SEACOR Holdings Announces Third Quarter Results

FORT LAUDERDALE, FL--(Marketwire - October 22, 2008) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the third quarter ended September 30, 2008 of $75.6 million, or $3.20 per diluted share, on operating revenues of $437.6 million. For the nine months ended September 30, 2008, net income was $151.9 million, or $6.19 per diluted share, on operating revenues of $1,201.0 million.

For the quarter ended September 30, 2007, net income was $70.3 million, or $2.66 per diluted share, on operating revenues of $359.9 million. For the nine months ended September 30, 2007, net income was $173.7 million, or $6.44 per diluted share, on operating revenues of $996.1 million.

Net income for the preceding quarter ended June 30, 2008 was $38.4 million, or $1.57 per diluted share, on operating revenues of $409.0 million. Comparison of results for the third quarter ended September 30, 2008 with the preceding quarter ended June 30, 2008 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the third quarter was $84.5 million on operating revenues of $196.9 million compared with operating income of $51.5 million on operating revenues of $171.2 million in the preceding quarter. Third quarter results included $13.5 million in gains on asset dispositions compared with $14.4 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income in the third quarter was $33.8 million higher than in the preceding quarter. The improvement was primarily due to an increase in time charter revenues, particularly in the U.S. Gulf of Mexico where the Company's large AHTS vessels completed their regulatory repair and upgrade program during the quarter. Out-of-service time for these vessels was 26 days in the third quarter compared with 168 days in the preceding quarter. Operating revenues were also higher in South America where vessels, having completed mobilizations, commenced new charters. Overall operating expenses were lower primarily as a result of reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to a reduction in international staff severance expenses, partially offset by higher expenses related to hurricane disruption in the U.S. Gulf of Mexico.

The number of days available for charter in the third quarter decreased by 735, or 4.5%, primarily as a result of a net reduction in fleet count. Overall utilization increased from 80.5% to 87.7% and overall average day rates were higher at $13,161 per day compared with $12,182 per day in the preceding quarter.

One new towing supply vessel was delivered during the third quarter.

Marine Transportation Services -- Marine Transportation Services reported an operating loss in the third quarter of $4.3 million on operating revenues of $27.5 million compared with operating income of $2.4 million on operating revenues of $28.8 million in the preceding quarter.

Operating results were impacted by 117 days of out-of-service time during the third quarter for two vessels undergoing regulatory drydockings in Asia resulting in a combined operating loss of $7.4 million. The Seabulk Arctic returned to service on October 7, 2008 and the Seabulk Pride returned to service on October 21, 2008.

Inland River Services -- Operating income in the third quarter was $11.6 million on operating revenues of $36.5 million compared with operating income of $7.5 million on operating revenues of $33.3 million in the preceding quarter. Third quarter results included $4.1 million in gains on asset dispositions compared with $1.5 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $1.4 million higher in the third quarter. The improvement was primarily due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of the grain harvest. Operating expenses were generally in line with the increased activity levels but were also affected by higher maintenance and repair costs for towboats and liquid tank barges.

Aviation Services -- Operating income in the third quarter was $10.1 million on operating revenues of $73.5 million compared with operating income of $6.7 million on operating revenues of $63.8 million in the preceding quarter. Third quarter results included $1.3 million in gains on asset dispositions compared with $3.2 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $5.2 million higher in the third quarter. The improvement in operating income was primarily due to additional contracts in the U.S. Gulf of Mexico, incremental activity generated from Hurricanes Gustav and Ike, and seasonal flightseeing, firefighting and mineral exploration activities in Alaska. Operating expenses were generally in line with the increased activity levels but were also affected by higher maintenance costs due to the timing of component and fleet repair and maintenance, higher expenses related to hurricane disruption in the U.S. Gulf of Mexico and higher depreciation on newly acquired assets.

Environmental Services -- Operating income in the third quarter was $4.3 million on operating revenues of $42.2 million compared with operating income of $1.7 million on operating revenues of $38.0 million in the preceding quarter. The improvement in operating income was largely due to an increase in response service activity related to Hurricane Gustav.

Commodity Trading -- SEACOR's commodity trading group currently focuses on renewable fuels and rice. Operating income in the third quarter was $5.2 million on operating revenues of $44.3 million compared with operating income of $6.8 million on operating revenues of $55.4 million in the preceding quarter. Operating income from renewable fuel and rice product sales were lower in the third quarter partially offset by higher freight and rental revenues.

Harbor and Offshore Towing Services -- Operating income in the third quarter was $3.1 million on operating revenues of $19.5 million compared with operating income of $3.1 million on operating revenues of $19.9 million in the preceding quarter.

Interest Income -- Interest income was $4.3 million in the third quarter compared with $5.4 million in the preceding quarter. The decrease was primarily due to lower invested cash balances partially offset by higher interest income on the Company's bond investments.

Interest Expense -- Interest expense was $14.4 million in the third quarter compared with $12.7 million in the prior quarter. The increase was primarily due to lower capitalized interest, higher interest expense on capital lease obligations and interest on foreign tax settlements.

Derivatives -- Derivative losses were $8.4 million in the third quarter compared with losses of $7.1 million in the preceding quarter. The losses in the third quarter were primarily due to losses on foreign currency forward exchange, option and future contracts partially offset by gains on equity index and options.

Foreign Currencies -- Foreign currency losses were $6.7 million in the third quarter compared with gains of $0.6 million in the preceding quarter. The losses in the third quarter were primarily due to the strengthening of the U.S. dollar versus the pound sterling.

Marketable Securities -- Marketable security gains were $36.0 million in the third quarter compared with gains of $0.4 million in the preceding quarter. In addition, the Company reported other comprehensive losses relating to its available-for-sale marketable securities of $2.1 million, net of tax, in stockholders' equity during the third quarter.

Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $2.2 million in the third quarter compared with equity in earnings of $1.3 million in the preceding quarter. The increase was primarily due to an overall improvement in the operating results of the Company's Offshore Marine Services' joint ventures. This increase was partially offset by a $1.3 million loss, net of tax, recognized by the Company resulting from an impairment charge on prime broker exposure recorded in one of its Inland River Services' joint ventures.

Stock and Debt Repurchases -- During the third quarter, the Company purchased 1,166,000 shares of its common stock at an average price of $83.43 per share. At the end of the quarter, 19,975,727 shares of SEACOR's common stock remained outstanding.

Capital Commitments -- The Company's unfunded capital commitments as of September 30, 2008, consisted primarily of offshore marine vessels, helicopters, inland river barges and inland river towboats and totaled $276.2 million, of which $114.2 million is payable during the remainder of 2008 and the balance payable through 2010. Of the total unfunded capital commitments, $35.1 million may be terminated without further liability other than the payment of liquidated damages of $3.4 million in the aggregate. As of September 30, 2008, the Company held balances of cash, cash equivalents, restricted cash, available-for-sale marketable securities, construction reserve funds and title XI reserve funds totaling $688.3 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 unprecedented decline in valuations in the global financial markets and illiquidity 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, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, 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, 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, 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      Nine Months Ended
                               September 30,           September 30,
                           ----------------------  ----------------------
                              2008        2007        2008        2007
                           ----------  ----------  ----------  ----------
Operating Revenues         $  437,608  $  359,923  $1,201,030  $  996,140
                           ----------  ----------  ----------  ----------

Costs and Expenses:
   Operating                  269,874     213,992     779,218     601,468
   Administrative and
    general                    41,487      36,883     125,587     105,220
   Depreciation and
    amortization               39,598      37,443     115,126     114,373
                           ----------  ----------  ----------  ----------
                              350,959     288,318   1,019,931     821,061
                           ----------  ----------  ----------  ----------

Gains on Asset Dispositions
 and Impairments, Net          20,074      19,560      51,254      74,257
                           ----------  ----------  ----------  ----------

Operating Income              106,723      91,165     232,353     249,336
                           ----------  ----------  ----------  ----------

Other Income (Expense):
   Interest income              4,329      11,274      17,178      34,954
   Interest expense           (14,404)    (10,855)    (38,626)    (36,231)
   Derivative gains
    (losses), net              (8,430)      5,221      (9,076)      5,097
   Foreign currency gains
    (losses), net              (6,683)        316      (3,469)        186
   Marketable security
    gains (losses), net        35,950      11,960      30,649      (2,158)
   Other, net                     (89)       (716)        237        (120)
                           ----------  ----------  ----------  ----------
                               10,673      17,200      (3,107)      1,728
                           ----------  ----------  ----------  ----------
Income Before Income Tax
 Expense, Minority Interest
 in Income of Subsidiaries
 and Equity In Earnings of
 50% or Less Owned
 Companies                    117,396     108,365     229,246     251,064
Income Tax Expense             43,551      40,339      84,637      89,387
                           ----------  ----------  ----------  ----------
Income Before Minority
 Interest in Income of
 Subsidiaries and Equity in
 Earnings of 50% or Less
 Owned Companies               73,845      68,026     144,609     161,677
Minority Interest in Income
 of Subsidiaries                 (363)       (927)       (756)     (1,409)
Equity in Earnings of 50%
 or Less Owned Companies        2,160       3,183       8,054      13,432
                           ----------  ----------  ----------  ----------
Net Income                 $   75,642  $   70,282  $  151,907  $  173,700
                           ==========  ==========  ==========  ==========

Basic Earnings Per Common
 Share                     $     3.75  $     3.02  $     7.13  $     7.29

Diluted Earnings Per Common
 Share                     $     3.20  $     2.66  $     6.19  $     6.44

Weighted Average Common
 Shares Outstanding:
   Basic                       20,183      23,234      21,293      23,821
   Diluted                     23,999      26,905      25,121      27,525






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



                                         Three Months Ended
                          ------------------------------------------------
                          Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                            2008      2008      2008      2007      2007
                          --------  --------  --------  --------  --------
Operating Revenues        $437,608  $408,967  $354,455  $363,090  $359,923
                          --------  --------  --------  --------  --------

Costs and Expenses:
   Operating               269,874   274,304   235,040   230,935   213,992
   Administrative and
    general                 41,487    45,095    39,005    42,097    36,883
   Depreciation and
    amortization            39,598    37,728    37,800    39,934    37,443
                          --------  --------  --------  --------  --------
                           350,959   357,127   311,845   312,966   288,318
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net           20,074    19,274    11,906    48,315    19,560
                          --------  --------  --------  --------  --------

Operating Income           106,723    71,114    54,516    98,439    91,165
                          --------  --------  --------  --------  --------

Other Income (Expense):
   Interest income           4,329     5,373     7,476    10,219    11,274
   Interest expense        (14,404)  (12,674)  (11,548)  (13,129)  (10,855)
   Derivative gains
    (losses), net           (8,430)   (7,113)    6,467     5,738     5,221
   Foreign currency gains
    (losses), net           (6,683)      604     2,610        44       316
   Marketable security
    gains (losses), net     35,950       383    (5,684)   (1,233)   11,960
   Other, net                  (89)      162       164       109      (716)
                          --------  --------  --------  --------  --------
                            10,673   (13,265)     (515)    1,748    17,200
                          --------  --------  --------  --------  --------
Income Before Income Tax
 Expense, Minority
 Interest in (Income) Loss
 of Subsidiaries and
 Equity In Earnings of 50%
 or Less Owned Companies   117,396    57,849    54,001   100,187   108,365
Income Tax Expense          43,551    20,616    20,470    41,054    40,339
                          --------  --------  --------  --------  --------
Income Before Minority
 Interest in (Income) Loss
 of Subsidiaries and
 Equity in Earnings of 50%
 or Less Owned Companies    73,845    37,233    33,531    59,133    68,026
Minority Interest in
 (Income) Loss of
 Subsidiaries                 (363)     (191)     (202)      182      (927)
Equity in Earnings of 50%
 or Less Owned Companies     2,160     1,315     4,579     8,633     3,183
                          --------  --------  --------  --------  --------
Net Income                $ 75,642  $ 38,357  $ 37,908  $ 67,948  $ 70,282
                          ========  ========  ========  ========  ========

Basic Earnings Per Common
 Share                    $   3.75  $   1.80  $   1.70  $   2.99  $   3.02

Diluted Earnings Per
 Common Share             $   3.20  $   1.57  $   1.50  $   2.62  $   2.66

Weighted Average Common
 Shares Outstanding:
   Basic                    20,183    21,363    22,344    22,738    23,234
   Diluted                  23,999    25,171    26,011    26,439    26,905
Common Shares Outstanding
 at Period End              19,976    21,117    22,223    22,575    23,157








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


                                         Three Months Ended
                          ------------------------------------------------
                          Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                            2008      2008      2008      2007      2007
                          --------  --------- --------- --------  --------
Offshore Marine Services
Operating Revenues        $196,911  $ 171,214 $ 154,647 $170,430  $179,618
                          --------  --------- --------- --------  --------
Costs and Expenses:
   Operating                97,790    104,599    94,270   97,534    95,345
   Administrative and
    general                 14,473     15,801    12,804   13,855    13,137
   Depreciation and
    amortization            13,689     13,674    14,125   15,415    14,069
                          --------  --------- --------- --------  --------
                           125,952    134,074   121,199  126,804   122,551
                          --------  --------- --------- --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net           13,516     14,352     7,138   22,472    13,222
                          --------  --------- --------- --------  --------
Operating Income          $ 84,475  $  51,492 $  40,586 $ 66,098  $ 70,289
                          ========  ========= ========= ========  ========

Marine Transportation
 Services
Operating Revenues        $ 27,535  $  28,764 $  28,953 $ 31,827  $ 27,730
                          --------  --------- --------- --------  --------
Costs and Expenses:
   Operating                22,391     16,762    16,219   27,781    19,207
   Administrative and
    general                  1,486      1,607     1,438    1,737     1,150
   Depreciation and
    amortization             7,997      8,039     7,980    8,764     9,536
                          --------  --------- --------- --------  --------
                            31,874     26,408    25,637   38,282    29,893
                          --------  --------- --------- --------  --------

Gains on Asset
 Dispositions                   --         --     3,629       --        --
                          --------  --------- --------- --------  --------
Operating Income (Loss)   $ (4,339) $   2,356 $   6,945 $ (6,455) $ (2,163)
                          ========  ========= ========= ========  ========

Inland River Services
Operating Revenues        $ 36,517  $  33,322 $  30,145 $ 33,850  $ 32,656
                          --------  --------- --------- --------  --------
Costs and Expenses:
   Operating                23,079     21,310    16,726   15,863    16,234
   Administrative and
    general                  1,800      1,916     2,123    2,076     1,753
   Depreciation and
    amortization             4,146      4,032     3,964    4,220     4,256
                          --------  --------- --------- --------  --------
                            29,025     27,258    22,813   22,159    22,243
                          --------  --------- --------- --------  --------

Gains on Asset
 Dispositions                4,073      1,472       711   22,726     1,592
                          --------  --------- --------- --------  --------
Operating Income          $ 11,565  $   7,536 $   8,043 $ 34,417  $ 12,005
                          ========  ========= ========= ========  ========

Aviation Services
Operating Revenues        $ 73,483  $  63,795 $  53,792 $ 51,296  $ 62,449
                          --------  --------- --------- --------  --------
Costs and Expenses:
   Operating                49,991     46,697    39,871   38,156    41,647
   Administrative and
    general                  5,174      4,895     4,629    5,315     4,590
   Depreciation and
    amortization             9,571      8,672     7,789    7,866     7,015
                          --------  --------- --------- --------  --------
                            64,736     60,264    52,289   51,337    53,252
                          --------  --------- --------- --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net            1,307      3,208       394    1,996     4,304
                          --------  --------- --------- --------  --------
Operating Income          $ 10,054  $   6,739 $   1,897 $  1,955  $ 13,501
                          ========  ========= ========= ========  ========

Environmental Services
Operating Revenues        $ 42,177  $  37,984 $  42,509 $ 55,879  $ 42,287
                          --------  --------- --------- --------  --------
Costs and Expenses:
   Operating                29,904     26,571    30,598   36,623    30,316
   Administrative and
    general                  5,924      8,423     5,709    7,755     5,931
   Depreciation and
    amortization             2,033      1,414     1,445    1,748     1,096
                          --------  --------- --------- --------  --------
                            37,861     36,408    37,752   46,126    37,343
                          --------  --------- --------- --------  --------

Gains on Asset
 Dispositions                   --         84        35      249        75
                          --------  --------- --------- --------  --------
Operating Income          $  4,316  $   1,660 $   4,792 $ 10,002  $  5,019
                          ========  ========= ========= ========  ========







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



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

Commodity Trading
Operating Revenues        $ 44,290  $ 55,419  $ 28,674  $  6,338  $  3,058
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                37,746    46,977    26,757     6,902     2,646
   Administrative and
    general                  1,358     1,644       727       365       287
   Depreciation and
    amortization                --        --        --        --        --
                          --------  --------  --------  --------  --------
                            39,104    48,621    27,484     7,267     2,933
                          --------  --------  --------  --------  --------

Gains  on Asset
 Dispositions                   --        --        --        --        --
                          --------  --------  --------  --------  --------
Operating Income (Loss)   $  5,186  $  6,798  $  1,190  $   (929) $    125
                          ========  ========  ========  ========  ========

Harbor and Offshore
 Towing Services
Operating Revenues        $ 19,529  $ 19,929  $ 16,257  $ 13,461  $ 12,351
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                11,941    12,959    11,109     8,053     8,797
   Administrative and
    general                  2,571     2,398     1,771     1,882     1,769
   Depreciation and
    amortization             1,884     1,648     2,267     1,714     1,264
                          --------  --------  --------  --------  --------
                            16,396    17,005    15,147    11,649    11,830
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net               --       158        --        --      (100)
                          --------  --------  --------  --------  --------
Operating Income          $  3,133  $  3,082  $  1,110  $  1,812  $    421
                          ========  ========  ========  ========  ========

Other
Operating Revenues        $    270  $    104  $     --  $     --  $     --
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                    --        --        --        --        --
   Administrative and
    general                    117       131       202       509        46
   Depreciation and
    amortization                 3         8        --        --        --
                          --------  --------  --------  --------  --------
                               120       139       202       509        46
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                1,178        --        --       873       467
                          --------  --------  --------  --------  --------
Operating Income (Loss)   $  1,328  $    (35) $   (202) $    364  $    421
                          ========  ========  ========  ========  ========

Corporate and
 Eliminations
Operating Revenues        $ (3,104) $ (1,564) $   (522) $      9  $   (226)
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                (2,968)   (1,571)     (510)       23      (200)
   Administrative and
    general                  8,584     8,280     9,602     8,603     8,220
   Depreciation and
    amortization               275       241       230       207       207
                          --------  --------  --------  --------  --------
                             5,891     6,950     9,322     8,833     8,227
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions                   --        --        (1)       (1)       --
                          --------  --------  --------  --------  --------
Operating Loss            $ (8,995) $ (8,514) $ (9,845) $ (8,825) $ (8,453)
                          ========  ========  ========  ========  ========






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


                     Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,
                       2008       2008       2008       2007       2007
                    ---------- ---------- ---------- ---------- ----------
      ASSETS
Current Assets:
  Cash and cash
   equivalents      $  326,143 $  422,569 $  444,787 $  537,305 $  429,020
  Restricted cash       23,659     30,072     39,152     30,624     38,371
  Available-for-sale
   marketable
   securities           72,862     97,920     75,669     28,792     18,501
  Receivables:
   Trade, net of
    allowance for
    doubtful
    accounts           294,330    272,291    250,789    267,564    289,796
   Other                57,892     54,520     72,073     62,975     43,838
  Inventories           50,234     42,063     35,021     30,468     28,186
  Deferred income
   taxes                 9,929      9,929      9,929      9,929     13,206
  Prepaid expenses
   and other             8,943     12,067      9,196      9,756     13,689
                    ---------- ---------- ---------- ---------- ----------
   Total current
    assets             843,992    941,431    936,616    977,413    874,607
                    ---------- ---------- ---------- ---------- ----------
Property and
 Equipment           2,706,500  2,665,956  2,511,118  2,469,735  2,470,029
   Accumulated
    depreciation      (596,017)  (578,100)  (554,838)  (526,583)  (518,285)
                    ---------- ---------- ---------- ---------- ----------
   Net property and
    equipment        2,110,483  2,087,856  1,956,280  1,943,152  1,951,744
                    ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Receivables from
 50% or Less Owned
 Companies             143,190    115,701    117,409    109,288    120,866
Construction Reserve
 Funds & Title XI
 Reserve Funds         265,586    270,357    413,681    405,000    390,576
Goodwill                61,401     63,101     62,020     60,226     56,271
Intangible Assets       29,707     28,079     29,292     30,500     33,756
Other Assets, net of
 allowance for
 doubtful accounts      33,067     41,806     36,136     43,072     32,610
                    ---------- ---------- ---------- ---------- ----------
                    $3,487,426 $3,548,331 $3,551,434 $3,568,651 $3,460,430
                    ========== ========== ========== ========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
  Current portion of
   long-term debt   $   10,301 $   10,385 $   11,414 $    9,648 $    9,429
  Current portion of
   capital lease
   obligations          15,074     33,682        864        851     19,140
  Accounts payable
   and accrued
   expenses            105,496    101,942     93,079    119,321     97,134
  Other current
   liabilities         226,395    273,185    254,522    258,940    280,250
                    ---------- ---------- ---------- ---------- ----------
   Total current
    liabilities        357,266    419,194    359,879    388,760    405,953
                    ---------- ---------- ---------- ---------- ----------
Long-Term Debt         931,588    927,701    928,308    929,114    933,188
Capital Lease
 Obligations             7,940      8,192      8,439      8,642      9,000
Deferred Income
 Taxes                 512,102    492,131    493,701    480,447    386,384
Deferred Gains and
 Other Liabilities     126,281    127,217    131,259    130,311    112,731
Minority Interest in
 Subsidiaries           11,945     11,981     12,207      9,558      8,803
Stockholders'
 Equity:
  Preferred stock           --         --         --         --         --
  Common stock             323        323        323        322        321
  Additional paid-in
   capital             917,192    913,874    910,843    905,702    902,120
  Retained earnings  1,349,931  1,274,289  1,235,932  1,198,024  1,130,076
  Shares held in
   treasury, at cost  (724,165)  (628,041)  (531,236)  (486,505)  (431,550)
  Accumulated other
   comprehensive
   income (loss):
   Cumulative
    translation
    adjustments             27      2,344      2,337      1,938      1,712
   Unrealized gain
    (loss) on
    available-for-
    sale marketable
    securities          (3,004)      (874)      (558)     2,338      1,692
                    ---------- ---------- ---------- ---------- ----------
  Total stockholders'
   equity            1,540,304  1,561,915  1,617,641  1,621,819  1,604,371
                    ---------- ---------- ---------- ---------- ----------
                    $3,487,426 $3,548,331 $3,551,434 $3,568,651 $3,460,430
                    ========== ========== ========== ========== ==========






                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS


                               Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
                                 2008     2008     2008     2007     2007
                               -------- -------- -------- -------- --------

Offshore Marine Services
Anchor handling towing supply        20       20       20       20       21
Crew                                 77       76       77       77       80
Mini-supply                          19       20       21       21       22
Standby safety                       29       29       29       29       28
Supply                               27       28       26       25       24
Towing supply                        15       16       18       21       30
Specialty                            10       13       14       13       12
                               -------- -------- -------- -------- --------
                                    197      202      205      206      217
                               ======== ======== ======== ======== ========

Marine Transportation Services
U.S.-flag product tankers             8        8        8       10       10
                               ======== ======== ======== ======== ========

Inland River Services
Inland river dry cargo
 barges-open                        338      318      318      318      372
Inland river dry cargo
 barges-covered                     643      665      671      667      718
Inland river liquid tank
 barges                              75       75       70       73       77
Inland river deck barges             26       26       26       26       25
Inland river towboats                21       20       20       17       17
                               -------- -------- -------- -------- --------
                                  1,103    1,104    1,105    1,101    1,209
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                              62       62       64       61       65
Light helicopters - twin
 engine                              53       55       54       53       53
Medium helicopters                   58       57       55       54       52
Heavy helicopters                     6        5        3        3        3
                               -------- -------- -------- -------- --------
                                    179      179      176      171      173
                               ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs             35       35       36       30       29
Ocean liquid tank barges              3        2        2       --       --
                               -------- -------- -------- -------- --------
                                     38       37       38       30       29
                               ======== ======== ======== ======== ========

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