Seacor (CKH) 8-K Results of Operations and Financial Condition

PRESS RELEASE

SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011

Fort Lauderdale, Florida
February 16, 2012

FOR IMMEDIATE RELEASE —SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the fourth quarter and year ended December 31, 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2011 was $17.0 million, or $0.80 per diluted share, on operating revenues of $561.8 million. For the year ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $41.1 million, or $1.91 per diluted share, on operating revenues of $2,141.9 million.

For the preceding quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. A comparison of results for the quarter ended December 31, 2011 with the preceding quarter ended September 30, 2011 is included in the “Highlights for the Quarter” discussion below.

For the quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. 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. The Company’s results for the year ended December 31, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following theDeepwater Horizonsinking in April 2010. 

Highlights for the Quarter

Offshore Marine Services– Operating income was $16.1 million on operating revenues of $109.8 million compared with operating income of $7.6 million on operating revenues of $93.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $5.2 million in gains in the preceding quarter. In the fourth quarter, the total number of days available for charter decreased by 56 days, or 0.5%; overall utilization increased from 72.4% to 79.7%; and overall average day rates increased by 7.7% from $11,318 per day to $12,187 per day.

In the U.S. Gulf of Mexico, operating income before gains on asset dispositions was $8.4 million higher in the fourth quarter. Firmer market conditions contributed to a $13.3 million increase in time charter revenues, which was partially offset by higher operating expenses as activity levels increased. Utilization was 70.3% compared with 53.5% in the preceding quarter and average day rates increased from $10,631 per day to $12,523 per day. As of December 31, 2011, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with seven as of September 30, 2011.

In international regions, operating income before gains on asset dispositions was $3.9 million higher in the fourth quarter. Time charter revenues were $2.2 million higher primarily due to an increase in average day rates from $11,612 per day to $11,999 per day. Utilization was 86.2% compared with 85.2% in the preceding quarter. Operating expenses were $2.2 million lower primarily due to reduced drydocking and mobilization expenditures.

Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to legal fees associated with the fourth quarter acquisition of a controlling interest in a European operator of wind farm utility vessels and higher wage and benefit costs.

Equity in earnings was lower in the fourth quarter primarily due to an $8.4 million gain, net of tax, recognized in the preceding quarter upon Offshore Marine Services’ Mexican joint venture issuing an additional equity interest to an unrelated third party.

Aviation Services– Operating income was $1.5 million on operating revenues of $61.7 million compared with operating income of $15.1 million on operating revenues of $71.8 million in the preceding quarter. Fourth quarter results included $1.9 million in gains on asset dispositions compared with $4.9 million in gains in the preceding quarter.

Operating revenues were $10.1 million lower in the fourth quarter primarily due to the end of seasonal activities in Alaska and a reduction in the number of helicopters operating under contract-leases. Operating expenses were $4.6 million lower in the fourth quarter primarily due to the end of seasonal activities, performance credits received under various vendor arrangements and Aviation Services’ exit from a vendor maintenance agreement. Administrative and general expenses were $5.0 million higher in the fourth quarter primarily due to severance costs associated with a change in executive management.

Inland River Services- Operating income was $12.3 million on operating revenues of $51.9 million compared with operating income of $9.3 million on operating revenues of $47.9 million in the preceding quarter. Operating results improved primarily due to seasonal harvest activity and strong northbound demand for fertilizer shipments for the pooled hopper barge fleet.

Marine Transportation Services– Operating income was $3.7 million on operating revenues of $26.7 million compared with operating income of $1.7 million on operating revenues of $24.8 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of theSeabulk America. Operating results for Marine Transportation Services’ U.S.-flag product tanker fleet were higher primarily due to lower operating expenses and less off-hire time associated with one vessel undergoing a special survey in the preceding quarter and lower insurance deductibles. Operating results for its foreign flag Roll-on/Roll-off vessels were lower primarily due to the drydocking of one vessel, charter-in expenses to cover that vessel’s out-of-service time and higher legal fees.

Environmental Services– Operating income was $18.6 million on operating revenues of $59.7 million compared with operating income of $1.0 million on operating revenues of $40.4 million in the preceding quarter. The increase in operating income was primarily due to final settlements with a customer and certain subcontractors in respect of oil spill response services related to theDeepwater Horizonsinking in April 2010.

Commodity Trading and Logistics– Segment profit was $1.4 million on operating revenues of $237.2 million compared with a segment loss of $7.1 million on operating revenues of $279.2 million in the preceding quarter. Operating results improved primarily due to a reduction of volatility in commodity prices and better results from the Company’s alcohol manufacturing joint venture.

Other– Other, primarily Harbor and Offshore Towing Services, reported operating income of $1.7 million on operating revenues of $17.7 million compared with operating income of $2.7 million on operating revenues of $16.7 million in the preceding quarter. The reduction in operating income was primarily due to an increase in charter-in expenses at the Company’s terminal operation in St. Eustatius.

Equity in losses in the fourth quarter were primarily due to losses in one of the Company’s industrial air services joint ventures in Asia.

Corporate and Eliminations –Administrative and general expenses were $10.5 million compared with $6.2 million in the preceding quarter. The increase was primarily due to management bonus accruals and professional fees.

Stock Repurchases– During the fourth quarter, the Company purchased 843,400 shares of its common stock at an average price of $84.48 per share. As of December 31, 2011, 20,933,116 shares of SEACOR’s common stock remained outstanding.

Capital Commitments– The Company’s unfunded capital commitments as of December 31, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $312.5 million, of which $199.3 million is payable during 2012 with the balance payable through 2014.Ofthe total unfunded capital commitments, $43.6 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to December 31, 2011, the Company committed to purchase additional equipment for $49.2 million. As of December 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $815.8 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, aviation, inland river, marine transportation, 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, 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, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, 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 foregoing 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’sForm 10-K and SEACOR’s periodic reporting onForm 10-Q andForm 8-K (if any), which are incorporated by reference.

For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website atwww.seacorholdings.com.

1

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2011			2010				2011			2010
Operating Revenues	$	561,808		$	580,384			$	2,141,942		$	2,649,368
Costs and Expenses:
Operating		433,332			449,961				1,708,187			1,930,227
Administrative and general		55,099			54,892				187,547			192,518
Depreciation and amortization		37,017			39,173				156,824			163,490
		525,448			544,026				2,052,558			2,286,235
Gains on Asset Dispositions and Impairments, Net		5,431			3,285				33,950			45,238
Operating Income		41,791			39,643				123,334			408,371
Other Income (Expense):
Interest income		1,157			3,094				13,756			8,882
Interest expense		(10,027	)		(10,088	)			(41,245	)		(43,950	)
Debt extinguishment losses, net		—			(1,092	)			(99	)		(1,460	)
Marketable security gains (losses), net		(4,803	)		1,340				(7,893	)		(2,159	)
Derivative gains (losses), net		(262	)		6,502				(36,135	)		6,205
Foreign currency gains (losses), net		(2,545	)		(3,511	)			816			(6,127	)
Other, net		1,133			3,061				860			3,717
		(15,347	)		(694	)			(69,940	)		(34,892	)
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies		26,444			38,949				53,394			373,479
Income Tax Expense		8,533			13,250				21,185			140,674
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		17,911			25,699				32,209			232,805
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(659	)		1,501				9,941			13,179
Net Income		17,252			27,200				42,150			245,984
Net Income attributable to Noncontrolling Interests in Subsidiaries		212			97				1,094			1,260
Net Income attributable to SEACOR Holdings Inc.	$	17,040		$	27,103			$	41,056		$	244,724
Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.81		$	1.30			$	1.94		$	11.43
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.80		$	1.27			$	1.91		$	11.25
Weighted Average Common Shares Outstanding:
Basic		21,004,776			20,843,159				21,119,461			21,402,441
Diluted		21,353,631			21,306,355				21,466,843			21,757,217
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.	$	—		$	15.00			$	—		$	15.00

2

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

	Three Months Ended
	Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011			Dec. 31, 2010
Operating Revenues	$	561,808		$	571,424		$	536,446		$	472,264		$	580,384
Costs and Expenses:
Operating		433,332			475,173			428,671			371,011			449,961
Administrative and general		55,099			40,117			45,937			46,394			54,892
Depreciation and amortization		37,017			38,678			41,070			40,059			39,173
		525,448			553,968			515,678			457,464			544,026
Gains on Asset Dispositions and Impairments, Net		5,431			10,982			10,282			7,255			3,285
Operating Income		41,791			28,438			31,050			22,055			39,643
Other Income (Expense):
Interest income		1,157			5,554			3,307			3,738			3,094
Interest expense		(10,027	)		(10,712	)		(10,465	)		(10,041	)		(10,088	)
Debt extinguishment losses, net		—			(51	)		—			(48	)		(1,092	)
Marketable security gains (losses), net		(4,803	)		130			(4,754	)		1,534			1,340
Derivative gains (losses), net		(262	)		(25,954	)		(6,601	)		(3,318	)		6,502
Foreign currency gains (losses), net		(2,545	)		(3,218	)		1,520			5,059			(3,511	)
Other, net		1,133			(39	)		(56	)		(178	)		3,061
		(15,347	)		(34,290	)		(17,049	)		(3,254	)		(694	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies		26,444			(5,852	)		14,001			18,801			38,949
Income Tax Expense (Benefit)		8,533			(352	)		5,638			7,366			13,250
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies		17,911			(5,500	)		8,363			11,435			25,699
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(659	)		9,562			1,004			34			1,501
Net Income		17,252			4,062			9,367			11,469			27,200
Net Income attributable to Noncontrolling Interests in Subsidiaries		212			247			336			299			97
Net Income attributable to SEACOR Holdings Inc.	$	17,040		$	3,815		$	9,031		$	11,170		$	27,103
Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.81		$	0.18		$	0.43		$	0.53		$	1.30
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.80		$	0.18		$	0.42		$	0.52		$	1.27
Weighted Average Common Shares of Outstanding:
Basic		21,005			21,202			21,166			21,105			20,843
Diluted		21,354			21,565			21,518			21,439			21,306
Common Shares Outstanding at Period End		20,933			21,715			21,679			21,652			21,400
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.	$	—		$	—		$	—		$	—		$	15.00

3

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

	Three Months Ended
	Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011			Dec. 31, 2010
Offshore Marine Services
Operating Revenues	$	109,781		$	93,277		$	93,386		$	80,344		$	100,631
Costs and Expenses:
Operating		69,484			68,457			68,242			63,020			76,607
Administrative and general		13,666			10,687			11,078			11,770			13,037
Depreciation and amortization		11,954			11,785			12,205			12,533			12,279
		95,104			90,929			91,525			87,323			101,923
Gains on Asset Dispositions		1,449			5,241			3,607			4,364			2,142
Operating Income (Loss)		16,126			7,589			5,468			(2,615	)		850
Other Income (Expense):
Foreign currency gains (losses), net		(1,290	)		(2,129	)		(408	)		725			(154	)
Other, net		272			6			—			—			1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(500	)		8,754			200			735			3,042
Segment Profit (Loss)	$	14,608		$	14,220		$	5,260		$	(1,155	)	$	3,739
Aviation Services
Operating Revenues	$	61,696		$	71,804		$	68,493		$	56,155		$	55,522
Costs and Expenses:
Operating		41,084			45,701			42,457			33,465			37,174
Administrative and general		11,803			6,841			6,229			7,020			7,042
Depreciation and amortization		9,210			9,093			12,390			11,919			11,287
		62,097			61,635			61,076			52,404			55,503
Gains (Losses) on Asset Dispositions and Impairments, Net		1,912			4,894			6,172			2,194			(117	)
Operating Income (Loss)		1,511			15,063			13,589			5,945			(98	)
Other Income (Expense):
Derivative gains (losses), net		(18	)		(807	)		(811	)		310			(27	)
Foreign currency gains (losses), net		(80	)		(95	)		338			353			166
Other, net		9			—			—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(979	)		106			1,054			(99	)		(83	)
Segment Profit (Loss)	$	443		$	14,267		$	14,170		$	6,509		$	(42	)
Inland River Services
Operating Revenues	$	51,871		$	47,875		$	41,442		$	46,469		$	52,284
Costs and Expenses:
Operating		31,702			31,196			28,717			27,884			29,542
Administrative and general		3,270			2,206			3,166			2,697			3,114
Depreciation and amortization		5,617			6,464			5,791			5,622			5,472
		40,589			39,866			37,674			36,203			38,128
Gains (Losses) on Asset Dispositions		986			1,303			(22	)		697			697
Operating Income		12,268			9,312			3,746			10,963			14,853
Other Income (Expense):
Other, net		—			—			3			1			2,227
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		955			2,771			666			(256	)		(521	)
Segment Profit	$	13,223		$	12,083		$	4,415		$	10,708		$	16,559

4

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

	Three Months Ended
	Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011			Dec. 31, 2010
Marine Transportation Services
Operating Revenues	$	26,705		$	24,783		$	24,336		$	17,312		$	16,908
Costs and Expenses:
Operating		15,338			15,194			13,584			8,979			8,174
Administrative and general		3,257			2,044			2,146			1,417			2,040
Depreciation and amortization		5,540			5,833			5,728			4,978			5,309
		24,135			23,071			21,458			15,374			15,523
Gains on Asset Dispositions		1,125			—			—			—			—
Operating Income		3,695			1,712			2,878			1,938			1,385
Other Income (Expense):
Foreign currency gains (losses), net		(15	)		(18	)		6			16			(13	)
Other, net		87			131			56			—			—
Equity in Losses of 50% or Less Owned Companies, Net of Tax		(74	)		—			—			—			—
Segment Profit	$	3,693		$	1,825		$	2,940		$	1,954		$	1,372
Environmental Services
Operating Revenues	$	59,669		$	40,415		$	48,466		$	63,086		$	163,380
Costs and Expenses:
Operating		31,435			28,872			31,662			44,044			116,346
Administrative and general		7,450			7,691			10,322			7,551			7,485
Depreciation and amortization		2,108			2,896			2,238			2,231			2,065
		40,993			39,459			44,222			53,826			125,896
Gains (Losses) on Asset Dispositions		(38	)		3			(19	)		—			563
Operating Income		18,638			959			4,225			9,260			38,047
Other Income (Expense):
Foreign currency gains (losses), net		41			(75	)		97			(51	)		(115	)
Other, net		—			—			2			—			1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(84	)		(93	)		132			(8	)		58
Segment Profit	$	18,595		$	791		$	4,456		$	9,201		$	37,991
Commodity Trading and Logistics
Operating Revenues	$	237,177		$	279,178		$	245,321		$	194,012		$	178,944
Costs and Expenses:
Operating		236,664			279,180			237,644			187,018			173,922
Administrative and general		1,598			1,944			2,202			2,660			1,184
Depreciation and amortization		20			12			12			13			13
		238,282			281,136			239,858			189,691			175,119
Operating Income (Loss)		(1,105	)		(1,958	)		5,463			4,321			3,825
Other Income (Expense):
Derivative gains (losses), net		1,251			(3,063	)		828			(4,750	)		(8,192	)
Foreign currency gains (losses), net		(28	)		153			(16	)		(5	)		26
Other, net		(167	)		—			—			—			781
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		1,452			(2,267	)		(1,051	)		51			(611	)
Segment Profit (Loss)	$	1,403		$	(7,135	)	$	5,224		$	(383	)	$	(4,171	)

5

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

	Three Months Ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
	2011			2011			2011			2011			2010
Other
Operating Revenues	$	17,730		$	16,741		$	17,921		$	17,536		$	16,395
Costs and Expenses:
Operating		10,274			9,117			9,158			9,142			11,872
Administrative and general		3,589			2,523			3,210			2,620			3,031
Depreciation and amortization		2,119			2,129			2,237			2,289			2,289
		15,982			13,769			14,605			14,051			17,192
Gains (Losses) on Asset Dispositions		(3	)		(315	)		544			—			—
Operating Income (Loss)		1,745			2,657			3,860			3,485			(797	)
Other Income (Expense):
Foreign currency gains (losses), net		—			(75	)		(24	)		1			(17	)
Other, net		983			(1	)		—			(1	)		10
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(1,429	)		291			3			(389	)		(384	)
Segment Profit (Loss)	$	1,299		$	2,872		$	3,839		$	3,096		$	(1,188	)
Corporate and Eliminations
Operating Revenues	$	(2,821	)	$	(2,649	)	$	(2,919	)	$	(2,650	)	$	(3,680	)
Costs and Expenses:
Operating		(2,649	)		(2,544	)		(2,793	)		(2,541	)		(3,676	)
Administrative and general		10,466			6,181			7,584			10,659			17,959
Depreciation and amortization		449			466			469			474			459
		8,266			4,103			5,260			8,592			14,742
Losses on Asset Dispositions and Impairments		—			(144	)		—			—			—
Operating Loss	$	(11,087	)	$	(6,896	)	$	(8,179	)	$	(11,242	)	$	(18,422	)
Other Income (Expense):
Derivative gains (losses), net	$	(1,495	)	$	(22,084	)	$	(6,618	)	$	1,122		$	14,721
Foreign currency gains (losses), net		(1,173	)		(979	)		1,527			4,020			(3,404	)
Other, net		(51	)		(175	)		(117	)		(178	)		41

6

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

	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
	2011			2011			2011			2011			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	467,601		$	306,465		$	366,813		$	409,716		$	370,028
Restricted cash		21,281			19,474			12,976			19,545			12,651
Marketable securities		66,898			82,978			105,608			149,026			147,409
Receivables:
Trade, net of allowance for doubtful accounts		334,863			316,633			321,244			324,218			450,912
Other		54,293			52,719			48,825			55,475			72,448
Inventories		72,660			75,906			87,131			97,405			67,498
Deferred income taxes		11,498			5,442			5,442			5,442			5,442
Prepaid expenses and other		11,453			14,637			24,979			22,794			18,414
Total current assets		1,040,547			874,254			973,018			1,083,621			1,144,802
Property and Equipment		3,105,295			2,985,583			2,942,637			2,862,386			2,803,754
Accumulated depreciation		(919,223	)		(918,914	)		(900,979	)		(875,140	)		(835,032	)
Net property and equipment		2,186,072			2,066,669			2,041,658			1,987,246			1,968,722
Investments, at Equity, and Advances to 50% or Less Owned Companies		251,838			245,885			210,372			190,472			182,387
Construction Reserve Funds & Title XI Reserve Funds		259,974			298,345			314,679			331,689			323,885
Goodwill		65,067			62,424			62,467			61,864			61,779
Intangible Assets		21,826			16,427			18,448			19,810			21,169
Other Assets, net of allowance for doubtful accounts		102,810			98,314			85,118			59,996			57,645
	$	3,928,134		$	3,662,318		$	3,705,760		$	3,734,698		$	3,760,389
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	41,091		$	23,138		$	20,568		$	18,106		$	14,618
Current portion of capital lease obligations		2,368			1,081			1,064			1,047			1,030
Accounts payable and accrued expenses		202,528			208,432			212,357			275,991			322,785
Other current liabilities		155,539			208,816			232,309			205,546			197,080
Total current liabilities		401,526			441,467			466,298			500,690			535,513
Long-Term Debt		995,450			669,573			690,774			694,872			697,427
Capital Lease Obligations		3,068			4,598			4,901			5,200			5,493
Deferred Income Taxes		575,303			565,078			561,477			563,023			567,880
Deferred Gains and Other Liabilities		144,724			138,969			146,853			150,593			156,711
Total liabilities		2,120,071			1,819,685			1,870,303			1,914,378			1,963,024
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		364			364			363			363			361
Additional paid-in capital		1,256,209			1,245,436			1,239,502			1,233,250			1,225,296
Retained earnings		1,512,679			1,495,639			1,491,824			1,482,793			1,471,623
Shares held in treasury, at cost		(971,687	)		(900,225	)		(901,460	)		(901,386	)		(903,004	)
Accumulated other comprehensive loss		(7,958	)		(9,644	)		(6,843	)		(5,724	)		(7,039	)
		1,789,607			1,831,570			1,823,386			1,809,296			1,787,237
Noncontrolling interests in subsidiaries		18,456			11,063			12,071			11,024			10,128
Total equity		1,808,063			1,842,633			1,835,457			1,820,320			1,797,365
	$	3,928,134		$	3,662,318		$	3,705,760		$	3,734,698		$	3,760,389

7

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)

		Dec. 31, 2011		Sep. 30, 2011		Jun. 30, 2011		Mar. 31, 2011		Dec. 31, 2010
Offshore Marine Services
Anchor handling towing supply			19		19		19		19		20
Crew			49		50		52		52		52
Mini-supply			8		8		8		9		9
Standby safety			26		27		26		26		26
Supply			30		29		28		26		27
Towing supply			5		5		6		7		8
Specialty			11		11		11		12		12
Wind farm utility			29		—		—		—		—
			177		149		150		151		154
Aviation Services
Light helicopters – single engine			58		60		61		61		60
Light helicopters – twin engine			45		45		44		44		45
Medium helicopters			65		65		65		63		62
Heavy helicopters			7		7		7		9		9
			175		177		177		177		176
Inland River Services
Inland river dry-cargo barges			1,496		1,489		1,492		1,497		1,388
Inland river liquid tank barges			77		79		80		80		80
Inland river deck barges			20		20		26		26		26
Inland river towboats			31		31		31		32		32
Dry-cargo vessel			1		1		1		1		1
			1,625		1,620		1,630		1,636		1,527
Marine Transportation Services
U.S.-flag product tankers			7		8		8		8		8
RORO vessels			8		8		8		—		—
	��
			15		16		16		8		8
Other
Harbor and offshore tugs			28		28		28		29		30
Ocean liquid tank barges			5		5		5		5		5
			33		33		33		34		35

8