SEACOR Holdings Announces Fourth Quarter Results

FORT LAUDERDALE, FL--(Marketwire - February 19, 2008) - SEACOR Holdings Inc. (NYSE: CKH) announced net income for the fourth quarter ended December 31, 2007 of $67.9 million, or $2.62 per diluted share, on operating revenues of $363.1 million. For the twelve months ended December 31, 2007, net income was $241.6 million, or $9.04 per diluted share, on operating revenues of $1,359.2 million.

For the fourth quarter ended December 31, 2006, net income was $58.4 million, or $2.12 per diluted share, on operating revenues of $337.2 million. For the twelve months ended December 31, 2006, net income was $234.4 million, or $8.44 per diluted share, on operating revenues of $1,323.4 million.

For the preceding quarter ended September 30, 2007, net income was $70.3 million, or $2.66 per diluted share, on operating revenues of $360.0 million.

Highlights for the Quarter

Offshore Marine Services - Operating income in the fourth quarter was $66.1 million on operating revenues of $170.4 million compared to operating income of $70.3 million on operating revenues of $179.6 million in the preceding quarter. Fourth quarter results included gains on asset dispositions of $22.5 million compared to $13.2 million in the preceding quarter.

The number of days available for charter in the fourth quarter decreased by 366, or 2.1%, due to a net reduction in fleet count. Overall average day rates increased from $11,769 to $12,262 per day. Overall utilization decreased from 83.6% to 75.8%, primarily due to a softening of the shelf market in the U.S. Gulf of Mexico and increased out-of-service time for vessels undergoing drydocking and repairs.

Operating expenses in the fourth quarter were higher, primarily due to increased regulatory drydocking activity, higher repair and insurance costs, and increased costs to charter-in third party vessels. Payroll related expenses were lower, primarily due to a $3.9 million pension charge in the prior quarter for the United Kingdom Merchant Navy Officers Pension Fund.

Marine Transportation Services - Marine Transportation Services reported an operating loss in the fourth quarter of $6.5 million on operating revenues of $31.8 million compared to an operating loss of $2.2 million on operating revenues of $27.7 million in the preceding quarter.

Operating results were negatively impacted by one vessel being off-hire for 31 days while undergoing a regulatory drydocking and by another vessel being off-hire for 49 days while completing a retrofit to a double-hull configuration before returning to service in November. These two vessels accounted for operating losses of $11.1 million in the fourth quarter.

Operating revenues and operating expenses were higher in the fourth quarter due to two vessels being contracted to transport grain cargos under the World Food Program before being sold in January 2008. These vessels accounted for operating losses of $1.6 million in the fourth quarter.

Inland River Services - Operating income in the fourth quarter was $34.4 million on operating revenues of $33.9 million compared to operating income of $12.0 million on operating revenues of $32.7 million in the preceding quarter. Fourth quarter results included gains on asset dispositions of $22.7 million compared to $1.6 million in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $1.3 million higher in the fourth quarter primarily due to lower equipment maintenance costs in the unit tow liquid cargo business. Operating income in the dry cargo fleet was slightly lower due to a reduction in charter-out activity following the sale of barges to third parties.

Aviation Services - Operating income in the fourth quarter was $2.0 million on operating revenues of $51.3 million compared to operating income of $13.5 million on operating revenues of $62.4 million in the preceding quarter. Fourth quarter results included gains on asset dispositions of $2.0 million compared to $4.3 million in the preceding quarter.

The decrease in operating income from flight operations was primarily due to lower activity from seasonal contracts and flightseeing operations in Alaska, which were inactive in the fourth quarter, and a decrease in flight hours in the U.S. Gulf of Mexico due to a reduction in drilling activity. In addition, the air medical services business experienced a reduction in operating income primarily due to fewer patient transfers.

Environmental Services - Operating income in the fourth quarter was $10.0 million on operating revenues of $55.9 million compared to operating income of $5.0 million on operating revenues of $42.3 million in the preceding quarter. The increase in operating income was primarily due to the impact of a major spill response event in California during the fourth quarter.

Administrative and General - Expenses in the fourth quarter were $5.2 million higher than in the previous quarter, primarily due to increased accruals for management bonuses, relocation and severance expenses and additional reserves for doubtful accounts.

Derivatives - Derivative gains were $5.7 million in the fourth quarter compared to gains of $5.2 million in the preceding quarter primarily as a result of foreign currency forward contracts.

Marketable Security Transactions - Marketable security losses were $1.2 million in the fourth quarter compared to gains of $12.0 million in the preceding quarter.

Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from joint ventures was $8.6 million in the fourth quarter compared to equity in earnings of $3.2 million in the preceding quarter. During the fourth quarter the Company disposed of its interest in certain South American offshore marine services joint ventures resulting in earnings of $5.0 million, net of tax.

Capital Commitments - The Company's unfunded capital commitments as of December 31, 2007 consisted primarily of marine service vessels, harbor tugs, helicopters and barges and totaled $462.0 million, of which $332.4 million is payable in 2008, with the remaining balance payable through 2010. Of these commitments, approximately $86.0 million may be terminated without further liability other than the payment of liquidated damages of $7.3 million in the aggregate. Subsequent to the end of the year, the Company committed to purchase additional equipment for $6.2 million and sold a purchase contract reducing its unfunded capital commitments by $6.4 million. As of December 31, 2007, the Company held balances of Cash, Cash Equivalents, Restricted Cash, Available-for-sale Securities, Construction Reserve Funds and Title XI Reserve Funds totaling $1,001.7 million.

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

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, industry fleet capacity, consolidation of our customer base, the ongoing need to replace aging vessels and aircraft, 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, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, changes in foreign and domestic oil and gas exploration and production activity, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality on Aviation Services, 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, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, effects of adverse weather and river conditions and seasonality on Inland River Services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, adequacy of insurance coverage, compliance with government regulation, including environmental laws and regulations, currency exchange fluctuations, 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 our 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 our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is incorporated by reference.

For additional information, contact Timothy McKeand, Vice President, at (954) 627-6380 or visit SEACOR's website at www.seacorholdings.com.

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

 Three Months Ended Twelve Months Ended
 December 31, December 31,
 ----------------------- -----------------------
 2007 2006 2007 2006
 ----------- ----------- ----------- -----------

Operating Revenues $ 363,090 $ 337,183 $ 1,359,230 $ 1,323,445
 ----------- ----------- ----------- -----------

Costs and Expenses:
 Operating 230,935 189,799 832,403 743,200
 Administrative and
 general 42,097 35,522 147,317 130,760
 Depreciation and
 amortization 39,934 40,159 154,307 166,714
 ----------- ----------- ----------- -----------
 312,966 265,480 1,134,027 1,040,674
 ----------- ----------- ----------- -----------

Gains on Asset Dispositions
 and Impairments, Net 48,315 20,957 122,572 77,977
 ----------- ----------- ----------- -----------

Operating Income 98,439 92,660 347,775 360,748
 ----------- ----------- ----------- -----------

Other Income (Expense):
 Interest income 10,219 11,492 45,173 37,993
 Interest expense (13,129) (13,457) (49,360) (53,679)
 Derivative gains, net 5,738 3,258 10,835 6,343
 Foreign currency gains,
 net 44 332 230 2,358
 Marketable security
 losses, net (1,233) (6,626) (3,391) (9,003)
 Other, net 109 207 (11) 947
 ----------- ----------- ----------- -----------
 1,748 (4,794) 3,476 (15,041)
 ----------- ----------- ----------- -----------
Income Before Income Tax
 Expense, Minority Interest
 in (Income) Loss of
 Subsidiaries and Equity In
 Earnings (Losses) of 50%
 or Less Owned Companies 100,187 87,866 351,251 345,707
Income Tax Expense 41,054 28,949 130,441 125,120
 ----------- ----------- ----------- -----------
Income Before Minority
 Interest in (Income) Loss
 of Subsidiaries and Equity
 in Earnings (Losses) of
 50% or Less Owned
 Companies 59,133 58,917 220,810 220,587
Minority Interest in
 (Income) Loss of
 Subsidiaries 182 (367) (1,227) (1,005)
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies 8,633 (195) 22,065 14,812
 ----------- ----------- ----------- -----------
Net Income $ 67,948 $ 58,355 $ 241,648 $ 234,394
 =========== =========== =========== ===========

Basic Earnings Per Common
 Share $ 2.99 $ 2.40 $ 10.26 $ 9.52

Diluted Earnings Per Common
 Share $ 2.62 $ 2.12 $ 9.04 $ 8.44

Weighted Average Common
 Shares Outstanding:
 Basic 22,738 24,311 23,548 24,634
 Diluted 26,439 28,053 27,267 28,350






 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,
 2007 2007 2007 2007 2006
 ---------- ---------- ---------- ---------- ----------

Operating Revenues $ 363,090 $ 359,923 $ 325,454 $ 310,763 $ 337,183
 ---------- ---------- ---------- ---------- ----------

Costs and
 Expenses:
 Operating 230,935 213,992 198,818 188,658 189,799
 Administrative
 and general 42,097 36,883 33,937 34,400 35,522
 Depreciation and
 amortization 39,934 37,443 38,055 38,875 40,159
 ---------- ---------- ---------- ---------- ----------
 312,966 288,318 270,810 261,933 265,480
 ---------- ---------- ---------- ---------- ----------

Gains on Asset
 Dispositions and
 Impairments, Net 48,315 19,560 42,540 12,157 20,957
 ---------- ---------- ---------- ---------- ----------

Operating Income 98,439 91,165 97,184 60,987 92,660
 ---------- ---------- ---------- ---------- ----------

Other Income
 (Expense):
 Interest
 income 10,219 11,274 11,456 12,224 11,492
 Interest
 expense (13,129) (10,855) (12,108) (13,268) (13,457)
 Derivative gains
 (losses), net 5,738 5,221 (254) 130 3,258
 Foreign currency
 gains (losses),
 net 44 316 460 (590) 332
 Marketable
 security gains
 (losses), net (1,233) 11,960 (9,430) (4,688) (6,626)
 Other, net 109 (716) 639 (43) 207
 ---------- ---------- ---------- ---------- ----------
 1,748 17,200 (9,237) (6,235) (4,794)
 ---------- ---------- ---------- ---------- ----------
Income Before
 Income Tax
 Expense, Minority
 Interest in
 (Income) Loss of
 Subsidiaries and
 Equity In
 Earnings (Losses)
 of 50% or Less
 Owned Companies 100,187 108,365 87,947 54,752 87,866
Income Tax Expense 41,054 40,339 30,206 18,842 28,949
 ---------- ---------- ---------- ---------- ----------
Income Before
 Minority Interest
 in (Income) Loss
 of Subsidiaries
 and Equity in
 Earnings (Losses)
 of 50% or Less
 Owned Companies 59,133 68,026 57,741 35,910 58,917
Minority Interest
 in (Income) Loss
 of Subsidiaries 182 (927) (304) (178) (367)
Equity in Earnings
 (Losses) of 50%
 or Less Owned
 Companies 8,633 3,183 7,829 2,420 (195)
 ---------- ---------- ---------- ---------- ----------
Net Income $ 67,948 $ 70,282 $ 65,266 $ 38,152 $ 58,355
 ========== ========== ========== ========== ==========

Basic Earnings Per
 Common Share $ 2.99 $ 3.02 $ 2.73 $ 1.57 $ 2.40

Diluted Earnings
 Per Common Share $ 2.62 $ 2.66 $ 2.41 $ 1.40 $ 2.12

Weighted Average
 Common Shares
 Outstanding:
 Basic 22,738 23,234 23,886 24,354 24,311
 Diluted 26,439 26,905 27,582 28,077 28,053
Common Shares
 Outstanding at
 Period End 22,575 23,157 23,895 24,181 24,519







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


 Three Months Ended
 -------------------------------------------------------
 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2007 2007 2007 2007 2006
 ---------- ---------- ---------- ---------- ---------

Offshore Marine
 Services
Operating Revenues $ 170,430 $ 179,618 $ 171,442 $ 170,928 $ 174,753
 ---------- ---------- ---------- ---------- ---------
Costs and Expenses:
 Operating 97,534 95,345 88,596 92,999 82,988
 Administrative
 and general 13,855 13,137 11,893 13,023 13,101
 Depreciation and
 amortization 15,415 14,069 14,515 16,524 17,239
 ---------- ---------- ---------- ---------- ---------
 126,804 122,551 115,004 122,546 113,328
 ---------- ---------- ---------- ---------- ---------

Gains on Asset
 Dispositions 22,472 13,222 38,546 8,294 13,797
 ---------- ---------- ---------- ---------- ---------
Operating Income $ 66,098 $ 70,289 $ 94,984 $ 56,676 $ 75,222
 ========== ========== ========== ========== =========

Marine
 Transportation
 Services
Operating Revenues $ 31,827 $ 27,730 $ 25,924 $ 30,556 $ 34,408
 ---------- ---------- ---------- ---------- ---------
Costs and Expenses:
 Operating 27,781 19,207 22,865 20,849 20,941
 Administrative
 and general 1,737 1,150 1,236 1,186 1,096
 Depreciation and
 amortization 8,764 9,536 9,790 10,158 10,159
 ---------- ---------- ---------- ---------- ---------
 38,282 29,893 33,891 32,193 32,196
 ---------- ---------- ---------- ---------- ---------

Gains on Asset
 Dispositions -- -- -- -- --
 ---------- ---------- ---------- ---------- ---------
Operating Income
 (Loss) $ (6,455) $ (2,163) $ (7,967) $ (1,637) $ 2,212
 ========== ========== ========== ========== =========

Inland River
 Services
Operating Revenues $ 33,850 $ 32,656 $ 28,020 $ 26,722 $ 37,841
 ---------- ---------- ---------- ---------- ---------
Costs and Expenses:
 Operating 15,863 16,234 13,056 12,305 16,752
 Administrative
 and general 2,076 1,753 2,101 877 1,330
 Depreciation and
 amortization 4,220 4,256 4,332 3,499 3,755
 ---------- ---------- ---------- ---------- ---------
 22,159 22,243 19,489 16,681 21,837
 ---------- ---------- ---------- ---------- ---------

Gains on Asset
 Dispositions 22,726 1,592 2,622 3,622 84
 ---------- ---------- ---------- ---------- ---------
Operating Income $ 34,417 $ 12,005 $ 11,153 $ 13,663 $ 16,088
 ========== ========== ========== ========== =========

Aviation Services
Operating Revenues $ 51,296 $ 62,449 $ 55,861 $ 45,433 $ 38,858
 ---------- ---------- ---------- ---------- ---------
Costs and Expenses:
 Operating 38,156 41,647 41,212 36,225 32,818
 Administrative
 and general 5,315 4,590 4,439 4,521 3,880
 Depreciation and
 amortization 7,866 7,015 6,601 6,079 5,847
 ---------- ---------- ---------- ---------- ---------
 51,337 53,252 52,252 46,825 42,545
 ---------- ---------- ---------- ---------- ---------

Gains on Asset
 Dispositions 1,996 4,304 1,505 227 7,065
 ---------- ---------- ---------- ---------- ---------
Operating Income
 (Loss) $ 1,955 $ 13,501 $ 5,114 $ (1,165) $ 3,378
 ========== ========== ========== ========== =========

Environmental
 Services
Operating Revenues $ 55,879 $ 42,287 $ 32,168 $ 26,492 $ 40,762
 ---------- ---------- ---------- ---------- ---------
Costs and Expenses:
 Operating 36,623 30,316 23,605 20,753 29,931
 Administrative
 and general 7,755 5,931 4,323 5,301 5,101
 Depreciation and
 amortization 1,748 1,096 1,100 909 1,153
 ---------- ---------- ---------- ---------- ---------
 46,126 37,343 29,028 26,963 36,185
 ---------- ---------- ---------- ---------- ---------

Gains (Losses) on
 Asset Dispositions 249 75 (133) (16) 11
 ---------- ---------- ---------- ---------- ---------
Operating Income
 (Loss) $ 10,002 $ 5,019 $ 3,007 $ (487) $ 4,588
 ========== ========== ========== ========== =========



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


 Three Months Ended
 ------------------------------------------------
 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2007 2007 2007 2007 2006
 -------- -------- -------- -------- --------

Harbor and Offshore
 Towing Services
Operating Revenues $ 13,461 $ 12,351 $ 12,538 $ 11,682 $ 11,632
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 8,053 8,797 10,003 6,568 7,252
 Administrative and
 general 1,882 1,769 1,999 2,182 2,089
 Depreciation and
 amortization 1,714 1,264 1,264 1,264 1,264
 -------- -------- -------- -------- --------
 11,649 11,830 13,266 10,014 10,605
 -------- -------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net -- (100) -- 30 --
 -------- -------- -------- -------- --------
Operating Income (Loss) $ 1,812 $ 421 $ (728) $ 1,698 $ 1,027
 ======== ======== ======== ======== ========

Other
Operating Revenues $ 6,338 $ 3,058 $ 204 $ -- $ --
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 6,902 2,646 174 9 --
 Administrative and
 general 874 333 207 3 --
 Depreciation and
 amortization -- -- -- -- --
 -------- -------- -------- -------- --------
 7,776 2,979 381 12 --
 -------- -------- -------- -------- --------

Gains on Asset
 Dispositions 873 467 -- -- --
 -------- -------- -------- -------- --------
Operating Income (Loss) $ (565) $ 546 $ (177) $ (12) $ --
 ======== ======== ======== ======== ========

Corporate and
 Eliminations
Operating Revenues $ 9 $ (226) $ (703) $ (1,050) $ (1,071)
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating 23 (200) (693) (1,050) (883)
 Administrative and
 general 8,603 8,220 7,739 7,307 8,925
 Depreciation and
 amortization 207 207 453 442 742
 -------- -------- -------- -------- --------
 8,833 8,227 7,499 6,699 8,784
 -------- -------- -------- -------- --------

Losses on Asset
 Dispositions (1) -- -- -- --
 -------- -------- -------- -------- --------
Operating Loss $ (8,825) $ (8,453) $ (8,202) $ (7,749) $ (9,855)
 ======== ======== ======== ======== ========