SEACOR Holdings Announces Third Quarter Results

FORT LAUDERDALE, FL--(Marketwire - October 21, 2010) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2010 was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million. For the nine months ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $217.6 million, or $9.99 per diluted share, on operating revenues of $2,069.0 million.

Oil spill response activities following the sinking of the Deepwater Horizon in April defined this period's results as they reflect the significant combined response effort from SEACOR's Environmental Services, Offshore Marine Services, Aviation Services and Harbor and Offshore Towing Services business units. Response activities are now winding down and equipment, people, vessels and helicopters are being released from spill support activities.

For the preceding quarter ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $64.1 million, or $2.93 per diluted share, on operating revenues of $694.6 million. Comparison of results for the quarter ended September 30, 2010 with the preceding quarter ended June 30, 2010 is included in the discussion below.

For the quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the nine months ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $121.6 million, or $5.53 per diluted share, on operating revenues of $1,234.8 million.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the third quarter was $69.3 million on operating revenues of $160.9 million compared with operating income of $42.9 million on operating revenues of $147.1 million in the preceding quarter. Third quarter results included $12.7 million in gains on asset dispositions compared with $2.0 million in gains in the preceding quarter.

Overall operating revenues were $13.8 million higher in the third quarter. Time charter revenues increased by $6.6 million to $138.2 million primarily due to the deployment of additional vessels in support of the Deepwater Horizon oil spill response. Other operating revenues were $7.2 million higher in the third quarter primarily due to the provision of other equipment and services associated with the Deepwater Horizon oil spill response and increased bareboat charter revenues.

As of September 30, 2010, the Company had deferred $19.7 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer. Of this amount, $1.9 million was deferred in the third quarter. The Company will continue to recognize revenues as cash is received or earlier should future payments become determinable.

The number of days available for charter in the third quarter decreased by 120, or 1.0%, due to net fleet dispositions. Overall utilization increased from 77.4% to 83.5% and overall average day rates, based on time charter revenues recognized, decreased by 1.7% from $13,906 per day to $13,667 per day. As of September 30, 2010, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico compared with four as of June 30, 2010.

Marine Transportation Services -- Marine Transportation Services reported an operating loss in the third quarter of $17.3 million on operating revenues of $18.5 million compared with operating income of $3.3 million on operating revenues of $21.3 million in the preceding quarter. As previously reported, the Seabulk America was scheduled to undergo a regulatory drydocking in the third quarter, a requirement for continued operation. Given the prevailing market conditions, the Company deferred the drydocking, laid-up the vessel and recognized an impairment charge of $18.7 million which reduced the vessel's carrying value to its fair value.

Inland River Services -- Operating income in the third quarter was $36.0 million on operating revenues of $41.4 million compared with operating income of $6.4 million on operating revenues of $34.6 million in the preceding quarter. During the third quarter, Inland River Services recognized gains on asset dispositions of $16.5 million from the sale of barges to its South American joint venture and recognized previously deferred gains of $12.2 million following the acquisition of a controlling interest in another of its joint ventures.

Operating income from the pooled hopper fleet increased due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of harvest season. The increase was partially offset by a reduction in the liquid unit tow operation primarily due to higher repair and maintenance costs and related downtime.

Aviation Services -- Operating income in the third quarter was $11.9 million on operating revenues of $67.1 million compared with operating income of $5.5 million on operating revenues of $62.4 million in the preceding quarter.

Operating revenues were higher primarily due to more flight hours in Alaska in support of offshore oil and gas activities, flightseeing and firefighting contracts. Revenues from leasing activities improved due to increased flight hours on existing contracts. Operating expenses were lower due to a reduction in repair and maintenance expense.

Environmental Services -- Operating income in the third quarter was $125.0 million on operating revenues of $468.2 million compared with operating income of $78.9 million on operating revenues of $214.6 million in the preceding quarter. The improvement in operating results was primarily due to activities associated with the Deepwater Horizon oil spill response. Environmental Services provided vessels, equipment and people to support clean-up activities throughout the U.S. Gulf of Mexico region as well as professional assistance, consulting services and software systems in support of incident management activities.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment profit in the third quarter of $4.6 million on operating revenues of $216.9 million compared with a segment profit of $0.5 million on operating revenues of $203.1 million in the preceding quarter. Results from energy trading activities, including the Company's equity interest in its alcohol manufacturing facility joint venture, improved by $2.4 million compared with the preceding quarter. Results from rice trading activities also improved while results from sugar trading activities were lower than the preceding quarter.

Harbor and Offshore Towing Services -- Operating income in the third quarter was $4.3 million on operating revenues of $19.4 million compared with operating income of $4.9 million on operating revenues of $19.0 million in the preceding quarter. Second quarter results included $1.2 million in gains on asset dispositions.

Interest Expense -- Interest expense in the third quarter was lower primarily due to higher capitalized interest, the payoff of various miscellaneous and equipment related notes and the redemption of certain of the Company's Title XI Bonds in the second quarter.

Marketable Securities -- Marketable security losses were $0.1 million in the third quarter compared with losses of $5.4 million in the preceding quarter. The losses in the preceding quarter were primarily the result of losses on long equity positions.

Derivatives -- Derivative income, net was $1.6 million in the third quarter primarily due to gains on foreign currency option and future contracts partially offset by commodity swap option and future contracts and equity index and options.

Foreign Currency Losses, net -- Foreign currency gains, net were $7.6 million in the third quarter primarily due to the strengthening of the euro against the U.S. dollar.

Stock Repurchases -- During the third quarter, the Company purchased 77,200 shares of its common stock at an average price of $77.63 per share. At the end of the quarter, 21,230,924 shares of SEACOR's common stock remained outstanding.

Capital Commitments -- The Company's unfunded capital commitments as of September 30, 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, and totaled $279.8 million, of which $69.4 million is payable during 2010 and the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to September 30, 2010, the Company committed to purchase additional equipment totaling $4.1 million. As of September 30, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $1,052.5 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 Nine Months Ended
 September 30, September 30,
 ---------------------- ----------------------
 2010 2009 2010 2009
 ---------- ---------- ---------- -----------

Operating Revenues $ 979,833 $ 446,079 $2,068,984 $1,234,828
 ---------- ---------- ---------- -----------

Costs and Expenses:
 Operating 683,219 327,602 1,480,266 832,145
 Administrative and
 general 50,627 41,926 137,626 120,666
 Depreciation and
 amortization 41,312 40,272 124,317 119,364
 ---------- ---------- ---------- -----------
 775,158 409,800 1,742,209 1,072,175
 ---------- ---------- ---------- -----------

Gains on Asset Dispositions
 and Impairments, Net 23,896 5,783 41,953 22,528
 ---------- ---------- ---------- -----------

Operating Income 228,571 42,062 368,728 185,181
 ---------- ---------- ---------- -----------

Other Income (Expense):
 Interest income 2,562 789 5,788 2,410
 Interest expense (10,274) (14,267) (33,862) (42,679)
 Debt extinguishment
 gains (losses), net -- 2,787 (368) 4,072
 Marketable security
 gains (losses), net (54) 6,948 (3,499) 14,796
 Derivative gains
 (losses), net 1,648 2,328 (297) 9,704
 Foreign currency gains
 (losses), net 7,585 (939) (2,616) 6,566
 Other, net 10 (57) 656 132
 ---------- ---------- ---------- -----------
 1,477 (2,411) (34,198) (4,999)
 ---------- ---------- ---------- -----------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies 230,048 39,651 334,530 180,182
Income Tax Expense 87,709 15,751 127,424 66,866
 ---------- ---------- ---------- -----------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies 142,339 23,900 207,106 113,316
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax 7,933 2,340 11,678 9,358
 ---------- ---------- ---------- -----------
Net Income 150,272 26,240 218,784 122,674
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries 334 (42) 1,163 1,090
 ---------- ---------- ---------- -----------
Net Income attributable to
 SEACOR Holdings Inc. $ 149,938 $ 26,282 $ 217,621 $ 121,584
 ========== ========== ========== ==========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc. $ 7.21 $ 1.32 $ 10.08 $ 6.13

Diluted Earnings Per Common
 Share of SEACOR Holdings
 Inc. $ 7.14 $ 1.23 $ 9.99 $ 5.53

Weighted Average Common
 Shares Outstanding:
 Basic 20,786,721 19,867,226 21,590,917 19,824,913
 Diluted 21,000,565 23,458,195 21,785,292 23,374,644




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

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

Operating Revenues $979,833 $ 694,576 $394,575 $ 476,510 $446,079
 -------- --------- -------- --------- --------

Costs and Expenses:
 Operating 683,219 484,742 312,305 352,951 327,602
 Administrative and
 general 50,627 46,108 40,891 41,332 41,926
 Depreciation and
 amortization 41,312 41,608 41,397 40,728 40,272
 -------- --------- -------- --------- --------
 775,158 572,458 394,593 435,011 409,800
 -------- --------- -------- --------- --------

Gains on Asset
 Dispositions and
 Impairments, Net 23,896 4,398 13,659 5,147 5,783
 -------- --------- -------- --------- --------

Operating Income 228,571 126,516 13,641 46,646 42,062
 -------- --------- -------- --------- --------

Other Income (Expense):
 Interest income 2,562 1,863 1,363 2,056 789
 Interest expense (10,274) (11,264) (12,324) (16,364) (14,267)
 Debt extinguishment
 gains (losses), net -- (364) (4) (9,659) 2,787
 Marketable security
 gains (losses), net (54) (5,406) 1,961 9,263 6,948
 Derivative gains
 (losses), net 1,648 (4,721) 2,776 1,257 2,328
 Foreign currency
 gains (losses), net 7,585 (7,500) (2,701) 1,521 (939)
 Other, net 10 46 600 112 (57)
 -------- --------- -------- --------- --------
 1,477 (27,346) (8,329) (11,814) (2,411)
 -------- --------- -------- --------- --------
Income Before Income
 Tax Expense and Equity
 In Earnings of 50% or
 Less Owned Companies 230,048 99,170 5,312 34,832 39,651
Income Tax Expense 87,709 37,399 2,316 15,626 15,751
 -------- --------- -------- --------- --------
Income Before Equity in
 Earnings of 50% or
 Less Owned Companies 142,339 61,771 2,996 19,206 23,900
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax 7,933 2,876 869 3,223 2,340
 -------- --------- -------- --------- --------
Net Income 150,272 64,647 3,865 22,429 26,240
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries 334 565 264 203 (42)
 -------- --------- -------- --------- --------
Net Income attributable
 to SEACOR Holdings
 Inc. $149,938 $ 64,082 $ 3,601 $ 22,226 $ 26,282
 ======== ========= ======== ========= ========

Basic Earnings Per
 Common Share of
 SEACOR Holdings Inc. $ 7.21 $ 2.95 $ 0.16 $ 1.09 $ 1.32

Diluted Earnings Per
 Common Share of
 SEACOR Holdings Inc. $ 7.14 $ 2.93 $ 0.16 $ 1.04 $ 1.23

Weighted Average Common
 Shares of Outstanding:
 Basic 20,787 21,733 22,270 20,324 19,867
 Diluted 21,001 21,905 22,475 23,417 23,458
Common Shares
 Outstanding at Period
 End 21,231 21,218 22,552 22,613 20,230





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

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

Offshore Marine
 Services
Operating Revenues $ 160,916 $147,123 $107,186 $121,203 $129,839
 ---------- -------- -------- -------- --------
Costs and Expenses:
 Operating 79,205 80,011 73,764 72,205 76,982
 Administrative and
 general 12,378 12,931 12,449 12,770 13,128
 Depreciation and
 amortization 12,758 13,245 13,478 13,770 13,608
 ---------- -------- -------- -------- --------
 104,341 106,187 99,691 98,745 103,718
 ---------- -------- -------- -------- --------

Gains on Asset
 Dispositions and
 Impairments, Net 12,717 1,964 12,651 3,831 3,852
 ---------- -------- -------- -------- --------
Operating Income 69,292 42,900 20,146 26,289 29,973
 ---------- -------- -------- -------- --------
Other Income (Expense):
Derivative losses, net -- -- -- (157) --
Foreign currency gains
 (losses), net 977 425 374 1,781 (1,174)
Other, net -- -- -- -- 14
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax 2,300 1,713 2,251 1,774 2,322
 ---------- -------- -------- -------- --------
Segment Profit $ 72,569 $ 45,038 $ 22,771 $ 29,687 $ 31,135
 ========== ======== ======== ======== ========

Marine Transportation
 Services
Operating Revenues $ 18,540 $ 21,263 $ 19,452 $ 20,497 $ 21,737
 ---------- -------- -------- -------- --------
Costs and Expenses:
 Operating 8,754 8,915 13,432 10,585 11,420
 Administrative and
 general 1,087 1,038 837 1,043 953
 Depreciation and
 amortization 7,320 8,008 8,008 8,005 8,003
 ---------- -------- -------- -------- --------
 17,161 17,961 22,277 19,633 20,376
 ---------- -------- -------- -------- --------

Losses on Asset
 Dispositions and
 Impairments (18,677) (11) -- -- --
 ---------- -------- -------- -------- --------
Operating Income (Loss) (17,298) 3,291 (2,825) 864 1,361
 ---------- -------- -------- -------- --------
Other Income (Expense):
 Foreign currency
 gains (losses), net 61 (41) 15 1 7
 ---------- -------- -------- -------- --------
Segment Profit (Loss) $ (17,237) $ 3,250 $ (2,810) $ 865 $ 1,368
 ========== ======== ======== ======== ========

Inland River Services
Operating Revenues $ 41,381 $ 34,596 $ 33,436 $ 53,607 $ 34,314
 ---------- -------- -------- -------- --------
Costs and Expenses:
 Operating 26,535 21,547 19,554 32,052 20,144
 Administrative and
 general 2,898 2,618 2,061 2,137 2,443
 Depreciation and
 amortization 5,415 4,958 4,876 4,756 4,785
 ---------- -------- -------- -------- --------
 34,848 29,123 26,491 38,945 27,372
 ---------- -------- -------- -------- --------

Gains on Asset
 Dispositions 29,445 899 887 1,236 813
 ---------- -------- -------- -------- --------
Operating Income 35,978 6,372 7,832 15,898 7,755
 ---------- -------- -------- -------- --------
Other Income (Expense):
Other, net -- -- 10 -- --
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies,
 Net of Tax 3,522 805 (98) 1,868 140
 ---------- -------- -------- -------- --------
Segment Profit $ 39,500 $ 7,177 $ 7,744 $ 17,766 $ 7,895
 ========== ======== ======== ======== ========





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

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

Aviation Services
Operating Revenues $ 67,136 $ 62,433 $ 50,275 $ 54,323 $ 64,259
 -------- -------- --------- -------- --------
Costs and Expenses:
 Operating 37,492 40,541 32,026 30,667 39,659
 Administrative and
 general 7,274 6,091 5,391 5,972 5,624
 Depreciation and
 amortization 10,889 10,728 10,447 9,876 9,706
 -------- -------- --------- -------- --------
 55,655 57,360 47,864 46,515 54,989
 -------- -------- --------- -------- --------

Gains on Asset
 Dispositions and
 Impairments, Net 412 379 90 313 1,062
 -------- -------- --------- -------- --------
Operating Income 11,893 5,452 2,501 8,121 10,332
 -------- -------- --------- -------- --------
Other Income (Expense):
 Derivative gains
 (losses), net (29) 38 (100) 33 (80)
 Foreign currency
 gains (losses), net (81) (1,731) 135 (223) 296
 Other, net 50 -- -- -- --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax 663 (442) (275) (297) (186)
 -------- -------- --------- -------- --------
Segment Profit $ 12,496 $ 3,317 $ 2,261 $ 7,634 $ 10,362
 ======== ======== ========= ======== ========

Environmental Services
Operating Revenues $468,226 $214,629 $ 28,158 $ 44,531 $ 33,827
 -------- -------- --------- -------- --------
Costs and Expenses:
 Operating 329,497 127,108 20,337 32,822 23,206
 Administrative and
 general 11,508 6,525 6,037 6,155 6,090
 Depreciation and
 amortization 2,249 2,099 1,983 1,811 1,846
 -------- -------- --------- -------- --------
 343,254 135,732 28,357 40,788 31,142
 -------- -------- --------- -------- --------

Losses on Asset
 Dispositions -- (36) (17) (208) (1)
 -------- -------- --------- -------- --------
Operating Income (Loss) 124,972 78,861 (216) 3,535 2,684
 -------- -------- --------- -------- --------
Other Income (Expense):
 Foreign currency
 gains (losses), net 3 (23) 30 (11) --
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax 533 54 38 90 34
 -------- -------- --------- -------- --------
Segment Profit (Loss) $125,508 $ 78,892 $ (148) $ 3,614 $ 2,718
 ======== ======== ========= ======== ========

Commodity Trading and
 Logistics
Operating Revenues $216,896 $203,064 $ 142,992 $171,354 $150,866
 -------- -------- --------- -------- --------
Costs and Expenses:
 Operating 204,467 203,374 147,372 168,694 150,983
 Administrative and
 general 3,716 3,791 2,744 3,632 3,705
 Depreciation and
 amortization 13 15 20 20 7
 -------- -------- --------- -------- --------
 208,196 207,180 150,136 172,346 154,695
 -------- -------- --------- -------- --------
Operating Income (Loss) 8,700 (4,116) (7,144) (992) (3,829)
 -------- -------- --------- -------- --------
Other Income (Expense):
Derivative gains
 (losses), net (5,307) 4,611 4,308 802 1,689
Foreign currency gains
 (losses), net 190 (30) (717) 49 177
Other, net -- 6 -- (1) --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax 1,042 (13) (1,022) (282) --
 -------- -------- --------- -------- --------
Segment Profit (Loss) $ 4,625 $ 458 $ (4,575) $ (424) $ (1,963)
 ======== ======== ========= ======== ========





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

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

Harbor and Offshore
 Towing Services
Operating Revenues $ 19,426 $ 18,987 $ 17,440 $ 16,153 $ 15,574
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating 10,540 10,895 10,039 11,110 9,544
 Administrative and
 general 2,483 2,279 2,497 2,698 2,035
 Depreciation and
 amortization 2,116 2,107 2,183 2,197 2,049
 --------- --------- -------- -------- --------
 15,139 15,281 14,719 16,005 13,628
 --------- --------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions -- 1,203 -- (25) 58
 --------- --------- -------- -------- --------
Operating Income 4,287 4,909 2,721 123 2,004
 --------- --------- -------- -------- --------
Other Income (Expense):
 Foreign currency
 gains (losses), net 9 3 (12) (2) 12
 Other, net -- 34 -- -- --
 --------- --------- -------- -------- --------
Segment Profit $ 4,296 $ 4,946 $ 2,709 $ 121 $ 2,016
 ========= ========= ======== ======== ========

Other
Operating Revenues $ 605 $ (18) $ -- $ 40 $ --
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating 19 -- -- -- --
 Administrative and
 general 320 514 348 513 343
 Depreciation and
 amortization 108 -- -- 1 --
 --------- --------- -------- -------- --------
 447 514 348 514 343
 --------- --------- -------- -------- --------
Operating Income (Loss) 158 (532) (348) (474) (343)
 --------- --------- -------- -------- --------
Other Income (Expense):
 Foreign currency
 gains (losses), net 25 (18) (6) (3) (2)
 Other, net -- -- -- -- (1)
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies,
 Net of Tax (127) 759 (25) 70 30
 --------- --------- -------- -------- --------
Segment Profit (Loss) $ 56 $ 209 $ (379) $ (407) $ (316)
 ========= ========= ======== ======== ========

Corporate and
 Eliminations
Operating Revenues $ (13,293) $ (7,501) $ (4,364) $ (5,198) $ (4,337)
 --------- --------- -------- -------- --------
Costs and Expenses:
 Operating (13,290) (7,649) (4,219) (5,184) (4,336)
 Administrative and
 general 8,963 10,321 8,527 6,412 7,605
 Depreciation and
 amortization 444 448 402 292 268
 --------- --------- -------- -------- --------
 (3,883) 3,120 4,710 1,520 3,537
 --------- --------- -------- -------- --------

Gains (Losses) on Asset
 Dispositions (1) -- 48 -- (1)
 --------- --------- -------- -------- --------
Operating Loss $ (9,411) $ (10,621) $ (9,026) $ (6,718) $ (7,875)
 ========= ========= ======== ======== ========
Other Income (Expense):
 Derivative gains
 (losses), net $ 6,984 $ (9,370) $ (1,432) $ 579 $ 719
 Foreign currency
 gains (losses), net 6,401 (6,085) (2,520) (71) (255)
 Other, net (40) 6 590 113 (70)




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

 Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
 2010 2010 2010 2009 2009
 ---------- ---------- ---------- ---------- ----------
 ASSETS
Current Assets:
 Cash and cash
 equivalents $ 662,278 $ 398,498 $ 452,161 $ 465,904 $ 620,045
 Restricted cash 14,823 9,421 35,924 34,014 29,353
 Marketable
 securities 103,150 86,457 63,171 68,139 52,897
 Receivables:
 Trade, net of
 allowance for
 doubtful
 accounts 512,131 449,142 288,074 301,143 266,537
 Other 44,550 50,345 69,892 78,689 74,378
 Inventories 66,024 74,434 76,453 76,949 52,502
 Deferred income
 taxes 3,354 3,354 3,354 3,354 5,164
 Prepaid expenses
 and other 17,570 24,075 21,733 15,725 21,121
 ---------- ---------- ---------- ---------- ----------
 Total current
 assets 1,423,880 1,095,726 1,010,762 1,043,917 1,121,997
 ---------- ---------- ---------- ---------- ----------
Property and
 Equipment 2,899,150 2,896,777 2,886,410 2,833,011 2,794,067
 Accumulated
 depreciation (850,428) (821,641) (785,119) (754,263) (718,749)
 ---------- ---------- ---------- ---------- ----------
 Net property
 and equipment 2,048,722 2,075,136 2,101,291 2,078,748 2,075,318
 ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Receivables
 from 50% or Less
 Owned Companies 148,334 201,474 186,605 186,814 166,878
Construction
 Reserve Funds &
 Title XI
 Reserve Funds 272,259 227,184 252,672 289,750 290,871
Goodwill 54,764 54,653 54,443 54,571 53,990
Intangible
 Assets 21,627 21,195 22,369 23,554 24,762
Other Assets, net
 of allowance for
 doubtful
 accounts 52,846 51,522 55,430 46,265 49,920
 ---------- ---------- ---------- ---------- ----------
 $4,022,432 $3,726,890 $3,683,572 $3,723,619 $3,783,736
 ========== ========== ========== ========== ==========

 LIABILITIES AND
 EQUITY
Current
 Liabilities:
 Current portion
 of long-term
 debt $ 13,809 $ 14,154 $ 22,731 $ 36,436 $ 23,765
 Current portion
 of capital
 lease
 obligations 1,014 998 982 966 951
 Accounts
 payable and
 accrued
 expenses 336,968 223,277 98,984 135,425 105,981
 Other current
 liabilities 237,738 209,571 178,112 142,285 156,800
 ---------- ---------- ---------- ---------- ----------
 Total current
 liabilities 589,529 448,000 300,809 315,112 287,497
 ---------- ---------- ---------- ---------- ----------
Long-Term Debt 681,268 682,134 747,787 748,704 1,027,496
Capital Lease
 Obligations 5,783 6,067 6,348 6,624 6,895
Deferred Income
 Taxes 586,466 572,985 574,390 575,440 565,321
Deferred Gains
 and Other
 Liabilities 88,130 96,510 100,835 111,848 122,041
 ---------- ---------- ---------- ---------- ----------
 Total
 liabilities 1,951,176 1,805,696 1,730,169 1,757,728 2,009,250
 ---------- ---------- ---------- ---------- ----------
Equity:
 SEACOR
 Holdings Inc.
 stockholders'
 equity:
 Preferred stock -- -- -- -- --
 Common stock 358 358 357 356 326
 Additional
 paid-in
 capital 1,196,445 1,191,943 1,186,871 1,182,023 966,895
 Retained
 earnings 1,764,202 1,614,264 1,550,182 1,546,581 1,524,355
 Shares held
 in treasury,
 at cost (891,887) (887,129) (786,992) (768,438) (722,569)
 Accumulated
 other
 comprehensive
 loss (7,568) (7,839) (5,862) (3,260) (3,577)
 ---------- ---------- ---------- ---------- ----------
 2,061,550 1,911,597 1,944,556 1,957,262 1,765,430
 Noncontrolling
 interests in
 subsidiaries 9,706 9,597 8,847 8,629 9,056
 ---------- ---------- ---------- ---------- ----------
 Total equity 2,071,256 1,921,194 1,953,403 1,965,891 1,774,486
 ---------- ---------- ---------- ---------- ----------
 $4,022,432 $3,726,890 $3,683,572 $3,723,619 $3,783,736
 ========== ========== ========== ========== ==========




 SEACOR HOLDINGS INC.
 EQUIPMENT BY LINE OF BUSINESS

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

Offshore Marine Services
Anchor handling towing supply 20 20 20 23 21
Crew 54 57 57 57 68
Mini-supply 12 12 11 11 11
Standby safety 26 26 25 25 24
Supply 27 27 26 27 27
Towing supply 8 9 10 13 13
Specialty 12 12 12 9 9
 -------- -------- -------- -------- --------
 159 163 161 165 173
 ======== ======== ======== ======== ========

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

Inland River Services
Inland river dry-cargo barges 1,394 1,449 1,419 1,395 1,385
Inland river liquid tank barges 86 87 87 87 87
Inland river deck barges 26 26 26 26 26
Inland river towboats 32 29 29 29 28
Dry-cargo vessel 1 1 1 1 1
 -------- -------- -------- -------- --------
 1,539 1,592 1,562 1,538 1,527
 ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine 60 60 60 60 60
Light helicopters - twin engine 45 46 48 47 50
Medium helicopters 59 59 59 59 58
Heavy helicopters 9 9 9 8 9
 -------- -------- -------- -------- --------
 173 174 176 174 177
 ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs 31 31 31 31 31
Ocean liquid tank barges 5 5 6 6 6
 -------- -------- -------- -------- --------
 36 36 37 37 37
 ======== ======== ======== ======== ========