SEACOR Holdings Announces First Quarter Results

FORT LAUDERDALE, FL--(Marketwire - April 22, 2009) - SEACOR Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the first quarter ended March 31, 2009 of $53.0 million, or $2.36 per diluted share, on operating revenues of $399.5 million.

For the quarter ended March 31, 2008, net income attributable to SEACOR Holdings Inc. was $36.6 million (see explanation below on the retrospective application of FSP APB 14-1), or $1.50 per diluted share, on operating revenues of $354.5 million.

For the preceding quarter ended December 31, 2008, net income attributable to SEACOR Holdings Inc. was $70.5 million (see explanation below on the retrospective application of FSP APB 14-1), or $3.11 per diluted share, on operating revenues of $454.9 million. Comparison of results for the first quarter ended March 31, 2009 with the preceding quarter ended December 31, 2008 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services - Operating income in the first quarter was $76.5 million on operating revenues of $164.8 million compared with operating income of $97.2 million on operating revenues of $186.0 million in the preceding quarter. First quarter results included $14.4 million in gains on asset dispositions compared with $34.2 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $1.0 million lower in the first quarter.

Overall operating revenues were $21.2 million lower in the first quarter primarily due to net fleet dispositions, a shorter quarter, a reduction in rig moving activity in the U.S. Gulf of Mexico and lower overall utilization primarily due to cold-stacking eighteen vessels in the U.S. Gulf of Mexico. The number of days available for charter in the first quarter decreased by 919, or 6%. Overall utilization decreased from 87.5% to 80.9% and overall average day rates increased to $12,777 per day from $12,402 per day in the preceding quarter.

Operating expenses were $14.6 million lower in the first quarter primarily due to net fleet dispositions, the impact of cold-stacking vessels, reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to cost reductions following the restructuring of the international group and a reduction in the provision for doubtful accounts following the collection of outstanding receivable balances.

Marine Transportation Services - Operating income in the first quarter was $0.6 million on operating revenues of $26.5 million compared with operating income of $2.1 million on operating revenues of $28.8 million in the preceding quarter.

The reduction in operating income was primarily due to 24 days of out-of-service time during the first quarter for the Seabulk Energy while undergoing a regulatory drydocking. Operating income improved for the Seabulk Pride, which worked the entire first quarter following its return to service on October 21, 2008 after undergoing a regulatory drydocking. In addition, fuel expenses were lower due to a reduction in spot market activity and lower prices.

Inland River Services - Operating income in the first quarter was $12.9 million on operating revenues of $37.0 million compared with operating income of $20.4 million on operating revenues of $44.0 million in the preceding quarter. First quarter results included $2.3 million in gains on asset dispositions compared with $4.1 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $5.6 million lower in the first quarter primarily due to weaker demand for non-grain shipments. Operating income improved for towboats and liquid tank barges primarily due to the addition of new equipment.

Aviation Services - Operating income in the first quarter was $6.3 million on operating revenues of $59.4 million compared with an operating loss of $3.2 million on operating revenues of $57.6 million in the preceding quarter.

The improvement in operating income was primarily due to increased activity in the U.S. Gulf of Mexico and a decrease in operating expenses due to lower fuel prices, the timing of repairs and maintenance and a reduction in hurricane related clean-up activities. In addition, operating results improved in the air medical services business. Administrative and general expenses were lower primarily due to a reduction in the provision for doubtful accounts following the recovery of a receivable balance from a major Alaska-based customer and depreciation was lower as certain assets acquired in a 2004 acquisition reached the end of their depreciable lives.

Environmental Services - Operating income in the first quarter was $1.2 million on operating revenues of $34.2 million compared with operating income of $5.5 million on operating revenues of $45.4 million in the preceding quarter. The decrease in operating income was primarily due to a reduction in emergency response activity.

Commodity Trading - Operating income in the first quarter was $0.8 million on operating revenues of $64.5 million compared with an operating loss of $3.8 million on operating revenues of $79.9 million in the preceding quarter. Operating results in the first quarter were improved due to lower insurance expenses and lower wage and benefit costs.

Harbor and Offshore Towing Services - Operating income in the first quarter was $1.7 million on operating revenues of $16.3 million compared with operating income of $2.4 million on operating revenues of $16.8 million in the preceding quarter. The decrease in operating results was primarily due to generally lower activity levels.

Interest Income - Interest income was $1.0 million in the first quarter compared with $2.6 million in the preceding quarter. The decrease was primarily due to lower interest rates.

Interest Expense - Interest expense was $14.3 million in the first quarter compared with $15.3 million in the preceding quarter. The decrease in interest expense was primarily due to the Company's first quarter purchases of $16.9 million in principal amount of its Senior Notes and Convertible Debentures partially offset by its drawdown of $25.0 million on its unsecured revolving credit facility, resulting in a lower overall interest rate. The impact of adopting FSP APB 14-1, as described below, was an additional $2.1 million of pre-tax, non-cash interest expense in the first quarter and an additional $2.0 million of pre-tax, non-cash interest expense in the preceding quarter.

Debt Extinguishment - During the first quarter, the Company recorded gains of $1.4 million on the purchases of $16.9 million in principal amount of its Senior Notes and Convertible Debentures compared with gains of $6.3 million on the purchases of $101.8 million in principal amount of its Senior Notes in the preceding quarter. The gains resulted from the purchase of these notes at average prices below par and the recognition of unamortized net premiums.

Marketable Securities - Marketable security losses were $4.0 million in the first quarter compared with losses of $0.5 million in the preceding quarter.

Derivatives - Derivative gains were $3.6 million in the first quarter compared with losses of $4.5 million in the preceding quarter. The gains in the first quarter were primarily due to gains on equity index and option positions and commodity futures contracts.

Foreign Currencies - Foreign currency gains were $0.7 million in the first quarter compared with losses of $4.4 million in the preceding quarter. Losses in the preceding quarter were primarily due to the strengthening of the U.S. dollar versus the pound sterling.

Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from joint ventures was $3.5 million in the first quarter compared with equity in earnings of $4.0 million in the preceding quarter.

Capital Commitments - The Company's unfunded capital commitments as of March 31, 2009, consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $124.6 million, of which $87.0 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.9 million may be terminated without further liability other than the payment of liquidated damages of $3.1 million in the aggregate. Subsequent to the end of the quarter, the Company committed to purchase additional equipment for $8.0 million. As of March 31, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.2 million.

FSP APB 14-1 - Effective January 1, 2009, the Company adopted Financial Accounting Standards Board Staff Position, Accounting Principles Board 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) ("FSP APB 14-1"). FSP APB 14-1 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the entity'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 adopting FSP APB 14-1, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported retained earnings as of December 31, 2008 to $1.403 billion from $1.422 billion. Previously reported diluted earnings per common share remained unchanged.

SEACOR Holdings 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, inland river, aviation, environmental, commodity trading 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 retrofitted double-hull tankers, Seabulk Trader and Seabulk Challenge, 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 are incorporated by reference.

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


 Three Months
 Ended
 March 31,
 ----------------------
 2009 2008
 ---------- ----------

Operating Revenues $ 399,516 $ 354,455
 ---------- ----------

Costs and Expenses:
 Operating 248,412 235,040
 Administrative and general 38,682 39,005
 Depreciation and amortization 39,264 37,800
 ---------- ----------
 326,358 311,845
 ---------- ----------

Gains on Asset Dispositions and Impairments, Net 16,760 11,906
 ---------- ----------

Operating Income 89,918 54,516
 ---------- ----------

Other Income (Expense):
 Interest income 1,043 7,476
 Interest expense (14,337) (13,491)
 Debt extinguishment gains, net 1,363 --
 Marketable security losses, net (3,981) (5,684)
 Derivative gains, net 3,611 6,467
 Foreign currency gains, net 658 2,610
 Other, net 190 164
 ---------- ----------
 (11,453) (2,458)
 ---------- ----------
Income Before Income Tax Expense and Equity In
 Earnings of 50% or Less Owned Companies 78,465 52,058
Income Tax Expense 28,199 19,790
 ---------- ----------
Income Before Equity in Earnings of 50% or Less
 Owned Companies 50,266 32,268
Equity in Earnings of 50% or Less Owned Companies 3,527 4,579
 ---------- ----------
Net Income 53,793 36,847
Net Income attributable to Noncontrolling Interests
 in Subsidiaries 799 202
 ---------- ----------
Net Income attributable to SEACOR Holdings Inc. $ 52,994 $ 36,645
 ========== ==========

Basic Earnings Per Common Share of SEACOR Holdings
 Inc. $ 2.68 $ 1.64

Diluted Earnings Per Common Share of SEACOR
 Holdings Inc. $ 2.36 $ 1.50

Weighted Average Common Shares of Outstanding:
 Basic 19,761,776 22,343,655
 Diluted 23,507,459 26,011,338







 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,
 2009 2008 2008 2008 2008
 --------- --------- --------- --------- ---------

Operating Revenues $ 399,516 $ 454,926 $ 437,608 $ 408,967 $ 354,455
 --------- --------- --------- --------- ---------

Costs and Expenses:
 Operating 248,412 291,898 269,874 274,304 235,040
 Administrative and
 general 38,682 49,291 41,487 45,095 39,005
 Depreciation and
 amortization 39,264 41,300 39,598 37,728 37,800
 --------- --------- --------- --------- ---------
 326,358 382,489 350,959 357,127 311,845
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net 16,760 37,899 20,074 19,274 11,906
 --------- --------- --------- --------- ---------

Operating Income 89,918 110,336 106,723 71,114 54,516
 --------- --------- --------- --------- ---------

Other Income
 (Expense):
 Interest income 1,043 2,610 4,329 5,373 7,476
 Interest expense (14,337) (15,291) (16,409) (14,625) (13,491)
 Debt extinguishment
 gains (losses),
 net 1,363 6,266 -- (1) --
 Marketable security
 gains (losses),
 net (3,981) (544) 35,950 383 (5,684)
 Derivative gains
 (losses), net 3,611 (4,512) (8,430) (7,113) 6,467
 Foreign currency
 gains (losses),
 net 658 (4,368) (6,683) 604 2,610
 Other, net 190 83 (89) 162 164
 --------- --------- --------- --------- ---------
 (11,453) (15,756) 8,668 (15,217) (2,458)
 --------- --------- --------- --------- ---------
Income Before Income
 Tax Expense and
 Equity In Earnings
 of 50% or Less Owned
 Companies 78,465 94,580 115,391 55,897 52,058
Income Tax Expense 28,199 28,000 42,849 19,933 19,790
 --------- --------- --------- --------- ---------
Income Before Equity
 in Earnings of 50%
 or Less Owned
 Companies 50,266 66,580 72,542 35,964 32,268
Equity in Earnings of
 50% or Less Owned
 Companies 3,527 4,015 2,160 1,315 4,579
 --------- --------- --------- --------- ---------
Net Income 53,793 70,595 74,702 37,279 36,847
Net Income
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries 799 124 363 191 202
 --------- --------- --------- --------- ---------
Net Income
 attributable to
 SEACOR Holdings Inc. $ 52,994 $ 70,471 $ 74,339 $ 37,088 $ 36,645
 ========= ========= ========= ========= =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings Inc. $ 2.68 $ 3.58 $ 3.68 $ 1.74 $ 1.64

Diluted Earnings Per
 Common Share of
 SEACOR Holdings Inc. $ 2.36 $ 3.11 $ 3.20 $ 1.57 $ 1.50

Weighted Average
 Common Shares of
 Outstanding:
 Basic 19,762 19,704 20,183 21,363 22,344
 Diluted 23,507 23,471 23,999 25,171 26,011
Common Shares
 Outstanding at
 Period End 20,191 20,018 19,976 21,117 22,223







 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,
 2009 2008 2008 2008 2008
 --------- --------- --------- --------- ---------

Offshore Marine Services
Operating Revenues $ 164,783 $ 185,956 $ 196,911 $ 171,214 $ 154,647
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating 78,839 93,443 97,790 104,599 94,270
 Administrative and
 general 10,198 15,344 14,473 15,801 12,804
 Depreciation and
 amortization 13,689 14,146 13,689 13,674 14,125
 --------- --------- --------- --------- ---------
 102,726 122,933 125,952 134,074 121,199
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net 14,446 34,200 13,516 14,352 7,138
 --------- --------- --------- --------- ---------
Operating Income $ 76,503 $ 97,223 $ 84,475 $ 51,492 $ 40,586
 ========= ========= ========= ========= =========

Marine Transportation
 Services
Operating Revenues $ 26,537 $ 28,776 $ 27,535 $ 28,764 $ 28,953
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating 16,771 16,874 22,391 16,762 16,219
 Administrative and
 general 1,184 1,771 1,486 1,607 1,438
 Depreciation and
 amortization 7,999 7,997 7,997 8,039 7,980
 --------- --------- --------- --------- ---------
 25,954 26,642 31,874 26,408 25,637
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions -- -- -- -- 3,629
 --------- --------- --------- --------- ---------
Operating Income (Loss) $ 583 $ 2,134 $ (4,339) $ 2,356 $ 6,945
 ========= ========= ========= ========= =========

Inland River Services
Operating Revenues $ 37,014 $ 44,038 $ 36,517 $ 33,322 $ 30,145
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating 19,409 21,304 23,079 21,310 16,726
 Administrative and
 general 2,136 2,048 1,800 1,916 2,123
 Depreciation and
 amortization 4,866 4,440 4,146 4,032 3,964
 --------- --------- --------- --------- ---------
 26,411 27,792 29,025 27,258 22,813
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions 2,261 4,138 4,073 1,472 711
 --------- --------- --------- --------- ---------
Operating Income $ 12,864 $ 20,384 $ 11,565 $ 7,536 $ 8,043
 ========= ========= ========= ========= =========

Aviation Services
Operating Revenues $ 59,385 $ 57,557 $ 73,483 $ 63,795 $ 53,792
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating 40,317 44,931 49,991 46,697 39,871
 Administrative and
 general 4,151 5,432 5,174 4,895 4,629
 Depreciation and
 amortization 8,706 10,379 9,571 8,672 7,789
 --------- --------- --------- --------- ---------
 53,174 60,742 64,736 60,264 52,289
 --------- --------- --------- --------- ---------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net 45 (26) 1,307 3,208 394
 --------- --------- --------- --------- ---------
Operating Income (Loss) $ 6,256 $ (3,211) $ 10,054 $ 6,739 $ 1,897
 ========= ========= ========= ========= =========

Environmental Services
Operating Revenues $ 34,234 $ 45,360 $ 42,177 $ 37,984 $ 42,509
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating 24,077 30,253 29,904 26,571 30,598
 Administrative and
 general 7,241 7,471 5,924 8,423 5,709
 Depreciation and
 amortization 1,754 2,161 2,033 1,414 1,445
 --------- --------- --------- --------- ---------
 33,072 39,885 37,861 36,408 37,752
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions 8 5 -- 84 35
 --------- --------- --------- --------- ---------
Operating Income $ 1,170 $ 5,480 $ 4,316 $ 1,660 $ 4,792
 ========= ========= ========= ========= =========





 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,
 2009 2008 2008 2008 2008
 --------- --------- -------- -------- --------

Commodity Trading
Operating Revenues $ 64,503 $ 79,881 $ 44,290 $ 55,419 $ 28,674
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating 61,871 78,425 37,746 46,977 26,757
 Administrative and
 general 1,839 5,231 1,358 1,644 727
 Depreciation and
 amortization -- -- -- -- --
 --------- --------- -------- -------- --------
 63,710 83,656 39,104 48,621 27,484
 --------- --------- -------- -------- --------

Gains on Asset
 Dispositions -- -- -- -- --
 --------- --------- -------- -------- --------
Operating Income
 (Loss) $ 793 $ (3,775) $ 5,186 $ 6,798 $ 1,190
 ========= ========= ======== ======== ========

Harbor and Offshore Towing
 Services
Operating Revenues $ 16,346 $ 16,792 $ 19,529 $ 19,929 $ 16,257
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating 10,704 9,812 11,941 12,959 11,109
 Administrative and
 general 2,020 2,654 2,571 2,398 1,771
 Depreciation and
 amortization 1,952 1,940 1,884 1,648 2,267
 --------- --------- -------- -------- --------
 14,676 14,406 16,396 17,005 15,147
 --------- --------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions -- (5) -- 158 --
 --------- --------- -------- -------- --------
Operating Income $ 1,670 $ 2,381 $ 3,133 $ 3,082 $ 1,110
 ========= ========= ======== ======== ========

Other
Operating Revenues $ -- $ -- $ 270 $ 104 $ --
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating -- -- -- -- --
 Administrative and
 general 206 122 117 131 202
 Depreciation and
 amortization -- -- 3 8 --
 --------- --------- -------- -------- --------
 206 122 120 139 202
 --------- --------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions -- (16) 1,178 -- --
 --------- --------- -------- -------- --------
Operating Income
 (Loss) $ (206) $ (138) $ 1,328 $ (35) $ (202)
 ========= ========= ======== ======== ========

Corporate and Eliminations
Operating Revenues $ (3,286) $ (3,434) $ (3,104) $ (1,564) $ (522)
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating (3,576) (3,144) (2,968) (1,571) (510)
 Administrative and
 general 9,707 9,218 8,584 8,280 9,602
 Depreciation and
 amortization 298 237 275 241 230
 --------- --------- -------- -------- --------
 6,429 6,311 5,891 6,950 9,322
 --------- --------- -------- -------- --------

Losses on Asset
 Dispositions and
 Impairments, Net -- (397) -- -- (1)
 --------- --------- -------- -------- --------
Operating Loss $ (9,715) $ (10,142) $ (8,995) $ (8,514) $ (9,845)
 ========= ========= ======== ======== ========






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



 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2009 2008 2008 2008 2008
 ----------- ----------- ----------- ----------- -----------
 ASSETS
Current
 Assets:
 Cash and
 cash
 equivalents $ 376,720 $ 275,442 $ 326,143 $ 422,569 $ 444,787
 Restricted
 cash 23,984 20,787 23,659 30,072 39,152
 Marketable
 securities 50,785 53,817 72,862 97,920 75,669
 Receivables:
 Trade, net
 of
 allowance
 for
 doubtful
 accounts 262,170 277,350 294,330 272,291 250,789
 Other 41,515 40,141 57,892 54,520 72,073
 Inventories 62,065 66,278 50,234 42,063 35,021
 Deferred
 income
 taxes 5,164 5,164 9,929 9,929 9,929
 Prepaid
 expenses
 and other 11,286 10,499 8,943 12,067 9,196
 ----------- ----------- ----------- ----------- -----------
 Total
 current
 assets 833,689 749,478 843,992 941,431 936,616
 ----------- ----------- ----------- ----------- -----------
Property and
 Equipment 2,761,837 2,741,322 2,706,500 2,665,956 2,511,118
 Accumulated
 depre-
 ciation (649,971) (601,806) (596,017) (578,100) (554,838)
 ----------- ----------- ----------- ----------- -----------
 Net
 property
 and
 equipment 2,111,866 2,139,516 2,110,483 2,087,856 1,956,280
 ----------- ----------- ----------- ----------- -----------
Investments,
 at Equity,
 and
 Receivables
 from 50% or
 Less Owned
 Companies 158,066 150,062 143,190 115,701 117,409
Construction
 Reserve
 Funds & Title
 XI Reserve
 Funds 297,681 305,757 265,586 270,357 413,681
Goodwill 52,919 51,496 61,401 63,101 62,020
Intangible
 Assets 27,230 28,478 29,707 28,079 29,292
Other Assets,
 net of
 allowance
 for doubtful
 accounts 36,086 34,867 30,606 39,430 33,845
 ----------- ----------- ----------- ----------- -----------
 $ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143
 =========== =========== =========== =========== ===========

 LIABILITIES
 AND EQUITY
Current
 Liabilities:
 Current
 portion of
 long-term
 debt $ 12,301 $ 33,671 $ 10,301 $ 10,385 $ 11,414
 Current
 portion of
 capital
 lease
 obligations 921 907 15,074 33,682 864
 Accounts
 payable
 and
 accrued
 expenses 104,023 102,798 105,496 101,942 93,079
 Other
 current
 liabilities 145,421 139,425 226,395 273,185 254,522
 ----------- ----------- ----------- ----------- -----------
 Total
 current
 liabilities 262,666 276,801 357,266 419,194 359,879
 ----------- ----------- ----------- ----------- -----------
Long-Term
 Debt 910,156 895,689 904,072 898,265 897,005
Capital Lease
 Obligations 7,426 7,685 7,940 8,192 8,439
Deferred
 Income Taxes 530,825 515,455 520,871 501,602 503,855
Deferred
 Gains and
 Other
 Liabilities 111,714 121,796 126,281 127,217 131,259
 ----------- ----------- ----------- ----------- -----------
 Total
 liabilities 1,822,787 1,817,426 1,916,430 1,954,470 1,900,437
 ----------- ----------- ----------- ----------- -----------
Equity:
 SEACOR
 Holdings
 Inc.
 stockholders
 equity:
 Preferred
 stock -- -- -- -- --
 Common
 stock 325 324 323 323 323
 Additional
 paid-in
 capital 959,092 956,457 951,109 947,791 944,760
 Retained
 earnings 1,455,765 1,402,771 1,332,300 1,257,961 1,220,873
 Shares
 held in
 treasury,
 at cost (723,154) (724,357) (724,165) (628,041) (531,236)
 Accumulated
 other
 comprehensive
 income
 (loss) (5,614) (5,045) (2,977) 1,470 1,779
 ----------- ----------- ----------- ----------- -----------
 1,686,414 1,630,150 1,556,590 1,579,504 1,636,499
 Noncontrolling
 interests in
 subsidiaries 8,336 12,078 11,945 11,981 12,207
 ----------- ----------- ----------- ----------- -----------
 Total
 equity 1,694,750 1,642,228 1,568,535 1,591,485 1,648,706
 ----------- ----------- ----------- ----------- -----------
 $ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143
 =========== =========== =========== =========== ===========




 SEACOR HOLDINGS INC.
 EQUIPMENT BY LINE OF BUSINESS




 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2009 2008 2008 2008 2008
 -------- -------- --------- -------- --------

Offshore Marine Services
Anchor handling towing
 supply 21 20 20 20 20
Crew 71 75 77 76 77
Mini-supply 15 16 19 20 21
Standby safety 28 29 29 29 29
Supply 28 27 27 28 26
Towing supply 13 14 15 16 18
Specialty 9 9 10 13 14
 -------- -------- --------- -------- --------
 185 190 197 202 205
 ======== ======== ========= ======== ========

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

Inland River Services
Inland river dry cargo
 barges-open 333 345 338 318 318
Inland river dry cargo
 barges-covered 629 632 637 659 665
Inland river liquid tank
 barges 87 86 75 75 70
Inland river deck barges 26 26 26 26 26
Inland river towboats 23 22 21 20 20
Dry-cargo vessel 1 -- -- -- --
 -------- -------- --------- -------- --------
 1,099 1,111 1,097 1,098 1,099
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Aviation Services
Light helicopters -
 single engine 64 63 62 62 64
Light helicopters -
 twin engine 55 55 53 55 54
Medium helicopters 63 62 58 57 55
Heavy helicopters 6 7 6 5 3
 -------- -------- --------- -------- --------
 188 187 179 179 176
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Harbor and Offshore
 Towing Services
Harbor and offshore tugs 35 35 35 35 36
Ocean liquid tank barges 3 3 3 2 2
 -------- -------- --------- -------- --------
 38 38 38 37 38
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