SEACOR Holdings Announces Fourth Quarter Results

FORT LAUDERDALE, FL -- (MARKET WIRE) -- February 22, 2007 -- SEACOR Holdings Inc. (NYSE: CKH) announced net income for the fourth quarter ended December 31, 2006 of $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 fourth quarter ended December 31, 2005, net income was $106.5 million, or $3.76 per diluted share, on operating revenues of $334.1 million. For the twelve months ended December 31, 2005, net income was $170.7 million, or $6.95 per diluted share, on operating revenues of $972.0 million.

As a result of the repatriation of foreign earnings under the provisions of the American Job Creation Act of 2004, net income for the fourth quarter ended December 31, 2005 included a $46.2 million income tax benefit, or $1.61 per diluted share, and a foreign currency gain of $10.7 million, net of tax, or $0.37 per diluted share.

For the immediately preceding quarter ended September 30, 2006, the Company reported net income of $63.2 million, or $2.28 per diluted share, on operating revenues of $349.4 million.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the fourth quarter was $75.2 million on operating revenues of $174.8 million compared to operating income of $70.6 million on operating revenues of $179.7 million in the preceding quarter. Fourth quarter results included $13.8 million in gains on asset dispositions compared to $10.2 million in gains in the preceding quarter.

Overall average day rates continued to improve increasing from $9,564 per day to $10,447 per day. The most significant improvements were in the Gulf of Mexico and West Africa, where average day rates increased by 13.9% and 4.7%, respectively. Average rates were also significantly higher in the Middle East due to more sophisticated equipment operating in that region.

The number of days worked in the fourth quarter declined by 1,977 or 10.9%. This was due to a combination of lower overall utilization, which fell from 87.7% to 82.3%, and a 1,065, or 5.1% reduction in the number of days available for charter, as a result of a net decrease in fleet count.

Utilization improved in all international regions except in West Africa where there was a heavy drydock and repair schedule in the fourth quarter. In the Gulf of Mexico demand for anchor handling, supply and towing supply vessels remained at high levels with most vessels remaining fully utilized except for reasons of survey or repair. Demand for crew boats and mini-supply vessels decreased due to a reduction in shelf activity and a seasonal decline in construction activity.

Marine Transportation Services -- Operating income in the fourth quarter was $2.2 million on operating revenues of $34.4 million compared with operating income of $3.4 million on operating revenues of $35.6 million in the preceding quarter.

The decrease in operating income was primarily due to one vessel being off-hire for the entire quarter while undergoing a retrofit to a double-hull configuration and completing a regulatory dry-docking.

Inland River Services -- Operating income in the fourth quarter was $16.1 million on operating revenues of $37.8 million compared with operating income of $15.4 million on operating revenues of $38.8 million in the preceding quarter.

Operating revenues were slightly lower due to a reduction in available barge days following the return of 20 barges that had been chartered-in on a multi year arrangement and the contribution of 27 barges into a new joint venture company.

The improvement in operating income was primarily due to a reduction in towing costs because of lower fuel prices and the reduction in fleet size.

Aviation Services -- Operating income in the fourth quarter was $3.4 million on operating revenues of $38.9 million compared to an operating income of $3.7 million on operating revenues of $43.8 million in the preceding quarter. Fourth quarter results included $7.1 million in gains on asset dispositions compared to $1.9 million in gains in the preceding quarter.

The decrease in operating income was primarily due to seasonal factors affecting revenues generated from flightseeing operations in Alaska which were inactive in the fourth quarter together with a decrease in flight hours in the Gulf of Mexico because of adverse weather conditions.

Environmental Services -- Operating income in the fourth quarter was $4.6 million on operating revenues of $40.8 million compared to operating income of $5.9 million on operating revenues of $38.9 million in the preceding quarter. The decrease in operating income was primarily due to lower revenues from retainer service contracts and response services, partially offset by higher revenues from project management and consulting activity.

Derivative Transactions -- Derivative transactions, primarily consisting of interest rate swaps and foreign currency contracts, resulted in gains of $3.3 million in the fourth quarter compared to gains of $2.8 million in the preceding quarter.

Foreign Currency Transactions -- Foreign currency transaction gains were $0.3 million in the fourth quarter compared to $0.7 million in the preceding quarter.

Marketable Security Transactions -- Marketable security and short sale transactions resulted in losses of $6.6 million in the fourth quarter compared to gains of $4.5 million in the preceding quarter.

Equity in Earnings (Losses) of 50% or Less Owned Companies -- Equity losses from joint ventures were $0.2 million in the fourth quarter compared to earnings of $2.6 million in the preceding quarter. During the fourth quarter the Company provided $7.0 million for income taxes on the accumulated earnings of certain foreign joint ventures which had previously been deemed permanently reinvested overseas. Additionally, the Company recognized earnings of $5.0 million, net of tax, on the fourth quarter disposition of an asset from one of its foreign joint ventures.

Capital Commitments -- The Company's unfunded capital commitments as of December 31, 2006 consisted primarily of marine service vessels, harbor tugs, helicopters, barges and capital improvements to certain of the existing marine transportation fleet and totaled $567.9 million, of which $335.9 million is payable in 2007, with the remaining balance payable through 2009. Of these commitments, approximately $177.3 million may be terminated without further liability other than the payment of liquidated damages of $26.9 million in the aggregate. Subsequent to the end of the quarter the Company committed to purchase additional property and equipment for $70.1 million. As of December 31, 2006 the Company held balances of Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds totaling $925.7 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, helicopter services, environmental services, and offshore and harbor towing services. SEACOR is uniquely 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, 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 and Helicopter Services, changes in foreign and domestic oil and gas exploration and production activity, vessel and helicopter-related risks of Offshore Marine Services and Aviation Services, effects of adverse weather conditions and seasonality on Aviation Services, decreased demand for our tanker and 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 our single-hull tankers, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and our ability to comply with such regulation and other governmental regulation, changes in NRC's OSRO classification, liability in connection with providing spill response services, effects of adverse weather and river conditions and seasonality on inland river operations, 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 operations, the intense competition faced by Inland River Services, 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, our integration of the internal controls and procedures of Seabulk International, Inc. to continue our compliance with the Sarbanes-Oxley Act of 2002 and various other matters, many of which are beyond the Company's control and other factors. In addition, these statements constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be 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. We disclaim 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 our businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 of our Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which we incorporate by reference.

 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,
 ------------------------ ------------------------
 2006 2005 2006 2005
 ----------- ----------- ----------- -----------

Operating Revenues $ 337,183 $ 334,119 $ 1,323,445 $ 972,004
 ----------- ----------- ----------- -----------

Costs and Expenses:
 Operating expenses 189,799 177,012 743,200 589,928
 Administrative and
 general 35,522 36,256 130,760 105,195
 Depreciation and
 amortization 40,159 44,405 166,714 127,714
 ----------- ----------- ----------- -----------
 265,480 257,673 1,040,674 822,837
 ----------- ----------- ----------- -----------

Gains on Asset
 Dispositions and
 Impairments, Net 20,957 13,575 77,977 28,285
 ----------- ----------- ----------- -----------

Operating Income 92,660 90,021 360,748 177,452
 ----------- ----------- ----------- -----------

Other Income (Expense):
 Interest income 11,492 6,284 37,993 19,201
 Interest expense (13,457) (16,470) (53,679) (48,152)
 Derivative
 transaction gains
 (losses), net 3,258 (881) 6,343 (7,074)
 Foreign currency
 transaction gains,
 net 332 16,895 2,358 23,183
 Marketable security
 transaction gains
 (losses), net (6,626) 2,957 (9,003) 28,081
 Other, net 207 176 947 1,707
 ----------- ----------- ----------- -----------
 (4,794) 8,961 (15,041) 16,946
 ----------- ----------- ----------- -----------
Income from Continuing
 Operations Before
 Income Tax Expense
 (Benefit), Minority
 Interest in (Income)
 Loss of Subsidiaries
 and Equity In Earnings
 (Losses) of 50% or
 Less Owned Companies 87,866 98,982 345,707 194,398
Income Tax Expense
 (Benefit) 28,949 (6,336) 125,120 29,746
 ----------- ----------- ----------- -----------
Income from Continuing
 Operations Before
 Minority Interest in
 (Income) Loss of
 Subsidiaries and
 Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies 58,917 105,318 220,587 164,652
Minority Interest in
 (Income) Loss of
 Subsidiaries (367) (71) (1,005) 32
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies (195) 1,250 14,812 5,661
 ----------- ----------- ----------- -----------
Income from Continuing
 Operations 58,355 106,497 234,394 170,345
Income from
 Discontinued
 Operations - - - 364
 ----------- ----------- ----------- -----------
Net Income $ 58,355 $ 106,497 $ 234,394 $ 170,709
 =========== =========== =========== ===========

Basic Earnings Per
 Common Share:
 Income from
 Continuing
 Operations $ 2.40 $ 4.28 $ 9.52 $ 7.89
 Income from
 Discontinued
 Operations - - - 0.02
 ----------- ----------- ----------- -----------
 Net Income $ 2.40 $ 4.28 $ 9.52 $ 7.91
 =========== =========== =========== ===========

Diluted Earnings Per
 Common Share:
 Income from
 Continuing
 Operations $ 2.12 $ 3.76 $ 8.44 $ 6.93
 Income from
 Discontinued
 Operations - - - 0.02
 ----------- ----------- ----------- -----------
 Net Income $ 2.12 $ 3.76 $ 8.44 $ 6.95
 =========== =========== =========== ===========

Weighted Average Common
 Shares Outstanding:
 Basic 24,311 24,884 24,634 21,595
 Diluted 28,053 28,618 28,350 25,273



 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,
 2006 2006 2006 2006 2005
 --------- --------- --------- --------- ---------

Operating Revenues $ 337,183 $ 349,361 $ 330,986 $ 305,915 $ 334,119
 --------- --------- --------- --------- ---------

Costs and Expenses:
 Operating expenses 189,799 196,608 187,149 169,644 177,012
 Administrative and
 general 35,522 30,880 32,865 31,493 36,256
 Depreciation and
 amortization 40,159 40,977 42,318 43,260 44,405
 --------- --------- --------- --------- ---------
 265,480 268,465 262,332 244,397 257,673
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net 20,957 12,054 24,089 20,877 13,575
 --------- --------- --------- --------- ---------

Operating Income 92,660 92,950 92,743 82,395 90,021
 --------- --------- --------- --------- ---------

Other Income
 (Expense):
 Interest income 11,492 10,279 9,086 7,136 6,284
 Interest
 expense (13,457) (13,307) (12,847) (14,068) (16,470)
 Derivative
 transaction gains
 (losses), net 3,258 2,813 3,084 (2,812) (881)
 Foreign currency
 transaction
 gains, net 332 650 1,217 159 16,895
 Marketable
 security
 transaction gains
 (losses), net (6,626) 4,549 (3,341) (3,585) 2,957
 Other, net 207 117 595 28 176
 --------- --------- --------- --------- ---------
 (4,794) 5,101 (2,206) (13,142) 8,961
 --------- --------- --------- --------- ---------
Income Before Income
 Tax Expense
 (Benefit), Minority
 Interest in Income
 of Subsidiaries and
 Equity In Earnings
 (Losses) of 50% or
 Less Owned
 Companies 87,866 98,051 90,537 69,253 98,982
Income Tax Expense
 (Benefit) 28,949 37,037 33,703 25,431 (6,336)
 --------- --------- --------- --------- ---------
Income Before
 Minority Interest
 in Income of
 Subsidiaries and
 Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies 58,917 61,014 56,834 43,822 105,318
Minority Interest in
 Income of
 Subsidiaries (367) (451) (104) (83) (71)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies (195) 2,607 6,031 6,369 1,250
 --------- --------- --------- --------- ---------
Net Income $ 58,355 $ 63,170 $ 62,761 $ 50,108 $ 106,497
 ========= ========= ========= ========= =========

Basic Earnings Per
 Common Share $ 2.40 $ 2.57 $ 2.52 $ 2.02 $ 4.28

Diluted Earnings Per
 Common Share $ 2.12 $ 2.28 $ 2.24 $ 1.80 $ 3.76

Weighted Average
 Common Shares
 Outstanding:
 Basic 24,311 24,575 24,869 24,767 24,884
 Diluted 28,053 28,282 28,568 28,495 28,618
Common Shares
 Outstanding at
 Period End 24,519 24,457 24,801 25,076 24,819







 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,
 2006 2006 2006 2006 2005
 --------- --------- --------- --------- ---------

Offshore Marine
 Services
Operating Revenues $ 174,753 $ 179,687 $ 168,285 $ 159,852 $ 168,823
 ---------- ---------- --------- --------- ---------
Costs and Expenses:
 Operating expenses 82,988 89,791 86,695 79,506 85,377
 Administrative and
 general 13,101 10,118 11,470 11,688 12,809
 Depreciation and
 amortization 17,239 19,353 21,793 23,127 22,772
 ---------- ---------- --------- --------- ---------
 113,328 119,262 119,958 114,321 120,958
 ---------- ---------- --------- --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net 13,797 10,168 22,489 20,552 6,578
 ---------- ---------- --------- --------- ---------
Operating Income $ 75,222 $ 70,593 $ 70,816 $ 66,083 $ 54,443
 ========== ========== ========= ========= =========

Marine
 Transportation
 Services
Operating Revenues $ 34,408 $ 35,617 $ 37,446 $ 37,724 $ 36,625
 ---------- ---------- --------- --------- ---------
Costs and Expenses:
 Operating expenses 20,941 21,017 18,064 21,471 17,677
 Administrative and
 general 1,096 1,064 1,049 964 874
 Depreciation and
 amortization 10,159 10,159 10,162 10,185 11,641
 ---------- ---------- --------- --------- ---------
 32,196 32,240 29,275 32,620 30,192
 ---------- ---------- --------- --------- ---------

Gains on Asset
 Dispositions - - - - -
 ---------- ---------- --------- --------- ---------
Operating Income $ 2,212 $ 3,377 $ 8,171 $ 5,104 $ 6,433
 ========== ========== ========= ========= =========

Inland River
 Services
Operating Revenues $ 37,841 $ 38,798 $ 36,339 $ 34,488 $ 40,666
 ---------- ---------- --------- --------- ---------
Costs and Expenses:
 Operating expenses 16,752 18,563 18,649 15,395 18,498
 Administrative and
 general 1,330 1,013 829 816 691
 Depreciation and
 amortization 3,755 3,804 3,267 3,474 3,479
 ---------- ---------- --------- --------- ---------
 21,837 23,380 22,745 19,685 22,668
 ---------- ---------- --------- --------- ---------

Gains on Asset
 Dispositions 84 - - - -
 ---------- ---------- --------- --------- ---------
Operating Income $ 16,088 $ 15,418 $ 13,594 $ 14,803 $ 17,998
 ========== ========== ========= ========= =========

Aviation Services
Operating Revenues $ 38,858 $ 43,799 $ 39,903 $ 33,454 $ 38,856
 ---------- ---------- --------- --------- ---------
Costs and Expenses:
 Operating expenses 32,818 33,269 29,137 26,345 26,960
 Administrative and
 general 3,880 3,413 4,158 3,494 4,571
 Depreciation and
 amortization 5,847 5,264 4,591 4,254 4,199
 ---------- ---------- --------- --------- ---------
 42,545 41,946 37,886 34,093 35,730
 ---------- ---------- --------- --------- ---------

Gains on Asset
 Dispositions 7,065 1,880 1,818 325 7,024
 ---------- ---------- --------- --------- ---------
Operating Income
 (Loss) $ 3,378 $ 3,733 $ 3,835 $ (314) $ 10,150
 ========== ========== ========= ========= =========

Environmental
 Services
Operating Revenues $ 40,762 $ 38,885 $ 36,946 $ 27,923 $ 37,583
 ---------- ---------- --------- --------- ---------
Costs and Expenses:
 Operating expenses 29,931 26,370 26,345 20,508 21,852
 Administrative and
 general 5,101 5,931 5,156 4,405 4,669
 Depreciation and
 amortization 1,153 731 741 733 664
 ---------- ---------- --------- --------- ---------
 36,185 33,032 32,242 25,646 27,185
 ---------- ---------- --------- --------- ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net 11 6 (215) - (27)
 ---------- ---------- --------- --------- ---------
Operating Income $ 4,588 $ 5,859 $ 4,489 $ 2,277 $ 10,371
 ========== ========== ========= ========= =========



 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,
 2006 2006 2006 2006 2005
 --------- --------- --------- --------- ---------

Harbor and Offshore
 Towing Services
Operating Revenues $ 11,632 $ 12,552 $ 12,156 $ 12,884 $ 11,949
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating expenses 7,252 7,744 8,336 6,841 7,043
 Administrative and
 general 2,089 1,662 1,851 1,604 1,663
 Depreciation and
 amortization 1,264 1,265 1,275 1,259 1,303
 --------- --------- --------- --------- ---------
 10,605 10,671 11,462 9,704 10,009
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions - - - - -
 --------- --------- --------- --------- ---------
Operating Income $ 1,027 $ 1,881 $ 694 $ 3,180 $ 1,940
 ========= ========= ========= ========= =========

Corporate and
 Eliminations
Operating Revenues $ (1,071) $ 23 $ (89) $ (410) $ (383)
 --------- --------- --------- --------- ---------
Costs and Expenses:
 Operating expenses (883) (146) (77) (422) (395)
 Administrative and
 general 8,925 7,679 8,352 8,522 10,979
 Depreciation and
 amortization 742 401 489 228 347
 --------- --------- --------- --------- ---------
 8,784 7,934 8,764 8,328 10,931
 --------- --------- --------- --------- ---------

Losses on Asset
 Dispositions - - (3) - -
 --------- --------- --------- --------- ---------
Operating Loss $ (9,855) $ (7,911) $ (8,856) $ (8,738) $ (11,314)
 ========= ========= ========= ========= =========



 SEACOR HOLDINGS INC.
 SELECTED CONSOLIDATED BALANCE SHEET DATA
 (in thousands, unaudited)


 Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
 2006 2006 2006 2006 2005
 --------- --------- --------- --------- ---------

Cash, Cash
 Equivalents,
 Restricted Cash,
 Securities,
 Construction
 Reserve Funds, and
 Title XI Reserve
 Funds $ 925,725 $ 839,057 $ 803,360 $ 764,649 $ 684,521
Receivables 312,956 282,040 278,000 270,794 260,831
Current Assets 938,369 893,813 915,245 900,488 839,091
Net Property and
 Equipment 1,770,210 1,764,990 1,737,811 1,733,757 1,759,393
Total Assets 3,252,982 3,076,296 3,014,963 2,961,627 2,885,141
Current Portion of
 Long-term Debt and
 Capital Lease
 Obligations 11,708 10,443 8,970 10,420 10,505
Current Liabilities 295,509 287,872 287,797 280,279 247,906
Long-term Debt &
 Capital Lease
 Obligations 961,003 964,567 955,567 964,096 977,635
Stockholders' Equity 1,557,078 1,493,036 1,458,302 1,418,190 1,361,305