SEACOR Holdings Announces Results for the Second Quarter

FORT LAUDERDALE, FL--(Marketwire - Jul 26, 2012) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the second quarter ended June 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2012 was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $47.7 million, or $2.29 per diluted share, including net income from discontinued operations of $19.0 million, or $0.92 per diluted share.

On March 16, 2012, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million and a gain of $20.8 million, net of tax, or $1.00 per diluted share. Operating results for all periods presented have been restated to reflect income (loss) from discontinued operations, net of tax, for the part of the business that was sold.

For the preceding quarter ended March 31, 2012, net income attributable to SEACOR Holdings Inc. was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. A comparison of results for the quarter ended June 30, 2012 with the preceding quarter ended March 31, 2012 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, including a net loss from discontinued operations of $0.2 million, or $0.01 per diluted share. For the six months ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $20.2 million, or $0.94 per diluted share, including a net loss from discontinued operations of $1.4 million, or $0.06 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $0.8 million on operating revenues of $123.3 million compared with operating income of $22.9 million on operating revenues of $121.1 million in the preceding quarter. Second quarter results included $0.6 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, second quarter results included the results of the Company's fleet of liftboats acquired on March 30, 2012. During the second quarter, these vessels contributed operating revenues of $21.9 million and operating income of $3.4 million with an average day rate of $17,454 per day and a utilization rate of 69.7%. Excluding liftboats, operating income was $18.2 million lower in the second quarter. Time charter revenues were $14.3 million lower primarily due to a decrease in rig moving activity for the Company's large anchor handling towing supply vessels. Utilization was 71.8% compared with 73.1% in the preceding quarter and average day rates decreased from $14,964 per day to $10,649 per day. As of June 30, 2012, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico, compared with four as of March 31, 2012.

In international regions, operating income was $7.7 million lower in the second quarter. Time charter revenues were $3.9 million lower primarily due to reduced spot market activity and increased drydocking activity and upgrade downtime in Brazil. Excluding the Company's fleet of wind farm utility vessels, utilization was 83.3% compared with 85.6% in the preceding quarter and average day rates decreased from $12,149 per day to $11,631 per day. Operating expenses were $4.7 million higher primarily due to increased drydocking activity and the cost of vessel mobilizations between geographic regions.

In the second quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, increased by 1,429 days, or 14%, primarily due to the liftboat acquisition. Overall utilization decreased from 80.6% to 77.4% and overall average day rates decreased by 8% from $13,174 per day to $12,068 per day. Time charter operating data by vessel class is presented in the table included herein. During the second quarter, drydocking and mobilization costs were $10.8 million and $1.2 million, respectively. In the preceding quarter, drydocking and mobilization costs were $5.3 million and $0.6 million, respectively.

Administrative and general expenses were $1.3 million higher in the second quarter primarily due to compensation costs for personnel added as a result of the liftboat acquisition. Depreciation and amortization expenses were $15.9 million in the second quarter, an increase of $3.0 million primarily due to depreciation on vessels and equipment added as a result of the liftboat acquisition.

Aviation Services - Operating income was $7.4 million on operating revenues of $63.0 million compared with operating income of $3.8 million on operating revenues of $61.1 million in the preceding quarter. Second quarter results included $1.1 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.

Operating revenues were $1.9 million higher primarily due to additional aircraft on contract and increased flight hours in the U.S. Gulf of Mexico and the start of seasonal activities in Alaska. Operating revenues from contract-leasing activities were lower due to the deferral of revenues from two customers as a result of the customers' short-term liquidity issues. Operating revenues from air medical services were lower due to the conclusion of a long-term hospital contract.

Operating expenses were lower in the second quarter primarily due to the recognition of $4.9 million in power-by-hour credits, partially offset by higher wage and benefit and fuel costs related to increased activity levels as described above.

Administrative and general expenses were $2.5 million lower in the second quarter primarily due to the recognition in the first quarter of previously deferred legal and professional expenses associated with a contemplated public offering. Depreciation and amortization expenses were $10.5 million in the second quarter, an increase of $0.8 million primarily due to net fleet additions.

Inland River Services - Operating income was $5.7 million on operating revenues of $53.3 million compared with operating income of $9.2 million on operating revenues of $53.5 million in the preceding quarter. Second quarter results included $0.9 million in gains on asset dispositions compared with $1.9 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the second quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily on grain exports.

Marine Transportation Services - Operating income was $0.5 million on operating revenues of $25.8 million compared with operating income of $2.4 million on operating revenues of $26.3 million in the preceding quarter. Operating results for the U.S.-flag product tanker fleet were lower in the second quarter primarily due to 21 days of out-of-service time and $1.6 million of expenses related to topside repairs on the Seabulk Arctic. Operating results for the foreign flag Roll-on/Roll-off vessels were lower primarily due to higher port charges and legal fees.

Emergency and Crisis Services - As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $2.1 million on operating revenues of $8.4 million compared with an operating loss of $0.4 million on operating revenues of $10.2 million in the preceding quarter. The reduction in operating income was primarily due to higher legal and administrative costs, including an investment in marketing and business development activities, and a reduction in activity associated with the Deepwater Horizon incident and debris monitoring.

Commodity Trading and Logistics - Segment profit was $3.0 million on operating revenues of $206.7 million compared with segment profit of $5.6 million on operating revenues of $209.7 million in the preceding quarter. Segment results in the preceding quarter included the recognition of a $6.0 million gain, net of tax, arising from the Company's acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012. Excluding this gain, segment profit was higher in the second quarter primarily due to improved results from merchandising and trading activities.

Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.0 million on operating revenues of $17.6 million compared with operating income of $3.2 million on operating revenues of $19.9 million in the preceding quarter. Second quarter results included $1.9 million in gains on asset dispositions relating to the sale of two harbor tugs. Operating results were lower in the second quarter primarily due to decreased port traffic and the conclusion of a short-term contract on the U.S. West Coast.

Corporate and Eliminations - Administrative and general expenses were $7.5 million compared with $9.0 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals.

Stock Repurchases - During the second quarter, the Company purchased 199,766 shares of its common stock at an average price of $87.22 per share. As of June 30, 2012, 20,947,558 shares of SEACOR's common stock remained outstanding.

Equipment Acquisitions - During the six months ended June 30, 2012, capital expenditures were $186.5 million. Equipment deliveries during that period included one offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, two liquid tank barges, one inland river towboat and 13 helicopters.

Capital Commitments - The Company's unfunded capital commitments as of June 30, 2012 were $377.6 million and consisted of: eleven offshore support vessels for $148.7 million; an interest in a jack-up drilling rig for $31.2 million; twelve helicopters for $139.3 million; seven inland river tank barges for $16.2 million; an interest in a river grain terminal for $1.3 million; four harbor tugs for $28.5 million; and other equipment and improvements for $12.4 million. Of these commitments, $110.2 million is payable during 2012 with the balance payable through 2016 and $123.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Subsequent to June 30, 2012, the Company committed to purchase three inland river towboats for $11.4 million and notified the lessee of its intent to purchase three harbor tugs currently operating under capital leases for $3.9 million. As of June 30, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $544.6 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, aviation, inland river, marine transportation, crisis and emergency management preparedness and response solutions, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: 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 and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment 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 providing 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, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, dependence of emergency response revenue on the number and size of events and upon continuing government regulation in this area and Emergency and Crisis Services' ability to comply with such regulation and other governmental regulation, liability in connection with providing emergency response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in 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. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.

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



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

			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2012			2011			2012			2011
Operating Revenues			$	494,422		$	509,283		$	992,307		$	947,294
Costs and Expenses:
		Operating		403,210			409,365			787,322			751,108
		Administrative and general		45,120			39,170			91,298			80,824
		Depreciation and amortization		43,685			39,330			83,012			77,660
				492,015			487,865			961,632			909,592
Gains on Asset Dispositions and Impairments, Net				4,419			10,301			9,961			17,556

Operating Income				6,826			31,719			40,636			55,258

Other Income (Expense):
	Interest income			7,641			3,297			10,617			7,029
	Interest expense			(12,413	)		(10,465	)		(24,437	)		(20,505	)
	Debt extinguishment losses, net			--			--			(160	)		(48	)
	Marketable security gains (losses), net			11,596			(4,754	)		14,954			(3,220	)
	Derivative gains (losses), net			3,487			(6,601	)		(632	)		(9,919	)
	Foreign currency gains (losses), net			(992	)		1,416			1,560			6,475
	Other, net			443			(56	)		389			(234	)
				9,762			(17,163	)		2,291			(20,422	)
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies				16,588			14,556			42,927			34,836
Income Tax Expense				5,975			5,877			16,583			13,550
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies				10,613			8,679			26,344			21,286
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				1,051			872			2,293			914
Income from Continuing Operations				11,664			9,551			28,637			22,200
Income (Loss) from Discontinued Operations, Net of Tax				(365	)		(184	)		19,035			(1,364	)
Net Income				11,299			9,367			47,672			20,836
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				50			336			(65	)		635
Net Income attributable to SEACOR Holdings Inc.			$	11,249		$	9,031		$	47,737		$	20,201

Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations		$	11,614		$	9,215		$	28,702		$	21,565
	Discontinued operations			(365	)		(184	)		19,035			(1,364	)
			$	11,249		$	9,031		$	47,737		$	20,201
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	0.56		$	0.44		$	1.40		$	1.02
	Discontinued operations			(0.01	)		(0.01	)		0.92			(0.06	)
			$	0.55		$	0.43		$	2.32		$	0.96
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	0.56		$	0.43		$	1.37		$	1.00
	Discontinued operations			(0.02	)		(0.01	)		0.92			(0.06	)
			$	0.54		$	0.42		$	2.29		$	0.94
Weighted Average Common Shares Outstanding:
	Basic			20,584,567			21,166,037			20,552,114			21,135,557
	Diluted			20,871,380			21,517,725			20,883,570			21,478,759

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

		Three Months Ended
		Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011
Operating Revenues		$	494,422		$	497,885		$	518,954		$	545,089		$	509,283
Costs and Expenses:
	Operating		403,210			384,112			412,042			455,442			409,365
	Administrative and general		45,120			46,178			50,731			35,387			39,170
	Depreciation and amortization		43,685			39,327			35,395			36,437			39,330
			492,015			469,617			498,168			527,266			487,865
Gains on Asset Dispositions and Impairments, Net			4,419			5,542			5,469			10,986			10,301
Operating Income			6,826			33,810			26,255			28,809			31,719
Other Income (Expense):
	Interest income		7,641			2,976			1,127			5,462			3,297
	Interest expense		(12,413	)		(12,024	)		(10,027	)		(10,711	)		(10,465	)
	Debt extinguishment losses, net		--			(160	)		--			(51	)		--
	Marketable security gains (losses), net		11,596			3,358			(4,803	)		130			(4,754	)
	Derivative gains (losses), net		3,487			(4,119	)		(262	)		(25,954	)		(6,601	)
	Foreign currency gains (losses), net		(992	)		2,552			(2,600	)		(3,126	)		1,416
	Other, net		443			(54	)		1,133			(39	)		(56	)
			9,762			(7,471	)		(15,432	)		(34,289	)		(17,163	)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies			16,588			26,339			10,823			(5,480	)		14,556
Income Tax Expense (Benefit)			5,975			10,608			2,645			(669	)		5,877
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies			10,613			15,731			8,178			(4,811	)		8,679
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			1,051			1,242			(579	)		9,655			872
Income from Continuing Operations			11,664			16,973			7,599			4,844			9,551
Income (Loss) from Discontinued Operations, Net of Tax			(365	)		19,400			9,653			(782	)		(184	)
Net Income			11,299			36,373			17,252			4,062			9,367
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries			50			(115	)		212			247			336
Net Income attributable to SEACOR Holdings Inc.		$	11,249		$	36,488		$	17,040		$	3,815		$	9,031

Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations	$	11,614		$	17,088		$	7,387		$	4,597		$	9,215
	Discontinued operations		(365	)		19,400			9,653			(782	)		(184	)
		$	11,249		$	36,488		$	17,040		$	3,815		$	9,031
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations	$	0.56		$	0.83		$	0.35		$	0.22		$	0.44
	Discontinued operations		(0.01	)		0.95			0.46			(0.04	)		(0.01	)
		$	0.55		$	1.78		$	0.81		$	0.18		$	0.43
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations	$	0.56		$	0.82		$	0.35		$	0.21		$	0.43
	Discontinued operations		(0.02	)		0.93			0.45			(0.03	)		(0.01	)
		$	0.54		$	1.75		$	0.80		$	0.18		$	0.42
Weighted Average Common Shares of Outstanding:
	Basic		20,585			20,520			21,005			21,202			21,166
	Diluted		20,871			20,893			21,354			21,565			21,518
Common Shares Outstanding at Period End			20,948			21,114			20,933			21,715			21,679

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

		Three Months Ended
		Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011
Offshore Marine Services
Operating Revenues		$	123,276		$	121,086		$	109,781		$	93,277		$	93,386
Costs and Expenses:
	Operating		94,084			75,340			69,484			68,457			68,242
	Administrative and general		13,146			11,856			13,666			10,687			11,078
	Depreciation and amortization		15,859			12,882			11,954			11,785			12,205
			123,089			100,078			95,104			90,929			91,525
Gains on Asset Dispositions			624			1,845			1,449			5,241			3,607
Operating Income			811			22,853			16,126			7,589			5,468
Other Income (Expense):
	Foreign currency gains (losses), net		(354	)		1,123			(1,290	)		(2,129	)		(408	)
	Other, net		11			--			272			6			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			1,001			1,829			(500	)		8,754			200
Segment Profit		$	1,469		$	25,805		$	14,608		$	14,220		$	5,260

Aviation Services
Operating Revenues		$	62,985		$	61,052		$	61,696		$	71,804		$	68,493
Costs and Expenses:
	Operating		39,002			39,676			41,084			45,701			42,457
	Administrative and general		7,195			9,677			11,803			6,841			6,229
	Depreciation and amortization		10,464			9,630			9,210			9,093			12,390
			56,661			58,983			62,097			61,635			61,076
Gains on Asset Dispositions and Impairments, Net			1,077			1,765			1,912			4,894			6,172
Operating Income			7,401			3,834			1,511			15,063			13,589
Other Income (Expense):
	Derivative losses, net		(180	)		(124	)		(18	)		(807	)		(811	)
	Foreign currency gains (losses), net		(12	)		917			(80	)		(95	)		338
	Other, net		--			30			9			--			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			756			(6,419	)		(979	)		106			1,054
Segment Profit (Loss)		$	7,965		$	(1,762	)	$	443		$	14,267		$	14,170

Inland River Services
Operating Revenues		$	53,302		$	53,490		$	51,871		$	47,875		$	41,442
Costs and Expenses:
	Operating		37,463			35,183			31,702			31,196			28,717
	Administrative and general		3,773			3,982			3,270			2,206			3,166
	Depreciation and amortization		7,244			7,007			5,617			6,464			5,791
			48,480			46,172			40,589			39,866			37,674
Gains (Losses) on Asset Dispositions			858			1,927			986			1,303			(22	)
Operating Income			5,680			9,245			12,268			9,312			3,746
Other Income (Expense):
	Foreign currency losses, net		(71	)		(22	)		--			--			--
	Other, net		--			--			--			--			3
Equity in Earnings of 50% or Less Owned Companies, Net of Tax			439			250			955			2,771			666
Segment Profit		$	6,048		$	9,473		$	13,223		$	12,083		$	4,415

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

		Three Months Ended
		Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011
Marine Transportation Services
Operating Revenues		$	25,792		$	26,283		$	26,705		$	24,783		$	24,336
Costs and Expenses:
	Operating		16,722			15,758			15,338			15,194			13,584
	Administrative and general		2,934			2,475			3,257			2,044			2,146
	Depreciation and amortization		5,666			5,651			5,540			5,833			5,728
			25,322			23,884			24,135			23,071			21,458
Gains on Asset Dispositions			--			--			1,125			--			--
Operating Income			470			2,399			3,695			1,712			2,878
Other Income (Expense):
	Foreign currency gains (losses), net		(3	)		9			(15	)		(18	)		6
	Other, net		49			30			87			131			56
Equity in Losses of 50% or Less Owned Companies, Net of Tax			(774	)		(217	)		(74	)		--			--
Segment Profit (Loss)		$	(258	)	$	2,221		$	3,693		$	1,825		$	2,940

Emergency and Crisis Services
Operating Revenues		$	8,439		$	10,215		$	16,763		$	14,080		$	21,275
Costs and Expenses:
	Operating		5,808			6,873			10,145			9,141			12,328
	Administrative and general		4,211			3,254			3,030			2,961			3,555
	Depreciation and amortization		491			484			486			655			498
			10,510			10,611			13,661			12,757			16,381
Gains on Asset Dispositions			--			5			--			7			--
Operating Income (Loss)			(2,071	)		(391	)		3,102			1,330			4,894
Other Income (Expense):
	Foreign currency gains (losses), net		(20	)		14			(14	)		17			(7	)
	Other, net		--			--			--			--			2
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net ofTax			147			67			(4	)		--			--
Segment Profit (Loss)		$	(1,944	)	$	(310	)	$	3,084		$	1,347		$	4,889

Commodity Trading and Logistics
Operating Revenues		$	206,745		$	209,696		$	237,177		$	279,178		$	245,321
Costs and Expenses:
	Operating		202,126			203,233			236,664			279,180			237,644
	Administrative and general		3,411			3,141			1,598			1,944			2,202
	Depreciation and amortization		1,591			1,060			20			12			12
			207,128			207,434			238,282			281,136			239,858
Operating Income (Loss)			(383	)		2,262			(1,105	)		(1,958	)		5,463
Other Income (Expense):
	Derivative gains (losses), net		3,393			(2,939	)		1,251			(3,063	)		828
	Foreign currency gains (losses), net		(14	)		79			(28	)		153			(16	)
	Other, net		--			--			(167	)		--			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			--			6,154			1,452			(2,267	)		(1,051	)
Segment Profit (Loss)		$	2,996		$	5,556		$	1,403		$	(7,135	)	$	5,224

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

		Three Months Ended
		Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011
Other
Operating Revenues		$	17,555		$	19,944		$	17,730		$	16,741		$	17,921
Costs and Expenses:
	Operating		11,562			11,814			10,274			9,117			9,158
	Administrative and general		2,996			2,817			3,589			2,523			3,210
	Depreciation and amortization		1,904			2,158			2,119			2,129			2,237
			16,462			16,789			15,982			13,769			14,605
Gains (Losses) on Asset Dispositions			1,860			--			(3	)		(315	)		544
Operating Income			2,953			3,155			1,745			2,657			3,860
Other Income (Expense):
	Foreign currency losses, net		(7	)		(16	)		--			(75	)		(24	)
	Other, net		208			--			983			(1	)		--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax			(518	)		(422	)		(1,429	)		291			3
Segment Profit		$	2,636		$	2,717		$	1,299		$	2,872		$	3,839

Corporate and Eliminations
Operating Revenues		$	(3,672	)	$	(3,881	)	$	(2,769	)	$	(2,649	)	$	(2,891	)
Costs and Expenses:
	Operating		(3,557	)		(3,765	)		(2,649	)		(2,544	)		(2,765	)
	Administrative and general		7,454			8,976			10,518			6,181			7,584
	Depreciation and amortization		466			455			449			466			469
			4,363			5,666			8,318			4,103			5,288
Losses on Asset Dispositions and Impairments						--			--			(144	)		--
Operating Loss		$	(8,035	)	$	(9,547	)	$	(11,087	)	$	(6,896	)	$	(8,179	)
Other Income (Expense):
	Derivative gains (losses), net	$	274		$	(1,056	)	$	(1,495	)	$	(22,084	)	$	(6,618	)
	Foreign currency gains (losses), net		(511	)		448			(1,173	)		(979	)		1,527
	Other, net		175			(114	)		(51	)		(175	)		(117	)

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

			Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011
ASSETS
Current Assets:
	Cash and cash equivalents		$	301,026		$	281,977		$	462,188		$	301,603		$	362,825
	Restricted cash			18,347			25,958			21,281			19,474			12,976
	Marketable securities			32,821			68,586			66,898			82,978			105,608
	Receivables:
		Trade, net of allowance for doubtful accounts		278,917			299,484			303,843			280,434			277,301
		Other		66,686			41,699			51,793			51,318			47,852
	Inventories			72,929			94,329			69,109			70,623			83,119
	Deferred income taxes			11,123			11,123			11,123			5,136			5,136
	Prepaid expenses and other			13,968			11,384			9,323			13,704			23,461
	Discontinued operations			3,551			4,019			44,989			48,984			54,740
		Total current assets		799,368			838,559			1,040,547			874,254			973,018
Property and Equipment				3,304,524			3,314,759			3,018,145			2,900,843			2,859,773
		Accumulated depreciation		(934,092	)		(905,362	)		(867,914	)		(868,986	)		(852,648	)
		Net property and equipment		2,370,432			2,409,397			2,150,231			2,031,857			2,007,125
Investments, at Equity, and Advances to 50% or Less Owned Companies				323,874			220,772			249,753			243,678			208,021
Construction Reserve Funds & Title XI Reserve Funds				192,420			259,926			259,974			298,345			314,679
Goodwill				57,054			57,054			57,054			54,410			54,454
Intangible Assets, Net				21,116			22,132			21,528			16,055			17,396
Other Assets, net of allowance for doubtful accounts				81,553			99,113			102,348			97,724			84,588
Discontinued Operations				--			--			46,699			45,995			46,479
			$	3,845,817		$	3,906,953		$	3,928,134		$	3,662,318		$	3,705,760

LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	24,546		$	22,078		$	41,091		$	23,138		$	20,568
	Current portion of capital lease obligations			4,719			2,289			2,368			1,081			1,064
	Accounts payable and accrued expenses			131,130			142,410			185,156			170,680			164,359
	Other current liabilities			160,198			176,558			150,864			191,475			216,031
	Discontinued operations			(15	)		650			22,047			55,093			64,276
		Total current liabilities		320,578			343,985			401,526			441,467			466,298
Long-Term Debt				940,910			976,872			995,450			669,573			690,774
Capital Lease Obligations				117			2,848			3,068			4,598			4,901
Deferred Income Taxes				582,780			576,195			566,920			560,484			557,013
Deferred Gains and Other Liabilities				132,248			135,695			143,390			137,783			145,815
Discontinued Operations				--			--			9,717			5,780			5,502
		Total liabilities		1,976,633			2,035,595			2,120,071			1,819,685			1,870,303
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		366			366			364			364			363
		Additional paid-in capital		1,271,617			1,265,708			1,256,209			1,245,436			1,239,502
		Retained earnings		1,560,416			1,549,167			1,512,679			1,495,639			1,491,824
		Shares held in treasury, at cost		(987,485	)		(970,023	)		(971,687	)		(900,225	)		(901,460	)
		Accumulated other comprehensive loss, net of tax		(5,831	)		(5,369	)		(7,958	)		(9,644	)		(6,843	)
				1,839,083			1,839,849			1,789,607			1,831,570			1,823,386
	Noncontrolling interests in subsidiaries			30,101			31,509			18,456			11,063			12,071
		Total equity		1,869,184			1,871,358			1,808,063			1,842,633			1,835,457
			$	3,845,817		$	3,906,953		$	3,928,134		$	3,662,318		$	3,705,760

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)

	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011
Offshore Marine Services
Anchor handling towing supply	19	19	19	19	19
Crew	48	48	49	50	52
Mini-supply	9	9	8	8	8
Standby safety	25	26	26	27	26
Supply	28	28	30	29	28
Towing supply	3	5	5	5	6
Liftboats	20	20	2	2	2
Specialty	9	9	9	9	9
Wind farm utility	30	30	29	--	--
	191	194	177	149	150

Aviation Services
Light helicopters - single engine	59	58	58	60	61
Light helicopters - twin engine	44	46	45	45	44
Medium helicopters	68	66	65	65	65
Heavy helicopters	9	8	7	7	7
	180	178	175	177	177

Inland River Services
Inland river dry-cargo barges	1,453	1,479	1,496	1,489	1,492
Inland river liquid tank barges	78	77	77	79	80
Inland river deck barges	20	20	20	20	26
Inland river towboats	31	30	31	31	31
Dry-cargo vessel	1	1	1	1	1
	1,583	1,607	1,625	1,620	1,630

Marine Transportation Services
U.S.-flag product tankers	7	7	7	8	8
Foreign flag RORO vessels	8	8	8	8	8
U.S.-flag deck barges	5	--	--	--	--
U.S.-flag RORO barges	2	--	--	--	--
U.S.-flag Articulated tug-barge	1	--	--	--	--
	23	15	15	16	16

Other
Harbor and offshore tugs	27	28	28	28	28
Ocean liquid tank barges	5	5	5	5	5
	32	33	33	33	33

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

		Three Months Ended
		Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011
Rates Per Day Worked:
	Anchor handling towing supply	$	24,541		$	30,928		$	27,187		$	27,287		$	32,179
	Crew		7,134			7,803			7,166			6,728			6,334
	Mini-supply		7,424			7,409			7,948			7,535			7,494
	Standby safety		9,679			9,230			9,254			9,302			9,180
	Supply		14,354			16,662			15,755			15,459			13,561
	Towing supply		9,269			9,301			8,497			8,809			8,484
	Specialty		14,557			12,964			17,845			16,172			9,351
	Liftboats		17,454			--			--			--			--
	Overall Average Rates Per Day Worked (excluding wind farm utility)		12,068			13,174			12,187			11,318			11,142
	Wind farm utility		2,802			2,431			--			--			--
	Overall Average Rates Per Day Worked (including wind Farm utility)		10,019			10,839			12,187			11,318			11,142

Utilization:
	Anchor handling towing supply		63	%		77	%		70	%		52	%		53	%
	Crew		84	%		79	%		78	%		75	%		70	%
	Mini-supply		98	%		98	%		96	%		87	%		77	%
	Standby safety		87	%		86	%		90	%		88	%		89	%
	Supply		75	%		84	%		82	%		70	%		74	%
	Towing supply		51	%		48	%		44	%		43	%		33	%
	Specialty		45	%		62	%		70	%		48	%		63	%
	Liftboats		70	%		--	%		--	%		--	%		--	%
	Overall Fleet Utilization (excluding wind farm utility)		77	%		81	%		80	%		72	%		71	%
	Wind farm utility		93	%		86	%		--	%		--	%		--	%
	Overall Fleet Utilization (including wind farm utility)		80	%		82	%		80	%		72	%		71	%

Available Days:
	Anchor handling towing supply		1,547			1,547			1,564			1,564			1,547
	Crew		3,276			3,363			3,418			3,487			3,933
	Mini-supply		637			637			644			644			728
	Standby safety		2,195			2,275			2,355			2,392			2,291
	Supply		1,649			1,705			1,798			1,748			1,591
	Towing supply		360			364			368			368			494
	Specialty		273			273			276			276			353
	Liftboats		1,656			--			--			--			--
	Overall Fleet Available Days (excluding wind farm utility)		11,593			10,164			10,423			10,479			10,937
	Wind farm utility		2,730			2,647			--			--			--
	Overall Fleet Available Days (including wind farm utility)		14,323			12,811			10,423			10,479			10,937

Contact Information:

Contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com

SEACOR Holdings Announces Results for the Second Quarter Ended June 30, 2012