SEACOR Holdings Announces Fourth Quarter Results

FORT LAUDERDALE, FL--(Marketwire - February 17, 2011) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the fourth quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2010 was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million. For the year ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $244.7 million, or $11.25 per diluted share, on operating revenues of $2,649.4 million.

Fourth quarter results were negatively impacted by an extremely soft market for offshore marine equipment in the U.S. Gulf of Mexico. In the aftermath of the Deepwater Horizon oil spill response, and despite the October 2010 lifting of the government-imposed moratorium on deepwater drilling, the U.S. offshore industry has been crippled by a virtual shut-down in the issuance of drilling permits by the Bureau of Ocean Energy Management, Regulation and Enforcement.

For the preceding quarter ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million.

For the quarter ended December 31, 2009, net income attributable to SEACOR Holdings Inc. was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. For the year 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.

Highlights for the Quarter

Offshore Marine Services -- Operating income was $0.9 million on operating revenues of $100.6 million compared with operating income of $69.3 million on operating revenues of $160.9 million in the preceding quarter. Fourth quarter results included $2.1 million in gains on asset dispositions compared with $12.7 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, operating income was $51.2 million lower than the preceding quarter primarily due to the fall off in activity related to the Deepwater Horizon event. The number of vessel days in support of the Deepwater Horizon oil spill response activities decreased from 1,772 in the third quarter to 336 in the fourth quarter. In the fourth quarter, utilization was 50.4% compared with 82.7% in the third quarter. Average day rates decreased from $18,091 per day to $11,669 per day. As of December 31, 2010, the Company had 13 vessels cold-stacked in the U.S. Gulf of Mexico, compared with seven as of September 30, 2010. During the fourth quarter, six vessels were returned to leasing companies and one vessel was sold. Other operating revenues in the U.S. Gulf of Mexico were $6.9 million lower primarily due to a reduction in the billings for other specialized equipment and services associated with the Deepwater Horizon oil spill response.

Operating income associated with international operations was $17.3 million lower than the preceding quarter primarily due to lower gains on asset dispositions and a $7.8 million charge for the Company's share of a funding deficit arising from the March 2009 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund.

As of December 31, 2010, the Company had deferred $18.9 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing. Of this amount, $0.4 million was deferred in the fourth quarter. The Company will continue to recognize revenues as cash is received or earlier should future payments become determinable.

In the fourth quarter, the total number of days available for charter decreased by 318, or 2.6% due to net fleet dispositions, overall utilization decreased from 83.5% to 68.5% and overall average day rates decreased by 22.1% from $13,667 per day to $10,646 per day.

Aviation Services -- Aviation Services reported an operating loss in the fourth quarter of $0.1 million on operating revenues of $55.5 million compared with operating income of $11.9 million on operating revenues of $67.1 million in the preceding quarter.

The reduction in operating income was primarily due to fewer flight hours in the U.S. Gulf of Mexico as a result of the winding-down of activities in support of the Deepwater Horizon oil spill response and the end of seasonal activities in Alaska.

Inland River Services -- Operating income was $14.9 million on operating revenues of $52.3 million compared with operating income of $36.0 million on operating revenues of $41.4 million in the preceding quarter. Third quarter results included $29.4 million of gains on asset dispositions. Operations in the fourth quarter benefitted from higher freight rates and increased freight loadings as a result of seasonal harvest activity and favorable fleet positioning.

Marine Transportation Services -- Operating income was $1.4 million on operating revenues of $16.9 million compared with an operating loss of $17.3 million on operating revenues of $18.5 million in the preceding quarter. In the third quarter, the Company recognized an impairment charge of $18.7 million on the Seabulk America.

During the fourth quarter, the Company entered into arrangements with a leasing company for the sale and leaseback of two of its vessels. Total sales proceeds received were $181.0 million, which exceeded the combined carrying value of the vessels by $69.3 million. In accordance with generally accepted accounting principles in the U.S., the gains on these sales will be deferred and amortized over the minimum leaseback periods (158 months for one vessel and 143 months for the other) as reductions in future lease expense.

Environmental Services -- Operating income was $38.0 million on operating revenues of $163.4 million compared with operating income of $125.0 million on operating revenues of $468.2 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities associated with the Deepwater Horizon oil spill response.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment loss in the fourth quarter of $4.2 million on operating revenues of $178.9 million compared with a segment profit of $4.6 million on operating revenues of $216.9 million in the preceding quarter. Results reflected lower sales volumes for ethanol trading and reduced activity at the Company's alcohol manufacturing facility joint venture due to planned maintenance in the fourth quarter.

Other -- Other, primarily Harbor and Offshore Towing Services, reported an operating loss in the fourth quarter of $0.8 million on operating revenues of $16.4 million compared with operating income of $4.4 million on operating revenues of $20.0 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities in support of the Deepwater Horizon oil spill response and higher drydocking expenses.

Corporate and Eliminations -- Administrative and general expenses were $18.0 million in the fourth quarter compared with $9.0 million in the preceding quarter. The increase was primarily due to higher management bonus accruals, the acceleration of restricted stock awards and additional amounts designated for a foundation that will provide financial support to selected charities and projects in various parts of the Southeastern United States affected by the Deepwater Horizon oil spill.

Derivative gains, net, of $14.7 million was primarily due to gains on treasury and bond futures and interest rate swaps.

Debt Extinguishment -- Debt extinguishment losses, net, of $1.1 million resulted from the purchase of $16.5 million, in principal amount, of the Company's 7.375% Senior Notes due 2019.

Marketable Securities -- Marketable security gains, net, of $1.3 million were primarily the result of gains on long equity positions partially offset by losses on short equity positions.

Foreign Currency -- Foreign currency losses, net, of $3.5 million were primarily due to the weakening of the pound sterling and euro against the U.S. dollar.

Stock Repurchases -- During the fourth quarter, the Company purchased 118,600 shares of its common stock at an average price of $93.42 per share. At the end of the quarter, 21,399,508 shares of SEACOR's common stock remained outstanding.

Special Cash Dividend -- On December 21, 2010, the Company paid a Special Cash Dividend of $319.7 million, or $15.00 per common share, to shareholders of record on December 14, 2010.

Capital Commitments -- The Company's unfunded capital commitments as of December 31, 2010 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, inland river dry cargo barges and other equipment. These commitments totaled $254.3 million, of which $169.9 million is payable during 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to December 31, 2010, the Company committed to purchase additional equipment for $10.8 million. As of December 31, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $854.0 million.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, 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: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and 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, 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.

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


 Three Months Ended Twelve Months Ended
 December 31, December 31,
 ---------------------- ----------------------
 2010 2009 2010 2009
 ---------- ---------- ---------- ----------

Operating Revenues $ 580,384 $ 476,510 $2,649,368 $1,711,338
 ---------- ---------- ---------- ----------

Costs and Expenses:
 Operating 449,961 352,951 1,930,227 1,185,096
 Administrative and
 general 54,892 41,332 192,518 161,998
 Depreciation and
 amortization 39,173 40,728 163,490 160,092
 ---------- ---------- ---------- ----------
 544,026 435,011 2,286,235 1,507,186
 ---------- ---------- ---------- ----------

Gains on Asset Dispositions
 and Impairments, Net 3,285 5,147 45,238 27,675
 ---------- ---------- ---------- ----------

Operating Income 39,643 46,646 408,371 231,827
 ---------- ---------- ---------- ----------

Other Income (Expense):
 Interest income 3,094 2,056 8,882 4,466
 Interest expense (10,088) (16,364) (43,950) (59,043)
 Debt extinguishment
 losses, net (1,092) (9,659) (1,460) (5,587)
 Marketable security gains
 (losses), net 1,340 9,263 (2,159) 24,059
 Derivative gains, net 6,502 1,257 6,205 10,961
 Foreign currency gains
 (losses), net (3,511) 1,521 (6,127) 8,087
 Other, net 3,061 112 3,717 244
 ---------- ---------- ---------- ----------
 (694) (11,814) (34,892) (16,813)
 ---------- ---------- ---------- ----------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies 38,949 34,832 373,479 215,014
Income Tax Expense 13,250 15,626 140,674 82,492
 ---------- ---------- ---------- ----------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies 25,699 19,206 232,805 132,522
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax 1,501 3,223 13,179 12,581
 ---------- ---------- ---------- ----------
Net Income 27,200 22,429 245,984 145,103
Net Income attributable to
 Noncontrolling Interests
 in Subsidiaries 97 203 1,260 1,293
 ---------- ---------- ---------- ----------
Net Income attributable to
 SEACOR Holdings Inc. $ 27,103 $ 22,226 $ 244,724 $ 143,810
 ========== ========== ========== ==========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc. $ 1.30 $ 1.09 $ 11.43 $ 7.21

Diluted Earnings Per Common
 Share of SEACOR Holdings
 Inc. $ 1.27 $ 1.04 $ 11.25 $ 6.57

Weighted Average Common
 Shares Outstanding:
 Basic 20,843,159 20,323,967 21,402,441 19,950,702
 Diluted 21,306,355 23,417,449 21,757,217 23,388,168

Special Cash Dividend
 Declared and Paid Per
 Common Share of SEACOR
 Holdings Inc. $ 15.00 $ -- $ 15.00 $ --





 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,
 2010 2010 2010 2010 2009
 -------- -------- -------- -------- --------

Operating Revenues $580,384 $979,833 $694,576 $394,575 $476,510
 -------- -------- -------- -------- --------

Costs and Expenses:
 Operating 449,961 683,219 484,742 312,305 352,951
 Administrative and
 general 54,892 50,627 46,108 40,891 41,332
 Depreciation and
 amortization 39,173 41,312 41,608 41,397 40,728
 -------- -------- -------- -------- --------
 544,026 775,158 572,458 394,593 435,011
 -------- -------- -------- -------- --------

Gains on Asset
 Dispositions and
 Impairments, Net 3,285 23,896 4,398 13,659 5,147
 -------- -------- -------- -------- --------

Operating Income 39,643 228,571 126,516 13,641 46,646
 -------- -------- -------- -------- --------

Other Income (Expense):
 Interest income 3,094 2,562 1,863 1,363 2,056
 Interest expense (10,088) (10,274) (11,264) (12,324) (16,364)
 Debt extinguishment
 losses, net (1,092) -- (364) (4) (9,659)
 Marketable security
 gains (losses), net 1,340 (54) (5,406) 1,961 9,263
 Derivative gains
 (losses), net 6,502 1,648 (4,721) 2,776 1,257
 Foreign currency gains
 (losses), net (3,511) 7,585 (7,500) (2,701) 1,521
 Other, net 3,061 10 46 600 112
 -------- -------- -------- -------- --------
 (694) 1,477 (27,346) (8,329) (11,814)
 -------- -------- -------- -------- --------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies 38,949 230,048 99,170 5,312 34,832
Income Tax Expense 13,250 87,709 37,399 2,316 15,626
 -------- -------- -------- -------- --------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies 25,699 142,339 61,771 2,996 19,206
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax 1,501 7,933 2,876 869 3,223
 -------- -------- -------- -------- --------
Net Income 27,200 150,272 64,647 3,865 22,429
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries 97 334 565 264 203
 -------- -------- -------- -------- --------
Net Income attributable
 to SEACOR Holdings Inc. $ 27,103 $149,938 $ 64,082 $ 3,601 $ 22,226
 ======== ======== ======== ======== ========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc. $ 1.30 $ 7.21 $ 2.95 $ 0.16 $ 1.09

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc. $ 1.27 $ 7.14 $ 2.93 $ 0.16 $ 1.04

Weighted Average Common
 Shares of Outstanding:
 Basic 20,843 20,787 21,733 22,270 20,324
 Diluted 21,306 21,001 21,905 22,475 23,417
Common Shares Outstanding
 at Period End 21,400 21,231 21,218 22,552 22,613

Special Cash Dividend
 Declared and Paid
 Per Common Share of
 SEACOR Holdings Inc. $ 15.00 $ -- $ -- $ -- $ --





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


 Three Months Ended
 ------------------------------------------------
 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2010 2010 2010 2010 2009
 -------- -------- -------- -------- --------
Offshore Marine Services

Operating Revenues $100,631 $160,916 $147,123 $107,186 $121,203
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 76,607 79,205 80,011 73,764 72,205
 Administrative and
 general 13,037 12,378 12,931 12,449 12,770
 Depreciation and
 amortization 12,279 12,758 13,245 13,478 13,770
 -------- -------- -------- -------- --------
 101,923 104,341 106,187 99,691 98,745
 -------- -------- -------- -------- --------

Gains on Asset
 Dispositions and
 Impairments, Net 2,142 12,717 1,964 12,651 3,831
 -------- -------- -------- -------- --------
Operating Income 850 69,292 42,900 20,146 26,289
 -------- -------- -------- -------- --------
Other Income (Expense):
 Derivative losses, net -- -- -- -- (157)
 Foreign currency gains
 (losses), net (154) 977 425 374 1,781
 Other, net 1 -- -- -- --
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax 3,042 2,300 1,713 2,251 1,774
 -------- -------- -------- -------- --------
Segment Profit $ 3,739 $ 72,569 $ 45,038 $ 22,771 $ 29,687
 ======== ======== ======== ======== ========

Aviation Services
Operating Revenues $ 55,522 $ 67,136 $ 62,433 $ 50,275 $ 54,323
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 37,174 37,492 40,541 32,026 30,667
 Administrative and
 general 7,042 7,274 6,091 5,391 5,972
 Depreciation and
 amortization 11,287 10,889 10,728 10,447 9,876
 -------- -------- -------- -------- --------
 55,503 55,655 57,360 47,864 46,515
 -------- -------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net (117) 412 379 90 313
 -------- -------- -------- -------- --------
Operating Income (Loss) (98) 11,893 5,452 2,501 8,121
 -------- -------- -------- -------- --------
Other Income (Expense):
 Derivative gains
 (losses), net (27) (29) 38 (100) 33
 Foreign currency gains
 (losses), net 166 (81) (1,731) 135 (223)
 Other, net -- 50 -- -- --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax (83) 663 (442) (275) (297)
 -------- -------- -------- -------- --------
Segment Profit (Loss) $ (42) $ 12,496 $ 3,317 $ 2,261 $ 7,634
 ======== ======== ======== ======== ========

Inland River Services
Operating Revenues $ 52,284 $ 41,381 $ 34,596 $ 33,436 $ 53,607
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 29,542 26,535 21,547 19,554 32,052
 Administrative and
 general 3,114 2,898 2,618 2,061 2,137
 Depreciation and
 amortization 5,472 5,415 4,958 4,876 4,756
 -------- -------- -------- -------- --------
 38,128 34,848 29,123 26,491 38,945
 -------- -------- -------- -------- --------

Gains on Asset
 Dispositions 697 29,445 899 887 1,236
 -------- -------- -------- -------- --------
Operating Income 14,853 35,978 6,372 7,832 15,898
 -------- -------- -------- -------- --------
Other Income (Expense):
 Other, net 2,227 -- -- 10 --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax (521) 3,522 805 (98) 1,868
 -------- -------- -------- -------- --------
Segment Profit $ 16,559 $ 39,500 $ 7,177 $ 7,744 $ 17,766
 ======== ======== ======== ======== ========





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


 Three Months Ended
 ------------------------------------------------
 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2010 2010 2010 2010 2009
 -------- -------- -------- -------- --------

Marine Transportation
 Services
Operating Revenues $ 16,908 $ 18,540 $ 21,263 $ 19,452 $ 20,497
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 8,174 8,754 8,915 13,432 10,585
 Administrative and
 general 2,040 1,087 1,038 837 1,043
 Depreciation and
 amortization 5,309 7,320 8,008 8,008 8,005
 -------- -------- -------- -------- --------
 15,523 17,161 17,961 22,277 19,633
 -------- -------- -------- -------- --------

Losses on Asset
 Dispositions and
 Impairments -- (18,677) (11) -- --
 -------- -------- -------- -------- --------
Operating Income (Loss) 1,385 (17,298) 3,291 (2,825) 864
 -------- -------- -------- -------- --------
Other Income (Expense):
 Foreign currency gains
 (losses), net (13) 61 (41) 15 1
 -------- -------- -------- -------- --------
Segment Profit (Loss) $ 1,372 $(17,237) $ 3,250 $ (2,810) $ 865
 ======== ======== ======== ======== ========

Environmental Services
Operating Revenues $163,380 $468,226 $214,629 $ 28,158 $ 44,531
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 116,346 329,497 127,108 20,337 32,822
 Administrative and
 general 7,485 11,508 6,525 6,037 6,155
 Depreciation and
 amortization 2,065 2,249 2,099 1,983 1,811
 -------- -------- -------- -------- --------
 125,896 343,254 135,732 28,357 40,788
 -------- -------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions 563 -- (36) (17) (208)
 -------- -------- -------- -------- --------
Operating Income (Loss) 38,047 124,972 78,861 (216) 3,535
 -------- -------- -------- -------- --------
Other Income (Expense):
 Foreign currency gains
 (losses), net (115) 3 (23) 30 (11)
 Other, net 1 -- -- -- --
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax 58 533 54 38 90
 -------- -------- -------- -------- --------
Segment Profit (Loss) $ 37,991 $125,508 $ 78,892 $ (148) $ 3,614
 ======== ======== ======== ======== ========

Commodity Trading and
 Logistics
Operating Revenues $178,944 $216,896 $203,064 $142,992 $171,354
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 173,922 204,467 203,374 147,372 168,694
 Administrative and
 general 1,184 3,716 3,791 2,744 3,632
 Depreciation and
 amortization 13 13 15 20 20
 -------- -------- -------- -------- --------
 175,119 208,196 207,180 150,136 172,346
 -------- -------- -------- -------- --------
Operating Income (Loss) 3,825 8,700 (4,116) (7,144) (992)
 -------- -------- -------- -------- --------
Other Income (Expense):
 Derivative gains
 (losses), net (8,192) (5,307) 4,611 4,308 802
 Foreign currency gains
 (losses), net 26 190 (30) (717) 49
 Other, net 781 -- 6 -- (1)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax (611) 1,042 (13) (1,022) (282)
 -------- -------- -------- -------- --------
Segment Profit (Loss) $ (4,171) $ 4,625 $ 458 $ (4,575) $ (424)
 ======== ======== ======== ======== ========





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


 Three Months Ended
 ------------------------------------------------
 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2010 2010 2010 2010 2009
 -------- -------- -------- -------- --------

Other
Operating Revenues $ 16,395 $ 20,031 $ 18,969 $ 17,440 $ 16,193
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 11,872 10,559 10,895 10,039 11,110
 Administrative and
 general 3,031 2,803 2,793 2,845 3,211
 Depreciation and
 amortization 2,289 2,224 2,107 2,183 2,198
 -------- -------- -------- -------- --------
 17,192 15,586 15,795 15,067 16,519
 -------- -------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions -- -- 1,203 -- (25)
 -------- -------- -------- -------- --------
Operating Income (Loss) (797) 4,445 4,377 2,373 (351)
 -------- -------- -------- -------- --------
Other Income (Expense):
 Foreign currency gains
 (losses), net (17) 34 (15) (18) (5)
 Other, net 10 -- 34 -- --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax (384) (127) 759 (25) 70
 -------- -------- -------- -------- --------
Segment Profit (Loss) $ (1,188) $ 4,352 $ 5,155 $ 2,330 $ (286)
 ======== ======== ======== ======== ========

Corporate and
 Eliminations
Operating Revenues $ (3,680) $(13,293) $ (7,501) $ (4,364) $ (5,198)
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating (3,676) (13,290) (7,649) (4,219) (5,184)
 Administrative and
 general 17,959 8,963 10,321 8,527 6,412
 Depreciation and
 amortization 459 444 448 402 292
 -------- -------- -------- -------- --------
 14,742 (3,883) 3,120 4,710 1,520
 -------- -------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions -- (1) -- 48 --
 -------- -------- -------- -------- --------
Operating Loss $(18,422) $ (9,411) $(10,621) $ (9,026) $ (6,718)
 ======== ======== ======== ======== ========
Other Income (Expense):
 Derivative gains
 (losses), net $ 14,721 $ 6,984 $ (9,370) $ (1,432) $ 579
 Foreign currency gains
 (losses), net (3,404) 6,401 (6,085) (2,520) (71)
 Other, net 41 (40) 6 590 113





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


 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2010 2010 2010 2010 2009
 ---------- ---------- ---------- ---------- ----------
 ASSETS
Current Assets:
 Cash and cash
 equivalents $ 370,028 $ 662,278 $ 398,498 $ 452,161 $ 465,904
 Restricted cash 12,651 14,823 9,421 35,924 34,014
 Marketable
 securities 147,409 103,150 86,457 63,171 68,139
 Receivables:
 Trade, net of
 allowance for
 doubtful
 accounts 450,912 512,131 449,142 288,074 301,143
 Other 72,448 44,550 50,345 69,892 78,689
 Inventories 67,498 66,024 74,434 76,453 76,949
 Deferred income
 taxes 5,442 3,354 3,354 3,354 3,354
 Prepaid expenses
 and other 18,414 17,570 24,075 21,733 15,725
 ---------- ---------- ---------- ---------- ----------
 Total current
 assets 1,144,802 1,423,880 1,095,726 1,010,762 1,043,917
 ---------- ---------- ---------- ---------- ----------
Property and
 Equipment 2,803,754 2,899,150 2,896,777 2,886,410 2,833,011
 Accumulated
 depreciation (835,032) (850,428) (821,641) (785,119) (754,263)
 ---------- ---------- ---------- ---------- ----------
 Net property
 and equipment 1,968,722 2,048,722 2,075,136 2,101,291 2,078,748
 ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Receivables from
 50% or Less Owned
 Companies 182,387 148,334 201,474 186,605 186,814
Construction Reserve
 Funds & Title XI
 Reserve Funds 323,885 272,259 227,184 252,672 289,750
Goodwill 61,779 54,764 54,653 54,443 54,571
Intangible Assets 21,169 21,627 21,195 22,369 23,554
Other Assets, net
 of allowance for
 doubtful accounts 57,645 52,846 51,522 55,430 46,265
 ---------- ---------- ---------- ---------- ----------
 $3,760,389 $4,022,432 $3,726,890 $3,683,572 $3,723,619
 ========== ========== ========== ========== ==========

 LIABILITIES AND
 EQUITY
Current Liabilities:
 Current portion
 of long-term
 debt $ 14,618 $ 13,809 $ 14,154 $ 22,731 $ 36,436
 Current portion
 of capital lease
 obligations 1,030 1,014 998 982 966
 Accounts payable
 and accrued
 expenses 322,785 336,968 223,277 98,984 135,425
 Other current
 liabilities 197,080 237,738 209,571 178,112 142,285
 ---------- ---------- ---------- ---------- ----------
 Total current
 liabilities 535,513 589,529 448,000 300,809 315,112
 ---------- ---------- ---------- ---------- ----------
Long-Term Debt 697,427 681,268 682,134 747,787 748,704
Capital Lease
 Obligations 5,493 5,783 6,067 6,348 6,624
Deferred Income
 Taxes 567,880 586,466 572,985 574,390 575,440
Deferred Gains and
 Other Liabilities 156,711 88,130 96,510 100,835 111,848
 ---------- ---------- ---------- ---------- ----------
 Total
 liabilities 1,963,024 1,951,176 1,805,696 1,730,169 1,757,728
 ---------- ---------- ---------- ---------- ----------
Equity:
 SEACOR Holdings
 Inc. stockholders'
 equity:
 Preferred stock -- -- -- -- --
 Common stock 361 358 358 357 356
 Additional
 paid-in
 capital 1,225,296 1,196,445 1,191,943 1,186,871 1,182,023
 Retained
 earnings 1,471,623 1,764,202 1,614,264 1,550,182 1,546,581
 Shares held in
 treasury, at
 cost (903,004) (891,887) (887,129) (786,992) (768,438)
 Accumulated
 other
 comprehensive
 loss (7,039) (7,568) (7,839) (5,862) (3,260)
 ---------- ---------- ---------- ---------- ----------
 1,787,237 2,061,550 1,911,597 1,944,556 1,957,262
 Noncontrolling
 interests in
 subsidiaries 10,128 9,706 9,597 8,847 8,629
 ---------- ---------- ---------- ---------- ----------
 Total equity 1,797,365 2,071,256 1,921,194 1,953,403 1,965,891
 ---------- ---------- ---------- ---------- ----------
 $3,760,389 $4,022,432 $3,726,890 $3,683,572 $3,723,619
 ========== ========== ========== ========== ==========





 SEACOR HOLDINGS INC.
 FLEET COUNTS


 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2010 2010 2010 2010 2009
 -------- -------- -------- -------- --------

Offshore Marine Services
Anchor handling towing
 supply 20 20 20 20 23
Crew 52 54 57 57 57
Mini-supply 9 12 12 11 11
Standby safety 26 26 26 25 25
Supply 27 27 27 26 27
Towing supply 8 8 9 10 13
Specialty 12 12 12 12 9
 -------- -------- -------- -------- --------
 154 159 163 161 165
 ======== ======== ======== ======== ========

Aviation Services
Light helicopters -
 single engine 60 60 60 60 60
Light helicopters - twin
 engine 45 45 46 48 47
Medium helicopters 62 59 59 59 59
Heavy helicopters 9 9 9 9 8
 -------- -------- -------- -------- --------
 176 173 174 176 174
 ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo
 barges 1,388 1,394 1,449 1,419 1,395
Inland river liquid tank
 barges 80 86 87 87 87
Inland river deck barges 26 26 26 26 26
Inland river towboats 32 32 29 29 29
Dry-cargo vessel 1 1 1 1 1
 -------- -------- -------- -------- --------
 1,527 1,539 1,592 1,562 1,538
 ======== ======== ======== ======== ========

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

Other
Harbor and offshore tugs 30 31 31 31 31
Ocean liquid tank barges 5 5 5 6 6
 -------- -------- -------- -------- --------
 35 36 36 37 37
 ======== ======== ======== ======== ========