,460			119,694			139,999			119,501
		Total current liabilities		222,432			256,151			271,953			281,488			250,293
Long-Term Debt				889,323			834,686			834,383			831,163			830,303
Deferred Income Taxes				420,531			413,450			432,546			459,039			456,403
Deferred Gains and Other Liabilities				172,018			178,293			188,664			185,950			175,229
		Total liabilities		1,704,304			1,682,580			1,727,546			1,757,640			1,712,228
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		377			377			375			375			375
		Additional paid-in capital		1,499,904			1,495,261			1,490,698			1,485,342			1,479,942
		Retained earnings		1,176,520			1,175,833			1,195,402			1,155,309			1,127,846
		Shares held in treasury, at cost		(1,305,104	)		(1,287,460	)		(1,283,476	)		(1,213,267	)		(1,126,322	)
		Accumulated other comprehensive income (loss), net of tax		(3,172	)		(5,837	)		(3,505	)		(1,891	)		225
				1,368,525			1,378,174			1,399,494			1,425,868			1,482,066
	Noncontrolling interests in subsidiaries			104,651			119,258			117,993			107,562			101,699
		Total equity		1,473,176			1,497,432			1,517,487			1,533,430			1,583,765
			$	3,177,480		$	3,180,012		$	3,245,033		$	3,291,070		$	3,295,993

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
			Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014
Offshore Marine Services
Anchor handling towing supply			18		18		18		18		18
Fast support			33		34		35		38		38
Mini-supply			7		7		7		7		7
Standby safety			25		25		25		25		25
Supply			26		27		25		27		27
Towing supply			3		3		3		3		3
Specialty			9		9		9		9		9
Liftboats			15		15		15		15		15
Wind farm utility			37		37		36		35		35
			173		175		173		177		177
Inland River Services
Dry-cargo barges			1,435		1,439		1,455		1,456		1,463
Liquid tank barges:
	10,000 barrel		50		50		49		45		45
	30,000 barrel		29		29		29		29		29
Deck barges			--		--		20		20		20
Towboats:
	4,000 hp - 6,250 hp		17		17		17		16		16
	3,300 hp - 3,900 hp		--		--		--		1		1
	Less than 3,200 hp		16		15		14		15		15
			1,547		1,550		1,584		1,582		1,589
Shipping Services(1)
Petroleum and Gas Transportation:
	Product tankers - U.S.-flag		8		8		7		7		7
	Very large gas carriers - Foreign-flag		9		6		5		5		3
Harbor Towing and Bunkering:
	Harbor tugs - U.S.-flag		24		24		24		24		24
	Harbor tugs - Foreign-flag		4		4		4		4		4
	Offshore tug - U.S.-flag		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		8		7
Other:
	Dry bulk articulated tug-barge - U.S.-flag		1		1		1		1		1
			66		63		61		61		58

(1)	For each of the periods presented ending in 2014, the Company provided technical management services for two additional vessels. For each of the periods presented in 2015, the Company provided technical management services for one additional vessel.

SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
			2015				2016								2017								2018								2019
			Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Total
Offshore Marine Services
Fast support			2		--		1		--		2		--		1		--		--		--		--		1		--		--		--		7
Supply			--		--		--		1		1		--		--		--		--		--		1		--		--		--		1		4
Liftboats(1)			--		--		--		2		--		--		--		--		--		--		--		--		--		--		--		2
Wind farm utility			3		--		1		--		--		--		--		--		--		--		--		--		--		--		--		4
Inland River Services
Liquid tank barges - 10,000 barrel			8		--		--		--		--		--		--		--		--		--		--		--		--		--		--		8
Liquid tank barges - 30,000 barrel			--		1		1		--		--		--		--		--		--		--		--		--		--		--		--		2
Towboats:
	3,300 hp - 3,900 hp		--		--		1		--		--		--		--		--		--		--		--		--		--		--		--		2
	Less than 3,200 hp		1		1		--		--		--		--		--		--		--		--		--		--		--		--		--		1
Shipping Services
Product tankers - U.S.-flag			--		--		--		1		--		1		1		--		--		--		--		--		--		--		--		3
Articulated tug-barge - U.S.-flag			--		--		--		--		1		--		--		--		--		--		--		--		--		--		--		1
Harbor tugs - U.S.-flag			--		--		--		--		--		1		1		--		--		--		--		--		--		--		--		2

(1)	To be delivered to a 50% or less owned company.

SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
			Three Months Ended
			Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014				Jun. 30, 2014
Rates Per Day Worked:
	Anchor handling towing supply		$	28,463			$	22,792			$	26,544			$	26,175			$	25,796
	Fast support			9,795				9,426				9,620				9,542				9,222
	Mini-supply			5,861				5,778				6,355				6,550				6,627
	Standby safety			10,303				10,147				10,556				11,091				10,932
	Supply			15,112				17,047				18,712				18,355				16,948
	Towing supply			8,579				8,728				7,918				9,223				9,339
	Specialty			20,749				14,537				32,027				38,716				26,860
	Liftboats			20,675				21,951				23,038				23,933				23,017
	Overall Average Rates Per Day Worked(excluding wind farm utility)			13,955				13,178				15,520				15,863				15,470
	Wind farm utility			2,414				2,584				2,732				2,688				2,553
	Overall Average Rates Per Day Worked			9,993				10,057				11,874				12,239				12,259
Utilization:
	Anchor handling towing supply			57	%			68	%			85	%			76	%			83	%
	Fast support			67	%			80	%			73	%			71	%			75	%
	Mini-supply			100	%			85	%			94	%			100	%			81	%
	Standby safety			84	%			83	%			84	%			89	%			88	%
	Supply			44	%			67	%			74	%			75	%			82	%
	Towing supply			99	%			95	%			62	%			70	%			74	%
	Specialty			45	%			27	%			48	%			54	%			52	%
	Liftboats			42	%			28	%			55	%			66	%			80	%
	Overall Fleet Utilization (excluding wind farm utility)			65	%			68	%			75	%			77	%			80	%
	Wind farm utility			96	%			84	%			93	%			97	%			91	%
	Overall Fleet Utilization			73	%			72	%			79	%			81	%			83	%
Available Days:
	Anchor handling towing supply			1,365				1,350				1,380				1,541				1,547
	Fast support			2,086				2,129				2,420				2,488				2,533
	Mini-supply			364				360				368				413				479
	Standby safety			2,184				2,160				2,208				2,208				2,184
	Supply			953				1,022				1,169				1,298				1,407
	Towing supply			182				180				184				184				182
	Specialty			273				270				276				276				273
	Liftboats			1,365				1,350				1,380				1,380				1,365
	Overall Fleet Available Days (excluding wind farm utility)			8,772				8,821				9,385				9,788				9,970
	Wind farm utility			3,094				2,997				3,022				2,944				2,912
	Overall Fleet Available Days			11,866				11,818				12,407				12,732				12,882