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SEACOR Holdings Announces First Quarter Results

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FORT LAUDERDALE, FL--(Marketwire - April 22, 2009) - SEACOR Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the first quarter ended March 31, 2009 of $53.0 million, or $2.36 per diluted share, on operating revenues of $399.5 million.

For the quarter ended March 31, 2008, net income attributable to SEACOR Holdings Inc. was $36.6 million (see explanation below on the retrospective application of FSP APB 14-1), or $1.50 per diluted share, on operating revenues of $354.5 million.

For the preceding quarter ended December 31, 2008, net income attributable to SEACOR Holdings Inc. was $70.5 million (see explanation below on the retrospective application of FSP APB 14-1), or $3.11 per diluted share, on operating revenues of $454.9 million. Comparison of results for the first quarter ended March 31, 2009 with the preceding quarter ended December 31, 2008 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services - Operating income in the first quarter was $76.5 million on operating revenues of $164.8 million compared with operating income of $97.2 million on operating revenues of $186.0 million in the preceding quarter. First quarter results included $14.4 million in gains on asset dispositions compared with $34.2 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $1.0 million lower in the first quarter.

Overall operating revenues were $21.2 million lower in the first quarter primarily due to net fleet dispositions, a shorter quarter, a reduction in rig moving activity in the U.S. Gulf of Mexico and lower overall utilization primarily due to cold-stacking eighteen vessels in the U.S. Gulf of Mexico. The number of days available for charter in the first quarter decreased by 919, or 6%. Overall utilization decreased from 87.5% to 80.9% and overall average day rates increased to $12,777 per day from $12,402 per day in the preceding quarter.

Operating expenses were $14.6 million lower in the first quarter primarily due to net fleet dispositions, the impact of cold-stacking vessels, reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to cost reductions following the restructuring of the international group and a reduction in the provision for doubtful accounts following the collection of outstanding receivable balances.

Marine Transportation Services - Operating income in the first quarter was $0.6 million on operating revenues of $26.5 million compared with operating income of $2.1 million on operating revenues of $28.8 million in the preceding quarter.

The reduction in operating income was primarily due to 24 days of out-of-service time during the first quarter for the Seabulk Energy while undergoing a regulatory drydocking. Operating income improved for the Seabulk Pride, which worked the entire first quarter following its return to service on October 21, 2008 after undergoing a regulatory drydocking. In addition, fuel expenses were lower due to a reduction in spot market activity and lower prices.

Inland River Services - Operating income in the first quarter was $12.9 million on operating revenues of $37.0 million compared with operating income of $20.4 million on operating revenues of $44.0 million in the preceding quarter. First quarter results included $2.3 million in gains on asset dispositions compared with $4.1 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $5.6 million lower in the first quarter primarily due to weaker demand for non-grain shipments. Operating income improved for towboats and liquid tank barges primarily due to the addition of new equipment.

Aviation Services - Operating income in the first quarter was $6.3 million on operating revenues of $59.4 million compared with an operating loss of $3.2 million on operating revenues of $57.6 million in the preceding quarter.

The improvement in operating income was primarily due to increased activity in the U.S. Gulf of Mexico and a decrease in operating expenses due to lower fuel prices, the timing of repairs and maintenance and a reduction in hurricane related clean-up activities. In addition, operating results improved in the air medical services business. Administrative and general expenses were lower primarily due to a reduction in the provision for doubtful accounts following the recovery of a receivable balance from a major Alaska-based customer and depreciation was lower as certain assets acquired in a 2004 acquisition reached the end of their depreciable lives.

Environmental Services - Operating income in the first quarter was $1.2 million on operating revenues of $34.2 million compared with operating income of $5.5 million on operating revenues of $45.4 million in the preceding quarter. The decrease in operating income was primarily due to a reduction in emergency response activity.

Commodity Trading - Operating income in the first quarter was $0.8 million on operating revenues of $64.5 million compared with an operating loss of $3.8 million on operating revenues of $79.9 million in the preceding quarter. Operating results in the first quarter were improved due to lower insurance expenses and lower wage and benefit costs.

Harbor and Offshore Towing Services - Operating income in the first quarter was $1.7 million on operating revenues of $16.3 million compared with operating income of $2.4 million on operating revenues of $16.8 million in the preceding quarter. The decrease in operating results was primarily due to generally lower activity levels.

Interest Income - Interest income was $1.0 million in the first quarter compared with $2.6 million in the preceding quarter. The decrease was primarily due to lower interest rates.

Interest Expense - Interest expense was $14.3 million in the first quarter compared with $15.3 million in the preceding quarter. The decrease in interest expense was primarily due to the Company's first quarter purchases of $16.9 million in principal amount of its Senior Notes and Convertible Debentures partially offset by its drawdown of $25.0 million on its unsecured revolving credit facility, resulting in a lower overall interest rate. The impact of adopting FSP APB 14-1, as described below, was an additional $2.1 million of pre-tax, non-cash interest expense in the first quarter and an additional $2.0 million of pre-tax, non-cash interest expense in the preceding quarter.

Debt Extinguishment - During the first quarter, the Company recorded gains of $1.4 million on the purchases of $16.9 million in principal amount of its Senior Notes and Convertible Debentures compared with gains of $6.3 million on the purchases of $101.8 million in principal amount of its Senior Notes in the preceding quarter. The gains resulted from the purchase of these notes at average prices below par and the recognition of unamortized net premiums.

Marketable Securities - Marketable security losses were $4.0 million in the first quarter compared with losses of $0.5 million in the preceding quarter.

Derivatives - Derivative gains were $3.6 million in the first quarter compared with losses of $4.5 million in the preceding quarter. The gains in the first quarter were primarily due to gains on equity index and option positions and commodity futures contracts.

Foreign Currencies - Foreign currency gains were $0.7 million in the first quarter compared with losses of $4.4 million in the preceding quarter. Losses in the preceding quarter were primarily due to the strengthening of the U.S. dollar versus the pound sterling.

Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from joint ventures was $3.5 million in the first quarter compared with equity in earnings of $4.0 million in the preceding quarter.

Capital Commitments - The Company's unfunded capital commitments as of March 31, 2009, consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $124.6 million, of which $87.0 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.9 million may be terminated without further liability other than the payment of liquidated damages of $3.1 million in the aggregate. Subsequent to the end of the quarter, the Company committed to purchase additional equipment for $8.0 million. As of March 31, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.2 million.

FSP APB 14-1 - Effective January 1, 2009, the Company adopted Financial Accounting Standards Board Staff Position, Accounting Principles Board 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) ("FSP APB 14-1"). FSP APB 14-1 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the entity's non-convertible debt borrowing rate. The resulting debt discount is amortized over the period the debt is expected to be outstanding as additional non-cash interest expense. Upon adopting FSP APB 14-1, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported retained earnings as of December 31, 2008 to $1.403 billion from $1.422 billion. Previously reported diluted earnings per common share remained unchanged.

SEACOR Holdings 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, inland river, aviation, environmental, commodity trading 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: the unprecedented decline 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 retrofitted double-hull tankers, Seabulk Trader and Seabulk Challenge, 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, increased competition if the Jones Act is repealed, 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, 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
                                                          March 31,
                                                    ----------------------
                                                      2009        2008
                                                    ----------  ----------

Operating Revenues                                  $  399,516  $  354,455
                                                    ----------  ----------

Costs and Expenses:
  Operating                                            248,412     235,040
  Administrative and general                            38,682      39,005
  Depreciation and amortization                         39,264      37,800
                                                    ----------  ----------
                                                       326,358     311,845
                                                    ----------  ----------

Gains on Asset Dispositions and Impairments, Net        16,760      11,906
                                                    ----------  ----------

Operating Income                                        89,918      54,516
                                                    ----------  ----------

Other Income (Expense):
  Interest income                                        1,043       7,476
  Interest expense                                     (14,337)    (13,491)
  Debt extinguishment gains, net                         1,363          --
  Marketable security losses, net                       (3,981)     (5,684)
  Derivative gains, net                                  3,611       6,467
  Foreign currency gains, net                              658       2,610
  Other, net                                               190         164
                                                    ----------  ----------
                                                       (11,453)     (2,458)
                                                    ----------  ----------
Income Before Income Tax Expense and Equity In
 Earnings of 50% or Less Owned Companies                78,465      52,058
Income Tax Expense                                      28,199      19,790
                                                    ----------  ----------
Income Before Equity in Earnings of 50% or Less
 Owned Companies                                        50,266      32,268
Equity in Earnings of 50% or Less Owned Companies        3,527       4,579
                                                    ----------  ----------
Net Income                                              53,793      36,847
Net Income attributable to Noncontrolling Interests
 in Subsidiaries                                           799         202
                                                    ----------  ----------
Net Income attributable to SEACOR Holdings Inc.     $   52,994  $   36,645
                                                    ==========  ==========

Basic Earnings Per Common Share of SEACOR Holdings
 Inc.                                               $     2.68  $     1.64

Diluted Earnings Per Common Share of SEACOR
 Holdings Inc.                                      $     2.36  $     1.50

Weighted Average Common Shares of Outstanding:
  Basic                                             19,761,776  22,343,655
  Diluted                                           23,507,459  26,011,338







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


                                       Three Months Ended
                      ----------------------------------------------------
                      Mar. 31,    Dec. 31,   Sep. 30,  Jun. 30,   Mar. 31,
                        2009        2008       2008      2008       2008
                      ---------  ---------  --------- ---------  ---------

Operating Revenues    $ 399,516  $ 454,926  $ 437,608 $ 408,967  $ 354,455
                      ---------  ---------  --------- ---------  ---------

Costs and Expenses:
  Operating             248,412    291,898    269,874   274,304    235,040
  Administrative and
   general               38,682     49,291     41,487    45,095     39,005
  Depreciation and
   amortization          39,264     41,300     39,598    37,728     37,800
                      ---------  ---------  --------- ---------  ---------
                        326,358    382,489    350,959   357,127    311,845
                      ---------  ---------  --------- ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net        16,760     37,899     20,074    19,274     11,906
                      ---------  ---------  --------- ---------  ---------

Operating Income         89,918    110,336    106,723    71,114     54,516
                      ---------  ---------  --------- ---------  ---------

Other Income
 (Expense):
  Interest income         1,043      2,610      4,329     5,373      7,476
  Interest expense      (14,337)   (15,291)   (16,409)  (14,625)   (13,491)
  Debt extinguishment
   gains (losses),
   net                    1,363      6,266         --        (1)        --
  Marketable security
   gains (losses),
   net                   (3,981)      (544)    35,950       383     (5,684)
  Derivative gains
   (losses), net          3,611     (4,512)    (8,430)   (7,113)     6,467
  Foreign currency
   gains (losses),
   net                      658     (4,368)    (6,683)      604      2,610
  Other, net                190         83        (89)      162        164
                      ---------  ---------  --------- ---------  ---------
                        (11,453)   (15,756)     8,668   (15,217)    (2,458)
                      ---------  ---------  --------- ---------  ---------
Income Before Income
 Tax Expense and
 Equity In Earnings
 of 50% or Less Owned
 Companies               78,465     94,580    115,391    55,897     52,058
Income Tax Expense       28,199     28,000     42,849    19,933     19,790
                      ---------  ---------  --------- ---------  ---------
Income Before Equity
 in Earnings of 50%
 or Less Owned
 Companies               50,266     66,580     72,542    35,964     32,268
Equity in Earnings of
 50% or Less Owned
 Companies                3,527      4,015      2,160     1,315      4,579
                      ---------  ---------  --------- ---------  ---------
Net Income               53,793     70,595     74,702    37,279     36,847
Net Income
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries               799        124        363       191        202
                      ---------  ---------  --------- ---------  ---------
Net Income
 attributable to
 SEACOR Holdings Inc. $  52,994  $  70,471  $  74,339 $  37,088  $  36,645
                      =========  =========  ========= =========  =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings Inc. $    2.68  $    3.58  $    3.68 $    1.74  $    1.64

Diluted Earnings Per
 Common Share of
 SEACOR Holdings Inc. $    2.36  $    3.11  $    3.20 $    1.57  $    1.50

Weighted Average
 Common Shares of
 Outstanding:
  Basic                  19,762     19,704     20,183    21,363     22,344
  Diluted                23,507     23,471     23,999    25,171     26,011
Common Shares
 Outstanding at
 Period End              20,191     20,018     19,976    21,117     22,223







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


                                        Three Months Ended
                        ---------------------------------------------------
                        Mar. 31,  Dec. 31,    Sep. 30,   Jun. 30, Mar. 31,
                          2009      2008        2008      2008      2008
                        --------- ---------  ---------  --------- ---------

Offshore Marine Services
Operating Revenues      $ 164,783 $ 185,956  $ 196,911  $ 171,214 $ 154,647
                        --------- ---------  ---------  --------- ---------
Costs and Expenses:
  Operating                78,839    93,443     97,790    104,599    94,270
  Administrative and
   general                 10,198    15,344     14,473     15,801    12,804
  Depreciation and
   amortization            13,689    14,146     13,689     13,674    14,125
                        --------- ---------  ---------  --------- ---------
                          102,726   122,933    125,952    134,074   121,199
                        --------- ---------  ---------  --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net          14,446    34,200     13,516     14,352     7,138
                        --------- ---------  ---------  --------- ---------
Operating Income        $  76,503 $  97,223  $  84,475  $  51,492 $  40,586
                        ========= =========  =========  ========= =========

Marine Transportation
 Services
Operating Revenues      $  26,537 $  28,776  $  27,535  $  28,764 $  28,953
                        --------- ---------  ---------  --------- ---------
Costs and Expenses:
  Operating                16,771    16,874     22,391     16,762    16,219
  Administrative and
   general                  1,184     1,771      1,486      1,607     1,438
  Depreciation and
   amortization             7,999     7,997      7,997      8,039     7,980
                        --------- ---------  ---------  --------- ---------
                           25,954    26,642     31,874     26,408    25,637
                        --------- ---------  ---------  --------- ---------

Gains on Asset
 Dispositions                   --        --         --        --     3,629
                        --------- ---------  ---------  --------- ---------
Operating Income (Loss) $     583 $   2,134  $  (4,339) $   2,356 $   6,945
                        ========= =========  =========  ========= =========

Inland River Services
Operating Revenues      $  37,014 $  44,038  $  36,517  $  33,322 $  30,145
                        --------- ---------  ---------  --------- ---------
Costs and Expenses:
  Operating                19,409    21,304     23,079     21,310    16,726
  Administrative and
   general                  2,136     2,048      1,800      1,916     2,123
  Depreciation and
   amortization             4,866     4,440      4,146      4,032     3,964
                        --------- ---------  ---------  --------- ---------
                           26,411    27,792     29,025     27,258    22,813
                        --------- ---------  ---------  --------- ---------

Gains on Asset
 Dispositions               2,261     4,138      4,073      1,472       711
                        --------- ---------  ---------  --------- ---------
Operating Income        $  12,864 $  20,384  $  11,565  $   7,536 $   8,043
                        ========= =========  =========  ========= =========

Aviation Services
Operating Revenues      $  59,385 $  57,557  $  73,483  $  63,795 $  53,792
                        --------- ---------  ---------  --------- ---------
Costs and Expenses:
  Operating                40,317    44,931     49,991     46,697    39,871
  Administrative and
   general                  4,151     5,432      5,174      4,895     4,629
  Depreciation and
   amortization             8,706    10,379      9,571      8,672     7,789
                        --------- ---------  ---------  --------- ---------
                           53,174    60,742     64,736     60,264    52,289
                        --------- ---------  ---------  --------- ---------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net              45       (26)     1,307      3,208       394
                        --------- ---------  ---------  --------- ---------
Operating Income (Loss) $   6,256 $  (3,211) $  10,054  $   6,739 $   1,897
                        ========= =========  =========  ========= =========

Environmental Services
Operating Revenues      $  34,234 $  45,360  $  42,177  $  37,984 $  42,509
                        --------- ---------  ---------  --------- ---------
Costs and Expenses:
  Operating                24,077    30,253     29,904     26,571    30,598
  Administrative and
   general                  7,241     7,471      5,924      8,423     5,709
  Depreciation and
   amortization             1,754     2,161      2,033      1,414     1,445
                        --------- ---------  ---------  --------- ---------
                           33,072    39,885     37,861     36,408    37,752
                        --------- ---------  ---------  --------- ---------

Gains on Asset
 Dispositions                   8         5         --         84        35
                        --------- ---------  ---------  --------- ---------
Operating Income        $   1,170 $   5,480  $   4,316  $   1,660 $   4,792
                        ========= =========  =========  ========= =========





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



                                     Three Months Ended
                       --------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,  Jun. 30,  Mar. 31,
                         2009       2008       2008      2008      2008
                       ---------  ---------  --------  --------  --------

Commodity Trading
Operating Revenues     $  64,503  $  79,881  $ 44,290  $ 55,419  $ 28,674
                       ---------  ---------  --------  --------  --------
Costs and Expenses:
  Operating               61,871     78,425    37,746    46,977    26,757
  Administrative and
   general                 1,839      5,231     1,358     1,644       727
  Depreciation and
   amortization               --         --        --        --        --
                       ---------  ---------  --------  --------  --------
                          63,710     83,656    39,104    48,621    27,484
                       ---------  ---------  --------  --------  --------

Gains on Asset
 Dispositions                 --         --        --        --        --
                       ---------  ---------  --------  --------  --------
Operating Income
 (Loss)                $     793  $  (3,775) $  5,186  $  6,798  $  1,190
                       =========  =========  ========  ========  ========

Harbor and Offshore Towing
 Services
Operating Revenues     $  16,346  $  16,792  $ 19,529  $ 19,929  $ 16,257
                       ---------  ---------  --------  --------  --------
Costs and Expenses:
  Operating               10,704      9,812    11,941    12,959    11,109
  Administrative and
   general                 2,020      2,654     2,571     2,398     1,771
  Depreciation and
   amortization            1,952      1,940     1,884     1,648     2,267
                       ---------  ---------  --------  --------  --------
                          14,676     14,406    16,396    17,005    15,147
                       ---------  ---------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                 --         (5)       --       158        --
                       ---------  ---------  --------  --------  --------
Operating Income       $   1,670  $   2,381  $  3,133  $  3,082  $  1,110
                       =========  =========  ========  ========  ========

Other
Operating Revenues     $      --  $      --  $    270  $    104  $     --
                       ---------  ---------  --------  --------  --------
Costs and Expenses:
  Operating                   --         --        --        --        --
  Administrative and
   general                   206        122       117       131       202
  Depreciation and
   amortization               --         --         3         8        --
                       ---------  ---------  --------  --------  --------
                             206        122       120       139       202
                       ---------  ---------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                 --        (16)    1,178        --        --
                       ---------  ---------  --------  --------  --------
Operating Income
 (Loss)                $    (206) $    (138) $  1,328  $    (35) $   (202)
                       =========  =========  ========  ========  ========

Corporate and Eliminations
Operating Revenues     $  (3,286) $  (3,434) $ (3,104) $ (1,564) $   (522)
                       ---------  ---------  --------  --------  --------
Costs and Expenses:
  Operating               (3,576)    (3,144)   (2,968)   (1,571)     (510)
  Administrative and
   general                 9,707      9,218     8,584     8,280     9,602
  Depreciation and
   amortization              298        237       275       241       230
                       ---------  ---------  --------  --------  --------
                           6,429      6,311     5,891     6,950     9,322
                       ---------  ---------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments, Net             --       (397)       --        --        (1)
                       ---------  ---------  --------  --------  --------
Operating Loss         $  (9,715) $ (10,142) $ (8,995) $ (8,514) $ (9,845)
                       =========  =========  ========  ========  ========






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



                Mar. 31,     Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                 2009          2008        2008       2008         2008
               ----------- ----------- ----------- ----------- -----------
   ASSETS
Current
 Assets:
  Cash and
   cash
   equivalents $   376,720 $   275,442 $   326,143 $   422,569 $   444,787
  Restricted
   cash             23,984      20,787      23,659      30,072      39,152
  Marketable
   securities       50,785      53,817      72,862      97,920      75,669
  Receivables:
   Trade, net
    of
    allowance
    for
    doubtful
    accounts       262,170     277,350     294,330     272,291     250,789
   Other            41,515      40,141      57,892      54,520      72,073
  Inventories       62,065      66,278      50,234      42,063      35,021
  Deferred
   income
   taxes             5,164       5,164       9,929       9,929       9,929
  Prepaid
   expenses
   and other        11,286      10,499       8,943      12,067       9,196
               ----------- ----------- ----------- ----------- -----------
   Total
    current
    assets         833,689     749,478     843,992     941,431     936,616
               ----------- ----------- ----------- ----------- -----------
Property and
 Equipment       2,761,837   2,741,322   2,706,500   2,665,956   2,511,118
   Accumulated
    depre-
    ciation       (649,971)   (601,806)   (596,017)   (578,100)   (554,838)
               ----------- ----------- ----------- ----------- -----------
   Net
    property
    and
    equipment    2,111,866   2,139,516   2,110,483   2,087,856   1,956,280
               ----------- ----------- ----------- ----------- -----------
Investments,
 at Equity,
 and
 Receivables
 from 50% or
 Less Owned
 Companies         158,066     150,062     143,190     115,701     117,409
Construction
 Reserve
 Funds & Title
 XI Reserve
 Funds             297,681     305,757     265,586     270,357     413,681
Goodwill            52,919      51,496      61,401      63,101      62,020
Intangible
 Assets             27,230      28,478      29,707      28,079      29,292
Other Assets,
 net of
 allowance
 for doubtful
 accounts           36,086      34,867      30,606      39,430      33,845
               ----------- ----------- ----------- ----------- -----------
               $ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143
               =========== =========== =========== =========== ===========

 LIABILITIES
 AND EQUITY
Current
 Liabilities:
  Current
   portion of
   long-term
   debt        $    12,301 $    33,671 $    10,301 $    10,385 $    11,414
  Current
   portion of
   capital
   lease
   obligations         921         907      15,074      33,682         864
  Accounts
   payable
   and
   accrued
   expenses        104,023     102,798     105,496     101,942      93,079
  Other
   current
   liabilities     145,421     139,425     226,395     273,185     254,522
               ----------- ----------- ----------- ----------- -----------
   Total
    current
    liabilities    262,666     276,801     357,266     419,194     359,879
               ----------- ----------- ----------- ----------- -----------
Long-Term
 Debt              910,156     895,689     904,072     898,265     897,005
Capital Lease
 Obligations         7,426       7,685       7,940       8,192       8,439
Deferred
 Income Taxes      530,825     515,455     520,871     501,602     503,855
Deferred
 Gains and
 Other
 Liabilities       111,714     121,796     126,281     127,217     131,259
               ----------- ----------- ----------- ----------- -----------
  Total
   liabilities   1,822,787   1,817,426   1,916,430   1,954,470   1,900,437
               ----------- ----------- ----------- ----------- -----------
Equity:
 SEACOR
  Holdings
  Inc.
  stockholders
  equity:
   Preferred
    stock               --          --          --          --          --
   Common
    stock              325         324         323         323         323
   Additional
    paid-in
    capital        959,092     956,457     951,109     947,791     944,760
   Retained
    earnings     1,455,765   1,402,771   1,332,300   1,257,961   1,220,873
   Shares
    held in
    treasury,
    at cost       (723,154)   (724,357)   (724,165)   (628,041)   (531,236)
   Accumulated
    other
    comprehensive
    income
    (loss)          (5,614)     (5,045)     (2,977)      1,470       1,779
               ----------- ----------- ----------- ----------- -----------
                 1,686,414   1,630,150   1,556,590   1,579,504   1,636,499
 Noncontrolling
  interests in
  subsidiaries       8,336      12,078      11,945      11,981      12,207
               ----------- ----------- ----------- ----------- -----------
  Total
   equity        1,694,750   1,642,228   1,568,535   1,591,485   1,648,706
               ----------- ----------- ----------- ----------- -----------
               $ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143
               =========== =========== =========== =========== ===========




                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS




                          Mar. 31,  Dec. 31,   Sep. 30,  Jun. 30,  Mar. 31,
                            2009      2008       2008      2008      2008
                          --------  --------  ---------  --------  --------

Offshore Marine Services
Anchor handling towing
 supply                         21        20         20        20        20
Crew                            71        75         77        76        77
Mini-supply                     15        16         19        20        21
Standby safety                  28        29         29        29        29
Supply                          28        27         27        28        26
Towing supply                   13        14         15        16        18
Specialty                        9         9         10        13        14
                          --------  --------  ---------  --------  --------
                               185       190        197       202       205
                          ========  ========  =========  ========  ========

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

Inland River Services
Inland river dry cargo
 barges-open                   333       345        338       318       318
Inland river dry cargo
 barges-covered                629       632        637       659       665
Inland river liquid tank
 barges                         87        86         75        75        70
Inland river deck barges        26        26         26        26        26
Inland river towboats           23        22         21        20        20
Dry-cargo vessel                 1        --         --        --        --
                          --------  --------  ---------  --------  --------
                             1,099     1,111      1,097     1,098     1,099
                          ========  ========  =========  ========  ========

Aviation Services
Light helicopters -
 single engine                  64        63         62        62        64
Light helicopters -
 twin engine                    55        55         53        55        54
Medium helicopters              63        62         58        57        55
Heavy helicopters                6         7          6         5         3
                          --------  --------  ---------  --------  --------
                               188       187        179       179       176
                          ========  ========  =========  ========  ========

Harbor and Offshore
 Towing Services
Harbor and offshore tugs        35        35         35        35        36
Ocean liquid tank barges         3         3          3         2         2
                          --------  --------  ---------  --------  --------
                                38        38         38        37        38
                          ========  ========  =========  ========  ========
For additional information, contact:
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com