SEACOR Holdings Announces First Quarter Results

FORT LAUDERDALE, FL--(Marketwire - April 23, 2008) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the first quarter ended March 31, 2008 of $37.9 million, or $1.50 per diluted share, on operating revenues of $354.5 million. For the quarter ended March 31, 2007, net income was $38.2 million, or $1.40 per diluted share, on operating revenues of $310.8 million.

For the preceding quarter ended December 31, 2007, net income was $67.9 million, or $2.62 per diluted share, on operating revenues of $363.1 million. Comparison of results for the first quarter ended March 31, 2008 with the preceding quarter ended December 31, 2007 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the first quarter was $40.6 million on operating revenues of $154.6 million compared with operating income of $66.1 million on operating revenues of $170.4 million in the preceding quarter. First quarter results included $7.1 million in gains on asset dispositions compared with $22.5 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $10.2 million lower than in the preceding quarter. The decrease was primarily due to the commencement of the regulatory repair and upgrade program of the Company's large AHTS vessels scheduled for the first half of the year. In the first quarter, this resulted in 87 days of out-of-service time as well as the costs of repairs. In addition, five vessels mobilized between geographic regions incurring mobilization expenses and off-hire time.

The number of days available for charter in the first quarter decreased by 648 or 3.8% as a result of a net decrease in fleet count and a shorter quarter. Overall utilization increased from 75.8% to 76.7% and overall average day rates were lower at $11,783 per day compared with $12,262 per day in the preceding quarter.

One supply vessel and one fast support vessel were delivered in the first quarter and both were mobilizing to term contracts internationally at the end of the quarter. The fast support vessel is the first of the Company's new Crewzer class, the SEACOR Cheetah.

Marine Transportation Services -- Marine Transportation Services reported operating income in the first quarter of $6.9 million on operating revenues of $29.0 million, compared with an operating loss of $6.5 million on operating revenues of $31.8 million in the preceding quarter.

Operating results were positively impacted by a one-time payment of $1.5 million related to the early termination of a charter party agreement and fewer out-of-service days for regulatory drydockings. In addition, the Seabulk Power and Seabulk Magnachem completed contracts to transport grain under the World Food Program in the first quarter and were subsequently sold for scrapping. Gains of $3.6 million realized from the sales of these vessels were partially offset by net voyage expenses of $0.6 million.

The Seabulk America, operating under a contract of affreightment, reported an operating loss of $0.8 million in the quarter as a result of a reduction in cargo volumes from the Gulf of Mexico to the West Coast. The Seabulk Challenge reported an operating loss of $2.3 million due to being off-hire for 21 days while undergoing repairs.

Inland River Services -- Operating income in the first quarter was $8.0 million on operating revenues of $30.1 million compared with operating income of $34.4 million on operating revenues of $33.9 million in the preceding quarter. First quarter results included $0.7 million in gains on asset dispositions compared with $22.7 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $4.4 million lower in the first quarter primarily due to lower spot rates for grain and non-grain cargoes, unfavorable operating conditions and higher operating costs. Early in the quarter, activity in the upper river systems was restricted by ice and later in the quarter, heavy rainfall in the Midwest created high water conditions and restrictions throughout the entire river system.

Aviation Services -- Operating income in the first quarter was $1.9 million on operating revenues of $53.8 million compared with operating income of $2.0 million on operating revenues of $51.3 million in the preceding quarter. First quarter results included $0.4 million in gains on asset dispositions compared to $2.0 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $1.5 million higher in the first quarter primarily due to improved performance of the air medical services business. Operating expenses in the Gulf of Mexico were higher primarily due to the timing of fleet repairs and maintenance, partially offset by additional hurricane related insurance recoveries.

Environmental Services -- Operating income in the first quarter was $4.8 million on operating revenues of $42.5 million compared with operating income of $10.0 million on operating revenues of $55.9 million in the preceding quarter. The decrease in operating income was largely due to a reduction in spill response activity compared with the preceding quarter.

Other -- During the first quarter, SEACOR's commodity merchandising group, which focuses on renewable fuels and rice, contributed operating income of $1.2 million on operating revenues of $28.7 million compared with an operating loss of $0.9 million on operating revenues of $6.3 million in the preceding quarter. Operating income from Harbor and Offshore Towing Services in the first quarter was $1.1 million on operating revenues of $16.3 million compared with operating income of $1.8 million on operating revenues of $13.5 million in the preceding quarter. Operating results in the first quarter were affected by higher drydocking and fuel costs and the cost of providing third-party equipment to support the start-up of a new terminal operation in St. Eustatius.

Derivatives -- Derivative gains were $6.5 million in the first quarter compared with gains of $5.7 million in the preceding quarter.

Foreign Currencies -- Foreign currency gains of $2.6 million in the current quarter were primarily due to the translation of certain Euro denominated investments.

Marketable Securities -- Marketable security losses were $5.7 million in the first quarter compared with losses of $1.2 million in the preceding quarter.

Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $4.6 million in the first quarter compared with equity in earnings of $8.6 million in the preceding quarter. During the first quarter, the Company realized a gain of $1.9 million, net of tax, arising from the sale of a vessel in one of its offshore marine services joint ventures. During the preceding quarter, the Company disposed of its interest in certain South American offshore marine services joint ventures, resulting in earnings of $5.0 million, net of tax.

Stock and Debt Repurchases -- The Company also announced today that its Board of Directors has increased its authorization for repurchases of SEACOR's common stock and its 2.875% convertible senior debentures due 2024 by $70.9 million for a total authorized expenditure of up to $150 million for the purchase of such securities. In addition, SEACOR may purchase, separate from such authorization, any or all of its 7.2% senior notes due 2009, its 5 7/8% senior notes due 2012, and the 9 1/2% senior notes due 2013 of Seabulk International, Inc., a wholly-owned subsidiary. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.

During the first quarter, the Company purchased 545,400 shares of its common stock at an average price of $84.16 per share. At the end of the quarter, 22,222,989 shares of SEACOR's common stock remained outstanding.

Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2008, consisted primarily of marine service vessels, harbor tugs, helicopters, and barges and totaled $410.5 million, of which $273.5 million is payable during the remainder of 2008 and the balance payable through 2010. Of these commitments, approximately $65.1 million may be terminated without further liability other than the payment of liquidated damages of $5.2 million in the aggregate. As of March 31, 2008, the Company held balances of Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds totaling $973.3 million.

SEACOR is a global provider of marine support and transportation services, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, aviation services, environmental services, and offshore and harbor towing services. SEACOR is focused on providing highly responsive local service, combined with the highest safety standards, innovative technology, modern efficient equipment, and dedicated, professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the conditions in the global financial markets and international economic conditions 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, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, increased competition if the Jones Act is repealed, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality on Aviation Services, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, effects of adverse weather and river conditions and seasonality on Inland River Services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the following should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is incorporated by reference.

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

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


                                                       Three Months Ended
                                                            March 31,
                                                      --------------------
                                                        2008       2007
                                                      ---------  ---------

Operating Revenues                                    $ 354,455  $ 310,763
                                                      ---------  ---------

Costs and Expenses:
   Operating                                            235,040    188,658
   Administrative and general                            39,005     34,400
   Depreciation and amortization                         37,800     38,875
                                                      ---------  ---------
                                                        311,845    261,933
                                                      ---------  ---------

Gains on Asset Dispositions and Impairments, Net         11,906     12,157
                                                      ---------  ---------

Operating Income                                         54,516     60,987
                                                      ---------  ---------

Other Income (Expense):
   Interest income                                        7,476     12,224
   Interest expense                                     (11,548)   (13,268)
   Derivative gains, net                                  6,467        130
   Foreign currency gains (losses), net                   2,610       (590)
   Marketable security losses, net                       (5,684)    (4,688)
   Other, net                                               164        (43)
                                                      ---------  ---------
                                                           (515)    (6,235)
                                                      ---------  ---------
Income Before Income Tax Expense, Minority Interest
 in Income of Subsidiaries and Equity In Earnings of
 50% or Less Owned Companies                             54,001     54,752
Income Tax Expense                                       20,470     18,842
                                                      ---------  ---------
Income Before Minority Interest in Income of
 Subsidiaries and Equity in Earnings of 50% or Less
 Owned Companies                                         33,531     35,910
Minority Interest in Income of Subsidiaries                (202)      (178)
Equity in Earnings of 50% or Less Owned Companies         4,579      2,420
                                                      ---------  ---------
Net Income                                            $  37,908  $  38,152
                                                      =========  =========

Basic Earnings Per Common Share                       $    1.70  $    1.57

Diluted Earnings Per Common Share                     $    1.50  $    1.40

Weighted Average Common Shares Outstanding:
   Basic                                                 22,344     24,354
   Diluted                                               26,011     28,077



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



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

Operating Revenues   $ 354,455  $ 363,090  $ 359,923  $ 325,454  $ 310,763
                     ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
   Operating           235,040    230,935    213,992    198,818    188,658
   Administrative
    and general         39,005     42,097     36,883     33,937     34,400
   Depreciation and
    amortization        37,800     39,934     37,443     38,055     38,875
                     ---------  ---------  ---------  ---------  ---------
                       311,845    312,966    288,318    270,810    261,933
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net       11,906     48,315     19,560     42,540     12,157
                     ---------  ---------  ---------  ---------  ---------

Operating Income        54,516     98,439     91,165     97,184     60,987
                     ---------  ---------  ---------  ---------  ---------

Other Income (Expense):
   Interest income       7,476     10,219     11,274     11,456     12,224
   Interest expense    (11,548)   (13,129)   (10,855)   (12,108)   (13,268)
   Derivative gains
    (losses), net        6,467      5,738      5,221       (254)       130
   Foreign currency
    gains (losses),
    net                  2,610         44        316        460       (590)
   Marketable
    security gains
    (losses), net       (5,684)    (1,233)    11,960     (9,430)    (4,688)
   Other, net              164        109       (716)       639        (43)
                     ---------  ---------  ---------  ---------  ---------
                          (515)     1,748     17,200     (9,237)    (6,235)
                     ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense,
 Minority Interest
 in (Income) Loss of
 Subsidiaries and
 Equity In Earnings
 of 50% or Less
 Owned Companies        54,001    100,187    108,365     87,947     54,752
Income Tax Expense      20,470     41,054     40,339     30,206     18,842
                     ---------  ---------  ---------  ---------  ---------
Income Before
 Minority Interest
 in (Income) Loss of
 Subsidiaries and
 Equity in Earnings
 of 50% or Less
 Owned Companies        33,531     59,133     68,026     57,741     35,910
Minority Interest in
 (Income) Loss of
 Subsidiaries             (202)       182       (927)      (304)      (178)
Equity in Earnings
 of 50% or Less
 Owned Companies         4,579      8,633      3,183      7,829      2,420
                     ---------  ---------  ---------  ---------  ---------
Net Income           $  37,908  $  67,948  $  70,282  $  65,266  $  38,152
                     =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share        $    1.70  $    2.99  $    3.02  $    2.73  $    1.57

Diluted Earnings Per
 Common Share        $    1.50  $    2.62  $    2.66  $    2.41  $    1.40

Weighted Average
 Common Shares
 Outstanding:
   Basic                22,344     22,738     23,234     23,866     24,354
   Diluted              26,011     26,439     26,905     27,582     28,077
Common Shares
 Outstanding at
 Period End             22,223     22,575     23,157     23,895     24,181






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


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

Offshore Marine Services
Operating Revenues   $  154,647 $ 170,430  $ 179,618  $ 171,442  $ 170,928
                     ---------- ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              94,270    97,534     95,345     88,596     92,999
  Administrative and
   general               12,804    13,855     13,137     11,893     13,023
  Depreciation and
   amortization          14,125    15,415     14,069     14,515     16,524
                     ---------- ---------  ---------  ---------  ---------
                        121,199   126,804    122,551    115,004    122,546
                     ---------- ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net         7,138    22,472     13,222     38,546      8,294
                     ---------- ---------  ---------  ---------  ---------
Operating Income     $   40,586 $  66,098  $  70,289  $  94,984  $  56,676
                     ========== =========  =========  =========  =========

Marine Transportation
 Services
Operating Revenues   $   28,953 $  31,827  $  27,730  $  25,924  $  30,556
                     ---------- ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              16,219    27,781     19,207     22,865     20,849
  Administrative and
   general                1,438     1,737      1,150      1,236      1,186
  Depreciation and
   amortization           7,980     8,764      9,536      9,790     10,158
                     ---------- ---------  ---------  ---------  ---------
                         25,637    38,282     29,893     33,891     32,193
                     ---------- ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions             3,629        --         --         --         --
                     ---------- ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $    6,945 $  (6,455) $  (2,163) $  (7,967) $  (1,637)
                     ========== =========  =========  =========  =========

Inland River
 Services
Operating Revenues   $   30,145 $  33,850  $  32,656  $  28,020  $  26,722
                     ---------- ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              16,726    15,863     16,234     13,056     12,305
  Administrative and
   general                2,123     2,076      1,753      2,101        877
  Depreciation and
   amortization           3,964     4,220      4,256      4,332      3,499
                     ---------- ---------  ---------  ---------  ---------
                         22,813    22,159     22,243     19,489     16,681
                     ---------- ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions               711    22,726      1,592      2,622      3,622
                     ---------- ---------  ---------  ---------  ---------
Operating Income     $    8,043 $  34,417  $  12,005  $  11,153  $  13,663
                     ========== =========  =========  =========  =========

Aviation Services
Operating Revenues   $   53,792 $  51,296  $  62,449  $  55,861  $  45,433
                     ---------- ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              39,871    38,156     41,647     41,212     36,225
  Administrative and
   general                4,629     5,315      4,590      4,439      4,521
  Depreciation and
   amortization           7,789     7,866      7,015      6,601      6,079
                     ---------- ---------  ---------  ---------  ---------
                         52,289    51,337     53,252     52,252     46,825
                     ---------- ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions               394     1,996      4,304      1,505        227
                     ---------- ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $    1,897 $   1,955  $  13,501  $   5,114  $  (1,165)
                     ========== =========  =========  =========  =========

Environmental Services
Operating Revenues   $   42,509 $  55,879  $  42,287  $  32,168  $  26,492
                     ---------- ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              30,598    36,623     30,316     23,605     20,753
  Administrative and
   general                5,709     7,755      5,931      4,323      5,301
  Depreciation and
   amortization           1,445     1,748      1,096      1,100        909
                     ---------- ---------  ---------  ---------  ---------
                         37,752    46,126     37,343     29,028     26,963
                     ---------- ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions          35       249         75       (133)       (16)
                     ---------- ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $    4,792 $  10,002  $   5,019  $   3,007  $    (487)
                     ========== =========  =========  =========  =========





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


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

Harbor and Offshore
 Towing Services
Operating Revenues        $ 16,257  $ 13,461  $ 12,351  $ 12,538  $ 11,682
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 11,109     8,053     8,797    10,003     6,568
  Administrative and
   general                   1,771     1,882     1,769     1,999     2,182
  Depreciation and
   amortization              2,267     1,714     1,264     1,264     1,264
                          --------  --------  --------  --------  --------
                            15,147    11,649    11,830    13,266    10,014
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net               --        --      (100)       --        30
                          --------  --------  --------  --------  --------
Operating Income          $  1,110  $  1,812  $    421  $   (728) $  1,698
                          ========  ========  ========  ========  ========

Commodity Trading
Operating Revenues        $ 28,674  $  6,338  $  3,058  $    204  $     --
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 26,757     6,902     2,646       174         9
  Administrative and
   general                     727       365       287       200         3
  Depreciation and
   amortization                 --        --        --        --        --
                          --------  --------  --------  --------  --------
                            27,484     7,267     2,933       374        12
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                   --        --        --        --        --
                          --------  --------  --------  --------  --------
Operating Income (Loss)   $  1,190  $   (929) $    125  $   (170) $    (12)
                          ========  ========  ========  ========  ========

Other
Operating Revenues        $     --  $     --  $     --  $     --  $     --
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                     --        --        --        --        --
  Administrative and
   general                     202       509        46         7        --
  Depreciation and
   amortization                 --        --        --        --        --
                          --------  --------  --------  --------  --------
                               202       509        46         7        --
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                   --       873       467        --        --
                          --------  --------  --------  --------  --------
Operating Income (Loss)   $   (202) $    364  $    421  $     (7) $     --
                          ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues        $   (522) $      9  $   (226) $   (703) $ (1,050)
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                   (510)       23      (200)     (693)   (1,050)
  Administrative and
   general                   9,602     8,603     8,220     7,739     7,307
  Depreciation and
   amortization                230       207       207       453       442
                          --------  --------  --------  --------  --------
                             9,322     8,833     8,227     7,499     6,699
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions                   (1)       (1)       --        --        --
                          --------  --------  --------  --------  --------
Operating Loss            $ (9,845) $ (8,825) $ (8,453) $ (8,202) $ (7,749)
                          ========  ========  ========  ========  ========





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


                     Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                       2008       2007       2007       2007       2007
                    ---------- ---------- ---------- ---------- ----------
       ASSETS
Current Assets:
  Cash and cash
   equivalents      $  444,787 $  537,305 $  429,020 $  503,288 $  385,187
  Restricted cash       39,152     30,624     38,371     54,680     53,822
  Available-for-sale
   marketable
   securities           75,669     28,792     18,501     19,184     21,910
  Receivables:
   Trade, net of
    allowance for
    doubtful
    accounts           250,789    267,564    289,796    263,211    258,069
   Other                72,073     62,975     43,838     28,948     42,778
  Inventories           35,021     30,468     28,186     28,471     25,996
  Deferred income
   taxes                 9,929      9,929     13,206     13,256     13,256
  Prepaid expenses
   and other             9,196      9,756     13,689     13,754     14,516
                    ---------- ---------- ---------- ---------- ----------
   Total current
    assets             936,616    977,413    874,607    924,792    815,534
                    ---------- ---------- ---------- ---------- ----------
Property and
 Equipment           2,511,118  2,469,735  2,470,029  2,345,711  2,352,933
   Accumulated
    depreciation      (554,838)  (526,583)  (518,285)  (490,070)  (470,202)
                    ---------- ---------- ---------- ---------- ----------
   Net property and
    equipment        1,956,280  1,943,152  1,951,744  1,855,641  1,882,731
                    ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Receivables from
 50% or Less Owned
 Companies             117,409    109,288    120,866    136,331     99,284
Construction Reserve
 Funds & Title XI
 Reserve Funds         413,681    405,000    390,576    344,465    355,009
Goodwill                62,020     60,226     56,271     49,040     49,104
Intangible Assets       29,292     30,500     33,756     32,830     33,984
Other Assets, net of
 allowance for
 doubtful accounts      36,136     43,072     32,610     28,699     35,401
                    ---------- ---------- ---------- ---------- ----------
                    $3,551,434 $3,568,651 $3,460,430 $3,371,798 $3,271,047
                    ========== ========== ========== ========== ==========

  LIABILITIES AND
   STOCKHOLDERS'
      EQUITY
Current Liabilities:
  Current portion of
   long-term debt   $   11,414 $    9,648 $    9,429 $    9,429 $    9,218
  Current portion of
   capital lease
   obligations             864        851     19,140      2,978      2,518
  Accounts payable
   and accrued
   expenses             93,079    119,321     97,134     86,118     88,064
  Other current
   liabilities         254,522    258,940    280,250    254,778    214,212
                    ---------- ---------- ---------- ---------- ----------
   Total current
    liabilities        359,879    388,760    405,953    353,303    314,012
                    ---------- ---------- ---------- ---------- ----------
Long-Term Debt         928,308    929,114    933,188    934,489    939,601
Capital Lease
 Obligations             8,439      8,642      9,000      9,269     19,406
Deferred Income
 Taxes                 493,701    480,447    386,384    373,931    364,289
Deferred Gains and
 Other Liabilities     131,259    130,311    112,731     96,470     73,062
Minority Interest in
 Subsidiaries           12,207      9,558      8,803      7,193      6,444
Stockholders'
 Equity:
  Preferred stock           --         --         --         --         --
  Common stock             323        322        321        321        321
  Additional paid-in
   capital             910,843    905,702    902,120    899,016    895,530
  Retained earnings  1,235,932  1,198,024  1,130,076  1,059,794    994,528
  Shares held in
   treasury, at cost  (531,236)  (486,505)  (431,550)  (366,365)  (338,689)
  Accumulated other
   comprehensive
   income:
   Cumulative
    translation
    adjustments          2,337      1,938      1,712      1,428      1,039
   Unrealized gain
    (loss) on
    available-for-
    sale marketable
    securities            (558)     2,338      1,692      2,949      1,504
                    ---------- ---------- ---------- ---------- ----------
  Total
   stockholders'
   equity            1,617,641  1,621,819  1,604,371  1,597,143  1,554,233
                    ---------- ---------- ---------- ---------- ----------
                    $3,551,434 $3,568,651 $3,460,430 $3,371,798 $3,271,047
                    ========== ========== ========== ========== ==========

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