SEACOR Holdings Announces Fourth Quarter Results

FORT LAUDERDALE, FL--(Marketwire - February 18, 2010) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million.

During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share (see Stock Repurchases and Convertible Debt Settlements below).

For the preceding quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. Comparison of results for the quarter ended December 31, 2009 with the preceding quarter ended September 30, 2009 is included in the discussion below.

For the twelve months ended December 31, 2009, net income attributable to SEACOR Holdings Inc. was $143.8 million, or $6.57 per diluted share, on operating revenues of $1,711.3 million.

For the quarter ended December 31, 2008, net income attributable to SEACOR Holdings Inc. was $70.5 million, or $3.11 per diluted share, on operating revenues of $454.9 million. For the twelve months ended December 31, 2008, net income attributable to SEACOR Holdings Inc. was $218.5 million, or $9.25 per diluted share, on operating revenues of $1,656.0 million. Previously reported 2008 results were retrospectively adjusted to reflect the adoption of new accounting rules established by the Financial Accounting Standards Board ("FASB") related to the Company's convertible debt (see Convertible Debt below).

Highlights for the Quarter

Offshore Marine Services -- Operating income in the fourth quarter was $26.3 million on operating revenues of $121.2 million compared with operating income of $30.0 million on operating revenues of $129.8 million in the preceding quarter. Fourth quarter results included $3.8 million in gains on asset dispositions compared with $3.9 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $3.7 million lower in the fourth quarter.

Overall operating revenues were $8.6 million lower in the fourth quarter primarily due to reductions in third party brokered vessel activity, bareboat charter revenues and revenues from other marine services. Time charter revenues were $3.9 million higher in the U.S. Gulf of Mexico, primarily due to an increase in rig moving activity, but were $3.7 million lower in all other geographic regions, primarily due to lower utilization. As of December 31, 2009, the Company had 19 vessels cold-stacked in the U.S. Gulf of Mexico compared with 26 as of September 30, 2009. During the fourth quarter, six additional vessels were cold-stacked, eleven vessels were returned to leasing companies at the conclusion of their lease terms, and two vessels were returned to service. As of December 31, 2009, $14.9 million of vessel charter hire billed to three customers has been deferred due to uncertainty of collection. The Company's policy is to recognize the deferred amounts as operating revenues if and when collection is reasonably assured. Overall operating expenses were $4.8 million lower in the fourth quarter primarily due to decreased regulatory drydocking and maintenance costs and reduced vessel brokerage activity.

The number of days available for charter in the fourth quarter decreased by 342, or 2.5%. Overall utilization increased from 67.4% to 68.0% and overall average day rates, based on time charter revenues recognized, increased by 1.8% from $11,880 per day to $12,093 per day.

Marine Transportation Services -- Operating income in the fourth quarter was $0.9 million on operating revenues of $20.5 million compared with operating income of $1.4 million on operating revenues of $21.7 million in the preceding quarter. The decrease in operating income was primarily due to the temporary lay-up of one of the Company's tankers for the entire fourth quarter and a lower margin contract for one tanker trading in the spot market.

Inland River Services -- Operating income in the fourth quarter was $15.9 million on operating revenues of $53.6 million compared with operating income of $7.8 million on operating revenues of $34.3 million in the preceding quarter. Fourth quarter results included $1.2 million in gains on asset dispositions compared with $0.8 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $7.7 million higher in the fourth quarter, primarily due to higher freight rates and increased freight loadings as a result of seasonal harvest activity.

Aviation Services -- Operating income in the fourth quarter was $8.1 million on operating revenues of $54.3 million compared with operating income of $10.3 million on operating revenues of $64.3 million in the preceding quarter. Fourth quarter results include $0.3 million in net gains on asset dispositions and impairments compared with $1.1 million of gains in the preceding quarter.

Excluding the impact of asset dispositions and impairments, operating income was $1.5 million lower in the fourth quarter, primarily due to a reduction in contract activity to support drilling in the U.S. Gulf of Mexico and the end of seasonal activity in Alaska. The impact of these factors was partially offset by the receipt of insurance proceeds related to damages sustained in hurricanes Gustav and Ike.

Environmental Services -- Operating income in the fourth quarter was $3.5 million on operating revenues of $44.5 million compared with operating income of $2.7 million on operating revenues of $33.8 million in the preceding quarter. The improvement in operating income was primarily due to increased emergency response services activities, partially offset by reduced remediation services activities.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment loss in the fourth quarter of $0.4 million on operating revenues of $171.4 million compared with a segment loss of $2.0 million on operating revenues of $150.9 million in the preceding quarter.

Harbor and Offshore Towing Services -- Operating income in the fourth quarter was $0.1 million on operating revenues of $16.2 million compared with operating income of $2.0 million on operating revenues of $15.6 million in the preceding quarter. The reduction in operating income was primarily due to higher regulatory docking, repair and fuel costs.

Debt Extinguishment -- During the fourth quarter, the Company recorded losses of $9.7 million, primarily on the call and settlement of $246.2 million, in principal amount, of its 2.875% Convertible Debentures.

Marketable Securities -- Marketable security gains were $9.3 million in the fourth quarter compared with gains of $6.9 million in the preceding quarter.

Income Taxes -- During the fourth quarter, the Company's effective income tax rate was 44.9%, primarily due to increased deferred tax liabilities resulting from higher state income tax apportionment factors and the timing of non-deductible compensation payments.

Capital Commitments -- The Company's unfunded capital commitments as of December 31, 2009 consisted primarily of offshore support vessels, helicopters and inland river dry cargo barges and totaled $96.2 million, of which $88.3 million is payable during 2010 and the balance payable in 2011. Of the total unfunded capital commitments, $0.8 million may be terminated without further liability. As of December 31, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $857.8 million.

Convertible Debt -- Effective January 1, 2009, the Company adopted new accounting rules established by the FASB related to its convertible debt that requires the Company to account separately for the liability and equity components in a manner that reflects the Company's non-convertible debt borrowing rate. The resulting debt discount is amortized over the period the debt is expected to be outstanding as additional non-cash interest expense. Upon adoption of the new accounting rules, the Company recorded the impact on a retrospective basis for all periods presented and adjusted previously reported equity as of December 31, 2008 by increasing additional paid-in capital $33.9 million and reducing retained earnings $18.9 million. Previously reported diluted earnings per common share remained unchanged.

Stock Repurchases and Convertible Debt Settlements -- During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024, as noted above. Holders of $213.5 million, in principal amount, elected to convert their debentures pursuant to a conversion right and the Company elected to settle this conversion by issuing 2,918,977 shares of common stock and a nominal cash payment for fractional shares. The remaining $32.7 million, in principal amount, was redeemed in cash at a redemption price of 100.82% of the principal amount, or $33.0 million. In addition, during the fourth quarter, the Company purchased 606,576 shares of its common stock at an average price of $75.55 per share. At the end of the quarter, 22,504,441 shares of SEACOR's common stock were outstanding on a fully diluted basis (basic shares of 22,274,820 plus 229,621 shares for dilutive share awards) compared with 23,506,689 shares at the end of the preceding quarter (basic shares of 19,888,216 plus 252,468 shares for dilutive share awards plus 3,366,005 shares that had been reserved for issuance pursuant to the Company's Convertible Debentures).

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, marine transportation, inland river, aviation, environmental, 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.

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, 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 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 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    Twelve Months Ended
                                    December 31,          December 31,
                               --------------------- ---------------------
                                  2009       2008       2009       2008
                               ---------- ---------- ---------- ----------

Operating Revenues             $  476,510 $  454,926 $1,711,338 $1,655,956
                               ---------- ---------- ---------- ----------

Costs and Expenses:
   Operating                      352,951    291,898  1,185,096  1,071,116
   Administrative and general      41,332     49,291    161,998    174,878
   Depreciation and
    amortization                   40,728     41,300    160,092    156,426
                               ---------- ---------- ---------- ----------
                                  435,011    382,489  1,507,186  1,402,420
                               ---------- ---------- ---------- ----------

Gains on Asset Dispositions and
 Impairments, Net                   5,147     37,899     27,675     89,153
                               ---------- ---------- ---------- ----------

Operating Income                   46,646    110,336    231,827    342,689
                               ---------- ---------- ---------- ----------

Other Income (Expense):
   Interest income                  2,056      2,610      4,466     19,788
   Interest expense               (16,364)   (15,291)   (59,043)   (59,816)
   Debt extinguishment gains
    (losses), net                  (9,659)     6,266     (5,587)     6,265
   Marketable security gains
    (losses), net                   9,263       (544)    24,059     30,105
   Derivative gains (losses),
    net                             1,257     (4,512)    10,961    (13,588)
   Foreign currency gains
    (losses), net                   1,521     (4,368)     8,087     (7,837)
   Other, net                         112         83        244        320
                               ---------- ---------- ---------- ----------
                                  (11,814)   (15,756)   (16,813)   (24,763)
                               ---------- ---------- ---------- ----------
Income Before Income Tax
 Expense and Equity In Earnings
 of 50% or Less Owned Companies    34,832     94,580    215,014    317,926
Income Tax Expense                 15,626     28,000     82,492    110,572
                               ---------- ---------- ---------- ----------
Income Before Equity in
 Earnings of 50% or Less Owned
 Companies                         19,206     66,580    132,522    207,354
Equity in Earnings of 50% or
 Less Owned Companies, Net of
 Tax                                3,223      4,015     12,581     12,069
                               ---------- ---------- ---------- ----------
Net Income                         22,429     70,595    145,103    219,423
Net Income attributable to
 Noncontrolling Interests in
 Subsidiaries                         203        124      1,293        880
                               ---------- ---------- ---------- ----------
Net Income attributable to
 SEACOR Holdings Inc.          $   22,226 $   70,471 $  143,810 $  218,543
                               ========== ========== ========== ==========

Basic Earnings Per Common Share
 of SEACOR Holdings Inc.       $     1.09 $     3.58 $     7.21 $    10.46

Diluted Earnings Per Common
 Share of SEACOR Holdings Inc. $     1.04 $     3.11 $     6.57 $     9.25

Weighted Average Common Shares
 Outstanding:
   Basic                       20,323,967 19,704,365 19,950,702 20,893,390
   Diluted                     23,417,449 23,470,605 23,388,168 24,699,181





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

                                         Three Months Ended
                          ------------------------------------------------
                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2009      2009      2009      2009      2008
                          --------  --------  --------  --------  --------

Operating Revenues        $476,510  $446,079  $389,233  $399,516  $454,926
                          --------  --------  --------  --------  --------

Costs and Expenses:
   Operating               352,951   327,602   256,131   248,412   291,898
   Administrative and
    general                 41,332    41,926    40,058    38,682    49,291
   Depreciation and
    amortization            40,728    40,272    39,828    39,264    41,300
                          --------  --------  --------  --------  --------
                           435,011   409,800   336,017   326,358   382,489
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net            5,147     5,783       (15)   16,760    37,899
                          --------  --------  --------  --------  --------

Operating Income            46,646    42,062    53,201    89,918   110,336
                          --------  --------  --------  --------  --------

Other Income (Expense):
   Interest income           2,056       789       578     1,043     2,610
   Interest expense        (16,364)  (14,267)  (14,075)  (14,337)  (15,291)
   Debt extinguishment
    gains (losses), net     (9,659)    2,787       (78)    1,363     6,266
   Marketable security
    gains (losses), net      9,263     6,948    11,829    (3,981)     (544)
   Derivative gains
    (losses), net            1,257     2,328     3,765     3,611    (4,512)
   Foreign currency gains
    (losses), net            1,521      (939)    6,847       658    (4,368)
   Other, net                  112       (57)       (1)      190        83
                          --------  --------  --------  --------  --------
                           (11,814)   (2,411)    8,865   (11,453)  (15,756)
                          --------  --------  --------  --------  --------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies            34,832    39,651    62,066    78,465    94,580
Income Tax Expense          15,626    15,751    22,916    28,199    28,000
                          --------  --------  --------  --------  --------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies            19,206    23,900    39,150    50,266    66,580
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                  3,223     2,340     3,491     3,527     4,015
                          --------  --------  --------  --------  --------
Net Income                  22,429    26,240    42,641    53,793    70,595
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries               203       (42)      333       799       124
                          --------  --------  --------  --------  --------
Net Income attributable
 to SEACOR Holdings Inc.  $ 22,226  $ 26,282  $ 42,308  $ 52,994  $ 70,471
                          ========  ========  ========  ========  ========

 Basic Earnings Per
  Common Share of
  SEACOR Holdings Inc.    $   1.09  $   1.32  $   2.13  $   2.68  $   3.58

 Diluted Earnings Per
  Common Share of
  SEACOR Holdings Inc.    $   1.04  $   1.23  $   1.91  $   2.36  $   3.11

Weighted Average Common
 Shares of Outstanding:
   Basic                    20,324    19,867    19,845    19,762    19,704
   Diluted                  23,417    23,458    23,528    23,507    23,471
Common Shares Outstanding
 at Period End              22,613    20,230    20,201    20,191    20,018





                           SEACOR HOLDINGS INC.
                SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
                        (in thousands, unaudited)

                                         Three Months Ended
                          ------------------------------------------------
                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2009      2009      2009      2009      2008
                          --------  --------  --------  --------  --------
Offshore Marine Services
Operating Revenues        $121,203  $129,839  $146,466  $164,783  $185,956
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                72,205    76,982    81,609    78,839    93,443
   Administrative and
    general                 12,770    13,128    10,935    10,198    15,344
   Depreciation and
    amortization            13,770    13,608    13,802    13,689    14,146
                          --------  --------  --------  --------  --------
                            98,745   103,718   106,346   102,726   122,933
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net            3,831     3,852       361    14,446    34,200
                          --------  --------  --------  --------  --------
Operating Income            26,289    29,973    40,481    76,503    97,223
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Derivative losses, net     (157)       --       (18)       --        --
   Foreign currency gains
    (losses), net            1,781    (1,174)      479     1,365       369
   Other, net                   --        14        (4)      172       (13)
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                  1,774     2,322     3,380     2,391     2,967
                          --------  --------  --------  --------  --------
Segment Profit            $ 29,687  $ 31,135  $ 44,318  $ 80,431  $100,546
                          ========  ========  ========  ========  ========

Marine Transportation
 Services
Operating Revenues        $ 20,497  $ 21,737  $ 24,095  $ 26,537  $ 28,776
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                10,585    11,420    11,792    16,771    16,874
   Administrative and
    general                  1,043       953       942     1,184     1,771
   Depreciation and
    amortization             8,005     8,003     7,999     7,999     7,997
                          --------  --------  --------  --------  --------
                            19,633    20,376    20,733    25,954    26,642
                          --------  --------  --------  --------  --------
Operating Income               864     1,361     3,362       583     2,134
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net                1         7        25       (34)       46
                          --------  --------  --------  --------  --------
Segment Profit            $    865  $  1,368  $  3,387  $    549  $  2,180
                          ========  ========  ========  ========  ========

Inland River Services
Operating Revenues        $ 53,607  $ 34,314  $ 30,163  $ 37,014  $ 44,038
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                32,052    20,144    17,839    19,409    21,304
   Administrative and
    general                  2,137     2,443     2,048     2,136     2,048
   Depreciation and
    amortization             4,756     4,785     4,950     4,866     4,440
                          --------  --------  --------  --------  --------
                            38,945    27,372    24,837    26,411    27,792
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                1,236       813       396     2,261     4,138
                          --------  --------  --------  --------  --------
Operating Income            15,898     7,755     5,722    12,864    20,384
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Other, net                   --        --        --        --        14
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                  1,868       140       702     1,172     1,352
                          --------  --------  --------  --------  --------
Segment Profit            $ 17,766  $  7,895  $  6,424  $ 14,036  $ 21,750
                          ========  ========  ========  ========  ========





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

                                         Three Months Ended
                          ------------------------------------------------
                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2009      2009      2009      2009      2008
                          --------  --------  --------  --------  --------
Aviation Services
Operating Revenues        $ 54,323  $ 64,259  $ 57,700  $ 59,385  $ 57,557
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                30,667    39,659    37,312    40,317    44,931
   Administrative and
    general                  5,972     5,624     5,649     4,151     5,432
   Depreciation and
    amortization             9,876     9,706     9,070     8,706    10,379
                          --------  --------  --------  --------  --------
                            46,515    54,989    52,031    53,174    60,742
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net              313     1,062    (1,104)       45       (26)
                          --------  --------  --------  --------  --------
Operating Income (Loss)      8,121    10,332     4,565     6,256    (3,211)
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Derivative gains
    (losses), net               33       (80)      (78)      391    (1,078)
   Foreign currency gains
 (   losses), net             (223)      296       937       429       193
   Other, net                   --        --        --        --        (1)
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax        (297)     (186)      270      (274)     (774)
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $  7,634  $ 10,362  $  5,694  $  6,802  $ (4,871)
                          ========  ========  ========  ========  ========

Environmental Services
Operating Revenues        $ 44,531  $ 33,827  $ 33,175  $ 34,234  $ 45,360
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                32,822    23,206    23,656    24,077    30,253
   Administrative and
    general                  6,155     6,090     5,966     7,241     7,471
   Depreciation and
    amortization             1,811     1,846     1,739     1,754     2,161
                          --------  --------  --------  --------  -------- 
                            40,788    31,142    31,361    33,072    39,885
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                 (208)       (1)        4         8         5
                          --------  --------  --------  --------  --------
Operating Income             3,535     2,684     1,818     1,170     5,480
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net              (11)       --        53       (33)      179
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                     90        34        15        86       106
                          --------  --------  --------  --------  --------
Segment Profit            $  3,614  $  2,718  $  1,886  $  1,223  $  5,765
                          ========  ========  ========  ========  ========

Commodity Trading and
 Logistics
Operating Revenues        $171,354  $150,866  $ 85,852  $ 64,503  $ 79,881
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating               168,694   150,983    79,165    61,871    78,425
   Administrative and
    general                  3,632     3,705     3,468     1,839     5,231
   Depreciation and
    amortization                20         7         2        --        --
                          --------  --------  --------  --------  --------
                           172,346   154,695    82,635    63,710    83,656
                          --------  --------  --------  --------  --------
Operating Income (Loss)       (992)   (3,829)    3,217       793    (3,775)
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Derivative gains
    (losses), net              802     1,689       588       949       (15)
   Foreign currency gains
    (losses), net               49       177       289       (17)       61
   Other, net                   (1)       --        26        --         3
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax        (282)       --        32       155        96
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $   (424) $ (1,963) $  4,152  $  1,880  $ (3,630)
                          ========  ========  ========  ========  ========




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

                                         Three Months Ended
                          ------------------------------------------------  
                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2009      2009      2009      2009      2008
                          --------  --------  --------  --------  --------

Harbor and Offshore
 Towing Services
Operating Revenues        $ 16,153  $ 15,574  $ 16,241  $ 16,346  $ 16,792
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                11,110     9,544     9,214    10,704     9,812
   Administrative and
    general                  2,698     2,035     2,228     2,020     2,654
   Depreciation and
    amortization             2,197     2,049     1,973     1,952     1,940
                          --------  --------  --------  --------  --------
                            16,005    13,628    13,415    14,676    14,406
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                  (25)       58       330        --        (5)
                          --------  --------  --------  --------  --------
Operating Income               123     2,004     3,156     1,670     2,381
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net               (2)       12       128        --         6
                          --------  --------  --------  --------  --------
Segment Profit            $    121  $  2,016  $  3,284  $  1,670  $  2,387
                          ========  ========  ========  ========  ========

Other
Operating Revenues        $     40  $     --  $     --  $     --  $     --
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                    --        --        --        --        --
   Administrative and
    general                    513       343       379       206       122
   Depreciation and
    amortization                 1        --        --        --        --
                          --------  --------  --------  --------  --------
                               514       343       379       206       122
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions                   --        --        --        --       (16)
                          --------  --------  --------  --------  --------
Operating Loss                (474)     (343)     (379)     (206)     (138)
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net               (3)       (2)       --         3        (1)
Other, net                      --        (1)       --       (53)        1
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax          70        30      (908)       (3)      268
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $   (407) $   (316) $ (1,287) $   (259) $    130
                          ========  ========  ========  ========  ========

Corporate and
 Eliminations
Operating Revenues        $ (5,198) $ (4,337) $ (4,459) $ (3,286) $ (3,434)
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                (5,184)   (4,336)   (4,456)   (3,576)   (3,144)
   Administrative and
    general                  6,412     7,605     8,443     9,707     9,218
   Depreciation and
    amortization               292       268       293       298       237
                          --------  --------  --------  --------  --------
                             1,520     3,537     4,280     6,429     6,311
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments, Net               --        (1)       (2)       --      (397)
                          --------  --------  --------  --------  --------
Operating Loss            $ (6,718) $ (7,875) $ (8,741) $ (9,715) $(10,142)
                          ========  ========  ========  ========  ========
Other Income (Expense):
   Derivative gains
    (losses), net         $    579  $    719  $  3,273  $  2,271  $ (3,419)
   Foreign currency gains
    (losses), net              (71)     (255)    4,936    (1,055)   (5,221)
   Other, net                  113       (70)      (23)       71        79






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

                 Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,
                   2009        2009        2009        2009        2008
                ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
   Cash and cash
    equivalents $  465,904  $  620,045  $  415,626  $  376,720  $  275,442
   Restricted
    cash            34,014      29,353      20,838      23,984      20,787
   Marketable
    securities      68,139      52,897      47,305      50,785      53,817
   Receivables:
    Trade, net
     of allowance
     for doubtful
     accounts      301,143     266,537     251,111     262,170     277,350
    Other           78,689      74,378      60,373      41,515      40,141
   Inventories      76,949      52,502      68,082      62,065      66,278
   Deferred income
    taxes            3,354       5,164       5,164       5,164       5,164
   Prepaid
    expenses
    and other       15,725      21,121      14,734      11,286      10,499
                ----------  ----------  ----------  ----------  ----------
    Total current
     assets      1,043,917   1,121,997     883,233     833,689     749,478
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,833,011   2,794,067   2,801,446   2,761,837   2,741,322
    Accumulated
     depreciation (754,263)   (718,749)   (692,084)   (649,971)   (601,806)
                ----------  ----------  ----------  ----------  ----------
   Net property and
    equipment    2,078,748   2,075,318   2,109,362   2,111,866   2,139,516
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or
 Less Owned
 Companies         186,814     166,878     150,862     158,066     150,062
Construction
 Reserve Funds&
 Title XI
 Reserve Funds     289,750     290,871     265,586     297,681     305,757
Goodwill            54,571      53,990      53,581      52,919      51,496
Intangible Assets   23,554      24,762      26,018      27,230      28,478
Other Assets,
 net of allowance
 for doubtful
 accounts           46,265      49,920      48,053      36,086      34,867
                ----------  ----------  ----------  ----------  ----------
                $3,723,619  $3,783,736  $3,536,695  $3,517,537  $3,459,654
                ==========  ==========  ==========  ==========  ==========

  LIABILITIES AND EQUITY
Current
 Liabilities:
   Current
    portion of
    long-term
    debt        $   36,436  $   23,765  $   11,834  $   12,301  $   33,671
   Current
    portion of
    capital
    lease
    obligations        966         951         921         921         907
   Accounts
    payable and
    accrued
    expenses       135,425     105,981      93,908     104,023     102,798
   Other current
    liabilities    142,285     156,800     157,030     145,421     139,425
                ----------  ----------  ----------  ----------  ----------
    Total current
     liabilities   315,112     287,497     263,693     262,666     276,801
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     748,704   1,027,496     861,096     910,156     895,689
Capital Lease
 Obligations         6,624       6,895       7,178       7,426       7,685
Deferred Income
 Taxes             575,440     565,321     543,075     530,825     515,455
Deferred Gains
 and Other
 Liabilities       111,848     122,041     111,939     111,714     121,796
                ----------  ----------  ----------  ----------  ----------
    Total
     liabilities 1,757,728   2,009,250   1,786,981   1,822,787   1,817,426
                ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR
  Holdings Inc.
  stockholders'
  equity:
    Preferred
     stock              --          --          --          --          --
    Common stock       356         326         326         325         324
    Additional
     paid-in
     capital     1,182,023     966,895     962,990     959,092     956,457
    Retained
     earnings    1,546,581   1,524,355   1,498,073   1,455,765   1,402,771
    Shares held
     in treasury,
     at cost      (768,438)   (722,569)   (723,650)   (723,154)   (724,357)
    Accumulated
     other
     comprehensive
     income (loss)  (3,260)     (3,577)      2,318      (5,614)     (5,045)
                ----------  ----------  ----------  ----------  ----------
                 1,957,262   1,765,430   1,740,057   1,686,414   1,630,150
 Noncontrolling
  interests in
  subsidiaries       8,629       9,056       9,657       8,336      12,078
                ----------  ----------  ----------  ----------  ----------
   Total equity  1,965,891   1,774,486   1,749,714   1,694,750   1,642,228
                ----------  ----------  ----------  ----------  ----------
                $3,723,619  $3,783,736  $3,536,695  $3,517,537  $3,459,654
                ==========  ==========  ==========  ==========  ==========




                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS

                               Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
                                 2009     2009     2009     2009     2008
                               -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply        23       21       21       21       20
Crew                                 57       68       68       71       75
Mini-supply                          11       11       12       15       16
Standby safety                       25       24       24       28       29
Supply                               27       27       28       28       27
Towing supply                        13       13       13       13       14
Specialty                             9        9        9        9        9
                               -------- -------- -------- -------- --------
                                    165      173      175      185      190
                               ======== ======== ======== ======== ========

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

Inland River Services
Inland river dry cargo barges     1,395    1,385      959      962      977
Inland river liquid tank
 barges                              87       87       87       87       86
Inland river deck barges             26       26       26       26       26
Inland river towboats                29       28       23       23       22
Dry-cargo vessel                      1        1        1        1       --
                               -------- -------- -------- -------- --------
                                  1,538    1,527    1,096    1,099    1,111
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                              60       60       60       64       63
Light helicopters - twin
 engine                              47       50       50       55       55
Medium helicopters                   59       58       61       63       62
Heavy helicopters                     8        9        8        6        7
                               -------- -------- -------- -------- --------
                                    174      177      179      188      187
                               ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs             31       31       33       35       35
Ocean liquid tank barges              6        6        3        3        3
                               -------- -------- -------- -------- --------
                                     37       37       36       38       38
                               ======== ======== ======== ======== ========

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