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 SEACOR Holdings Announces Results for Its Fourth Quarter and YearEnded December 31, 2015
   Monday, February 29, 2016 4:24:53 PM ET

SEACOR Holdings Inc. (CKH ) (the "Company") today announced its results for its fourth quarter and year ended December 31, 2015.

For the quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. For the year ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $68.8 million, or $3.94 per diluted share. Results attributable to SEACOR Holdings Inc. for the year ended December 31, 2015 included losses of $4.43 per diluted share due to:

--  a loss of $32.3 million, net of tax, or $1.85 per diluted share upon
    marking its investment, at equity, in Dorian LPG Ltd. ("Dorian") to
    fair value during the fourth quarter;
--  a loss of $21.5 million or $1.23 per diluted share upon marking its
    investment, at equity, in SCFCo Holdings LLC ("SCFCo") to fair value
    during the fourth quarter;
--  a loss of $9.4 million, net of tax, or $0.54 per diluted share as a
    result of a goodwill impairment charge associated with the Company’s
    Offshore Marine Services business segment during the fourth quarter;
--  a loss of $4.5 million, net of tax, or $0.26 per diluted share for the
    Company’s share of a funding deficit in the Merchant Navy Ratings
    Pension Fund ("MNRPF") during the third quarter; and
--  a loss of $9.6 million, net of noncontrolling interests and tax, or
    $0.55 per diluted share related to the extinguishment of the Company’s
    Title XI bonds during the second quarter.

For the preceding quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. A comparison of results for the quarter ended December 31, 2015 with the preceding quarter ended September 30, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. For the year ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $100.1 million, or $4.71 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating loss was $19.2 million in the fourth quarter compared with $2.9 million in the preceding quarter. The Company impaired the goodwill associated with its Offshore Marine Services business segment in the fourth quarter as a consequence of continuing difficult market conditions resulting in an impairment charge of $13.4 million. Excluding the goodwill impairment charge, operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $9.6 million on operating revenues of $83.2 million in the fourth quarter compared with OIBDA of $12.3 million on operating revenues of $95.5 million in the preceding quarter.

Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 63% to 59%, and average rates per day worked decreased by 4% from $14,029 to $13,495. Days available for charter during the fourth quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results, excluding the goodwill impairment charge of $13.4 million noted above, were $2.8 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.5 million lower primarily due to a reduction in offshore construction activity in the fourth quarter. Time charter revenues for the liftboat fleet were $2.8 million lower primarily due to weaker market conditions and seasonality. Time charter revenues for all other vessel classes were $1.6 million lower. On a total fleet basis, including cold-stacked vessels, utilization dropped from 38% to 22%. Average rates per day worked increased from $24,137 to $32,054. Operating expenses were $5.9 million lower primarily due to a $5.2 million reduction in daily running costs as a consequence of cold-stacking vessels. As of December 31, 2015, the Company had 22 of 41 vessels cold-stacked in the U.S. Gulf of Mexico compared with 19 of 44 vessels as of September 30, 2015. Of the 22 vessels cold-stacked, eleven were liftboats.

Operating results from international regions were $0.1 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues were $2.3 million lower in Europe primarily due to the seasonality of wind farm utility vessels, $1.2 million lower in Brazil, Mexico, Central and South America primarily due to the conclusion of several term charters, and $1.0 million lower in Asia primarily due to the seasonal conclusion of a term charter in Sakhalin. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization improved from 77% to 79%, and average day rates per day worked decreased from $11,198 to $10,553. Operating expenses were $5.1 million lower in the fourth quarter compared with the third quarter primarily due to the third quarter charge of $6.9 million for a U.K. subsidiary’s share of a funding deficit in the MNRPF for North Sea mariners partially offset by higher drydocking costs in the fourth quarter. As of December 31, 2015, the Company had four of 132 vessels cold-stacked in international regions compared with three of 132 vessels as of September 30, 2015.

Derivative losses, net of $2.8 million in the fourth quarter were primarily due to unrealized losses on equity options.

Inland River Services - Operating income was $9.2 million in the fourth quarter compared with $15.2 million in the preceding quarter. OIBDA was $16.3 million on operating revenues of $58.4 million in the fourth quarter compared with $22.4 million on operating revenues of $54.3 million in the preceding quarter, which included third quarter gains of $10.6 million from the sale of the Company’s domestic 10,000 barrel liquid tank barge fleet.

Operating results before gains on asset dispositions were $5.2 million higher in the fourth quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $7.6 million higher primarily due to seasonal demand for moving grain associated with the fall harvest and higher freight rates. Operating results from the Company’s fleeting operations were $1.0 million lower primarily due to reduced activity levels on the Upper Mississippi River and higher repair and maintenance costs. Operating results from the Company’s 10,000 liquid tank barge fleet were $0.7 million lower as a consequence of the sale of the equipment in the preceding quarter. Operating results from the Company’s liquid unit tow operations were $0.4 million lower primarily due to two towboats undergoing repairs resulting in higher charter-in expense and higher repair and maintenance costs.

During the fourth quarter, the Company recognized $25.9 million of equity losses in its 50% owned joint venture, SCFCo, operating on the Parana-Paraguay River Waterway, including a $21.5 million impairment charge for an other-than-temporary decline in the fair value of its investment. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million during the fourth quarter on notes due from this joint venture.

Shipping Services - Operating income was $19.8 million in the fourth quarter compared with $18.3 million in the preceding quarter. OIBDA was $26.3 million (of which $8.6 million is attributable to noncontrolling interests associated with SEA-Vista, which is a joint venture that owns the Company’s Jones Act tankers) on operating revenues of $61.4 million in the fourth quarter compared with $24.8 million (of which $9.2 million is attributable to SEA-Vista noncontrolling interests) on operating revenues of $58.7 million in the preceding quarter.

Operating results were $1.5 million higher in the fourth quarter primarily due to increased harbor towing activities resulting from higher port traffic, higher short-sea cargo shipping demand and lower fuel costs.

Equity in losses of 50% or less owned companies during the fourth quarter were primarily due to the Company’s investment, at equity, in Dorian. During the fourth quarter, the Company determined it no longer exercised significant influence and marked its investment, at equity, in Dorian to fair value resulting in a loss of $32.3 million, net of tax. As of December 31, 2015, the Company’s investment in Dorian is classified as marketable securities in its consolidated balance sheet and carried at a fair value of $108.0 million.

Illinois Corn Processing - Segment profit was $0.1 million on operating revenues of $38.7 million in the fourth quarter compared with $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the preceding quarter. Segment profit was $4.8 million lower primarily due to a reduction in industry-wide fuel ethanol margins and higher operating costs as a result of planned and unplanned maintenance during the fourth quarter.

Debt Extinguishment Gains - During the fourth quarter, the Company purchased $15.1 million in principal amount of its 7.375% Senior Notes for $14.6 million resulting in gains on debt extinguishment of $0.3 million and purchased $65.5 million in principal amount of its 2.5% Convertible Senior Notes for $62.6 million resulting in gains on debt extinguishment of $1.1 million.

Share Repurchases - During the fourth quarter, the Company purchased 200,000 shares of its common stock for an aggregate purchase price of $10.1 million, or $50.64 per share. As of December 31, 2015, the Company had 17,154,900 of common shares outstanding.

Capital Commitments - The Company’s capital commitments as of December 31, 2015 by year of expected payment were as follows (in thousands):


                              2016      2017      2018      2019     Total
                           --------- --------- --------- --------- ---------
Shipping Services          $ 170,576 $  22,640 $       - $       - $ 193,216
Offshore Marine Services      76,957    34,681    22,545     8,145   142,328
Inland River Services         29,773    27,936         -         -    57,709
Illinois Corn Processing       3,238         -         -         -     3,238
Other                             29         -         -         -        29
                           --------- --------- --------- --------- ---------
                           $ 280,573 $  85,257 $  22,545 $   8,145 $ 396,520
                           ========= ========= ========= ========= =========


Shipping Services’ capital commitments included three U.S.-flag product tankers, one U.S.-flag articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services’ capital commitments included seven fast support vessels, four supply vessels, two specialty offshore support vessels and three wind farm utility vessels. Inland River Services’ capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats. Approximately $6.8 million of the capital commitments may be terminated without further liability other than the payment of liquidated damages of $0.8 million. Subsequent to December 31, 2015, the Company committed to purchase one offshore support vessel and other equipment for $15.6 million.

Liquidity and Debt - As of December 31, 2015, the Company’s balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $923.6 million and its total outstanding debt was $1,070.4 million. In addition, the Company had $106.7 million of borrowing capacity under its subsidiary credit facilities.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, as well as an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico 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 or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and 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 the provision of 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 a lack of liquidity 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 and Shipping Services, decreased demand for Shipping 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 and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, 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 on Inland River Services’ operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing’s operations, adequacy of insurance coverage, the potential for a material weakness in the Company’s internal controls over financial reporting and the Company’s ability to remediate such potential material weakness, 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 as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual report on Form 10-K. In addition, these statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).


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

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2015         2014         2015         2014
                         -----------  -----------  -----------  -----------
Operating Revenues       $   250,631  $   342,217  $ 1,054,736  $ 1,319,394
                         -----------  -----------  -----------  -----------
Costs and Expenses:
  Operating                  165,729      220,814      748,605      909,372
  Administrative and
   general                    41,158       45,520      156,611      164,938
  Depreciation and
   amortization               31,460       31,603      125,987      131,819
                         -----------  -----------  -----------  -----------
                             238,347      297,937    1,031,203    1,206,129
                         -----------  -----------  -----------  -----------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net            (13,212)      13,136       (2,408)      51,978
                         -----------  -----------  -----------  -----------
Operating Income (Loss)         (928)      57,416       21,125      165,243
                         -----------  -----------  -----------  -----------
Other Income (Expense):
  Interest income              5,902        5,126       20,020       19,662
  Interest expense           (11,500)     (10,647)     (43,297)     (43,632)
  Debt extinguishment
   gains (losses), net         1,473            -      (28,497)           -
  Marketable security
   gains (losses), net         3,402       13,266          (74)      28,760
  Derivative gains
   (losses), net                 199       (1,221)      (2,096)      (3,902)
  Foreign currency
   losses, net                (1,138)      (4,797)      (4,752)      (6,335)
  Other, net                     611       (3,230)       6,773        3,439
                         -----------  -----------  -----------  -----------
                              (1,051)      (1,503)     (51,923)      (2,008)
                         -----------  -----------  -----------  -----------
Income (Loss) Before
 Income Tax Expense
 (Benefit) and Equity in
 Earnings (Losses) of
 50% or Less Owned
 Companies                    (1,979)      55,913      (30,798)     163,235
Income Tax Expense
 (Benefit)                    (2,626)      20,212      (11,362)      55,197
                         -----------  -----------  -----------  -----------
Income (Loss) Before
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies                 647       35,701      (19,436)     108,038
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                         (50,500)      13,628      (40,414)      16,309
                         -----------  -----------  -----------  -----------
Net Income (Loss)            (49,853)      49,329      (59,850)     124,347
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                  7,012        9,236        8,932       24,215
                         -----------  -----------  -----------  -----------
Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.           $   (56,865) $    40,093  $   (68,782) $   100,132
                         ===========  ===========  ===========  ===========

Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.    $     (3.36) $      2.22  $     (3.94) $      5.18

Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.    $     (3.36) $      1.85  $     (3.94) $      4.71

Weighted Average Common
 Shares Outstanding:
  Basic                   16,941,982   18,074,129   17,446,137   19,336,280
  Diluted                 16,941,982   24,502,723   17,446,137   25,765,325



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

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2015      2015      2015      2015      2014
                           --------  --------  --------  --------  --------
Operating Revenues         $250,631  $261,852  $281,609  $260,644  $342,217
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 165,729   175,985   207,743   199,148   220,814
  Administrative and
   general                   41,158    37,892    38,674    38,887    45,520
  Depreciation and
   amortization              31,460    31,018    32,079    31,430    31,603
                           --------  --------  --------  --------  --------
                            238,347   244,895   278,496   269,465   297,937
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net           (13,212)   11,264     4,386    (4,846)   13,136
                           --------  --------  --------  --------  --------
Operating Income (Loss)        (928)   28,221     7,499   (13,667)   57,416
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Interest income             5,902     5,065     4,474     4,579     5,126
  Interest expense          (11,500)  (10,894)  (10,391)  (10,512)  (10,647)
  Debt extinguishment
   gains (losses), net        1,473      (434)  (29,536)        -         -
  Marketable security
   gains (losses), net        3,402    (4,604)   10,249    (9,121)   13,266
  Derivative gains
   (losses), net                199      (725)    1,426    (2,996)   (1,221)
  Foreign currency gains
   (losses), net             (1,138)   (4,057)    2,436    (1,993)   (4,797)
  Other, net                    611     1,773     4,433       (44)   (3,230)
                           --------  --------  --------  --------  --------
                             (1,051)  (13,876)  (16,909)  (20,087)   (1,503)
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Income Tax Expense
 (Benefit) and Equity in
 Earnings (Losses) of 50%
 or Less Owned Companies     (1,979)   14,345    (9,410)  (33,754)   55,913
Income Tax Expense
 (Benefit)                   (2,626)    3,063       155   (11,954)   20,212
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies                647    11,282    (9,565)  (21,800)   35,701
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                        (50,500)    5,123     1,064     3,899    13,628
                           --------  --------  --------  --------  --------
Net Income (Loss)           (49,853)   16,405    (8,501)  (17,901)   49,329
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries              7,012     9,440    (9,188)    1,668     9,236
                           --------  --------  --------  --------  --------
Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.             $(56,865) $  6,965  $    687  $(19,569) $ 40,093
                           ========  ========  ========  ========  ========

Basic Earnings (Loss) Per
 Common Share of SEACOR
 Holdings Inc.             $  (3.36) $   0.40  $   0.04  $  (1.10) $   2.22

Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.      $  (3.36) $   0.40  $   0.04  $  (1.10) $   1.85

Weighted Average Common
 Shares of Outstanding:
  Basic                      16,942    17,295    17,781    17,778    18,074
  Diluted                    16,942    17,561    18,082    17,778    24,503
Common Shares Outstanding
 at Period End               17,155    17,354    18,012    18,241    18,140



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

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2015      2015      2015      2015      2014
                           --------  --------  --------  --------  --------
Offshore Marine Services
Operating Revenues         $ 83,166  $ 95,531  $ 96,715  $ 93,456  $127,518
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  59,223    70,221    72,173    74,355    86,558
  Administrative and
   general                   14,118    12,753    12,655    13,559    15,253
  Depreciation and
   amortization              15,419    15,252    15,692    15,366    15,594
                           --------  --------  --------  --------  --------
                             88,760    98,226   100,520   103,280   117,405
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net           (13,577)     (246)    3,455    (6,649)   12,062
                           --------  --------  --------  --------  --------
Operating Income (Loss)     (19,171)   (2,941)     (350)  (16,473)   22,175
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net             (2,751)      (10)        4        (9)       (7)
  Foreign currency gains
   (losses), net               (350)   (1,567)    1,907       (17)     (934)
  Other, net                    373        (9)       43      (146)      (68)
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                   1,248     1,708     2,826     2,975     3,054
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $(20,651) $ (2,819) $  4,430  $(13,670) $ 24,220
                           ========  ========  ========  ========  ========

OIBDA(2)                   $ (3,752) $ 12,311  $ 15,342  $ (1,107) $ 37,769
                           ========  ========  ========  ========  ========
Drydocking expenditures
 (included in operating
 costs and expenses)       $  3,485  $  1,483  $  5,932  $  6,881  $  9,052
                           ========  ========  ========  ========  ========
Out-of-service days for
 drydockings                    246        87       315       294       326
                           ========  ========  ========  ========  ========

Inland River Services
Operating Revenues         $ 58,415  $ 54,310  $ 61,150  $ 56,607  $ 79,252
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  38,459    39,487    48,556    41,513    46,250
  Administrative and
   general                    4,011     3,907     3,765     3,884     4,245
  Depreciation and
   amortization               7,113     7,268     7,362     6,889     6,660
                           --------  --------  --------  --------  --------
                             49,583    50,662    59,683    52,286    57,155
                           --------  --------  --------  --------  --------
Gains on Asset
 Dispositions                   389    11,510     1,166     1,803     1,565
                           --------  --------  --------  --------  --------
Operating Income              9,221    15,158     2,633     6,124    23,662
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                (15)       50       177        82         -
  Foreign currency gains
   (losses), net               (640)   (2,173)      208    (1,121)   (3,032)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                        (25,092)   (2,117)   (3,717)     (274)   10,515
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $ 16,526  $ 10,918  $   (699) $  4,811  $ 31,145
                           ========  ========  ========  ========  ========

OIBDA(2)                   $ 16,334  $ 22,426  $  9,995  $ 13,013  $ 30,322
                           ========  ========  ========  ========  ========



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

                                           Three Months Ended
                            -----------------------------------------------
                            Dec. 31,  Sep. 30,  Jun. 30, Mar. 31,  Dec. 31,
                              2015      2015      2015     2015      2014
                            --------  --------  -------- --------  --------
Shipping Services
Operating Revenues          $ 61,388  $ 58,673  $ 55,674 $ 51,407  $ 56,681
                            --------  --------  -------- --------  --------
Costs and Expenses:
  Operating                   28,118    27,666    36,124   37,131    28,688
  Administrative and
   general                     7,014     6,236     6,676    6,289     7,318
  Depreciation and
   amortization                6,474     6,476     6,611    6,735     6,821
                            --------  --------  -------- --------  --------
                              41,606    40,378    49,411   50,155    42,827
                            --------  --------  -------- --------  --------
Gains on Asset Dispositions        -         -         -        -       202
                            --------  --------  -------- --------  --------
Operating Income              19,782    18,295     6,263    1,252    14,056
                            --------  --------  -------- --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                 (18)       (9)        9      (12)       (4)
  Other, net                       1     1,836       187       29        22
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax       (27,578)    5,292     2,363    1,141      (790)
                            --------  --------  -------- --------  --------
Segment Profit (Loss)(1)    $ (7,813) $ 25,414  $  8,822 $  2,410  $ 13,284
                            ========  ========  ======== ========  ========

OIBDA(2)                    $ 26,256  $ 24,771  $ 12,874 $  7,987  $ 20,877
                            ========  ========  ======== ========  ========
Drydocking expenditures for
 U.S.-flag product tankers
 (included in operating
 costs and expenses)        $    207  $     66  $  7,171 $  8,083  $      -
                            ========  ========  ======== ========  ========
Out-of-service days for
 drydockings of U.S.-flag
 product tankers                   -         -        38       71         -
                            ========  ========  ======== ========  ========

Illinois Corn Processing
Operating Revenues          $ 38,654  $ 40,282  $ 48,371 $ 39,598  $ 51,026
                            --------  --------  -------- --------  --------
Costs and Expenses:
  Operating                   36,747    33,514    40,588   33,118    39,685
  Administrative and
   general                       693       543       509      562       609
  Depreciation and
   amortization                  964       979       979      980     1,064
                            --------  --------  -------- --------  --------
                              38,404    35,036    42,076   34,660    41,358
                            --------  --------  -------- --------  --------
Operating Income                 250     5,246     6,295    4,938     9,668
                            --------  --------  -------- --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                (137)     (336)       50     (828)     (302)
  Other, net                       -         -     4,112        -       167
                            --------  --------  -------- --------  --------
Segment Profit(1)           $    113  $  4,910  $ 10,457 $  4,110  $  9,533
                            ========  ========  ======== ========  ========



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

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2015      2015      2015      2015      2014
                           --------  --------  --------  --------  --------
Other
Operating Revenues         $  9,922  $ 13,779  $ 20,337  $ 20,452  $ 29,283
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                   4,166     5,854    11,103    13,830    21,145
  Administrative and
   general                    6,231     6,658     6,617     7,136     9,948
  Depreciation and
   amortization                 575       152       489       500       513
                           --------  --------  --------  --------  --------
                             10,972    12,664    18,209    21,466    31,606
                           --------  --------  --------  --------  --------
Losses on Asset
 Dispositions and
 Impairments, Net               (24)        -      (235)        -      (668)
                           --------  --------  --------  --------  --------
Operating Income (Loss)      (1,074)    1,115     1,893    (1,014)   (2,991)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                  -         -       304      (776)     (702)
  Foreign currency gains
   (losses), net                 21       (64)       36       (40)      (96)
  Other, net                      5        (1)       40         8    (3,357)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            922       240      (408)       57       849
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $   (126) $  1,290  $  1,865  $ (1,765) $ (6,297)
                           ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues         $   (914) $   (723) $   (638) $   (876) $ (1,543)
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                    (984)     (757)     (801)     (799)   (1,512)
  Administrative and
   general                    9,091     7,795     8,452     7,457     8,147
  Depreciation and
   amortization                 915       891       946       960       951
                           --------  --------  --------  --------  --------
                              9,022     7,929     8,597     7,618     7,586
                           --------  --------  --------  --------  --------
Losses on Asset
 Dispositions                     -         -         -         -       (25)
                           --------  --------  --------  --------  --------
Operating Loss             $ (9,936) $ (8,652) $ (9,235) $ (8,494) $ (9,154)
                           ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative gains
   (losses), net           $  3,102  $   (429) $    891  $ (1,465) $   (210)
  Foreign currency gains
   (losses), net               (151)     (244)      276      (803)     (731)
  Other, net                    232       (53)       51        65         6

(1)  Includes amounts attributable to both SEACOR and noncontrolling
     interests.
(2)  Non-GAAP Financial Measure. The Company, from time to time, discloses
     and discusses OIBDA, a non-GAAP financial measure, for certain of its
     operating segments in its public releases and other filings with the
     Securities and Exchange Commission. The Company defines OIBDA as
     operating income (loss) for the applicable segment plus depreciation
     and amortization. The Company’s measure of OIBDA may not be comparable
     to similarly titled measures presented by other companies. Other
     companies may calculate OIBDA differently than the Company, which may
     limit its usefulness as a comparative measure. In addition, this
     measurement does not necessarily represent funds available for
     discretionary use and is not a measure of its ability to fund its cash
     needs. OIBDA is a financial metric used by management (i) as a
     supplemental internal measure for planning and forecasting overall
     expectations and for evaluating actual results against such
     expectations; (ii) as a criteria for annual incentive bonuses paid to
     the Company officers and other shore-based employees; and (iii) to
     compare to the OIBDA of other companies when evaluating potential
     acquisitions.



                            SEACOR HOLDINGS INC.
                          OFFSHORE MARINE SERVICES
                        TIME CHARTER OPERATING DATA
                                (unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2015      2015      2015      2015      2014
                           --------  --------  --------  --------  --------
Rates Per Day Worked:
  Anchor handling towing
   supply                  $ 30,871  $ 29,978  $ 28,463  $ 22,792  $ 26,544
  Fast support                8,014     8,853     9,795     9,426     9,620
  Mini-supply                 5,345     5,858     5,861     5,778     6,355
  Standby safety             10,229    10,487    10,303    10,147    10,556
  Supply                     14,375    14,459    15,112    17,047    18,712
  Towing supply               8,872     7,912     8,579     8,728     7,918
  Specialty                  23,107    25,517    20,749    14,537    32,027
  Liftboats                  25,191    17,124    20,675    21,951    23,038
  Overall Average Rates
   Per Day Worked
   (excluding wind farm
   utility)                  13,495    14,029    13,955    13,178    15,520
  Wind farm utility           2,506     2,446     2,414     2,584     2,732
  Overall Average Rates
   Per Day Worked            10,299    10,003     9,993    10,057    11,874

Utilization:
  Anchor handling towing
   supply                        51%       59%       57%       68%       85%
  Fast support                   58%       64%       67%       80%       73%
  Mini-supply                    97%       97%      100%       85%       94%
  Standby safety                 85%       84%       84%       83%       84%
  Supply                         43%       41%       44%       67%       74%
  Towing supply                  97%       68%       99%       95%       62%
  Specialty                      80%       88%       45%       27%       48%
  Liftboats                      13%       31%       42%       28%       55%
  Overall Fleet
   Utilization (excluding
   wind farm utility)            59%       63%       65%       68%       75%
  Wind farm utility              65%       90%       96%       84%       93%
  Overall Fleet
   Utilization                   60%       70%       73%       72%       79%

Available Days:
  Anchor handling towing
   supply                     1,380     1,380     1,365     1,350     1,380
  Fast support                2,173     2,072     2,086     2,129     2,420
  Mini-supply                   368       368       364       360       368
  Standby safety              2,208     2,208     2,184     2,160     2,208
  Supply                        736       920       953     1,022     1,169
  Towing supply                 184       184       182       180       184
  Specialty                     276       276       273       270       276
  Liftboats                   1,380     1,380     1,365     1,350     1,380
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days (excluding wind
   farm utility)              8,705     8,788     8,772     8,821     9,385
  Wind farm utility           3,222     3,262     3,094     2,997     3,022
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days                      11,927    12,050    11,866    11,818    12,407
                           ========  ========  ========  ========  ========



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

                   Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,
                     2015      2015(1)     2015(1)     2015(1)     2014(1)
                 ----------- ----------- ----------- ----------- -----------
     ASSETS
Current Assets:
 Cash and cash
  equivalents    $  530,009  $  456,805  $  433,827  $  448,011  $  434,183
 Restricted cash          -           -           -      16,896      16,435
 Marketable
  securities        138,200      31,632      29,411      39,002      58,004
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts         159,076     175,968     181,733     186,583     225,242
  Other              27,217      39,696      48,627      39,805      67,745
 Inventories         24,768      23,274      19,736      23,156      22,783
 Prepaid
  expenses and
  other               8,627      10,755      11,411       8,814       9,011
                 ----------  ----------  ----------  ----------  ----------
  Total current
   assets           887,897     738,130     724,745     762,267     833,403
                 ----------  ----------  ----------  ----------  ----------
Property and
 Equipment:
  Historical
   cost           2,123,201   2,099,483   2,100,309   2,083,035   2,086,957
  Accumulated
   depreciation    (994,181)   (967,721)   (954,931)   (918,769)   (902,284)
                 ----------  ----------  ----------  ----------  ----------
                  1,129,020   1,131,762   1,145,378   1,164,266   1,184,673
  Construction
   in progress      454,605     413,572     399,033     339,390     318,000
                 ----------  ----------  ----------  ----------  ----------
  Net property
   and equipment  1,583,625   1,545,334   1,544,411   1,503,656   1,502,673
                 ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          331,103     490,818     482,302     483,748     484,157
Construction
 Reserve Funds &
 Title XI
 Reserve Funds      255,408     253,470     275,131     288,529     278,022
Goodwill             52,340      65,725      62,686      62,688      62,759
Intangible
 Assets, Net         26,392      27,179      30,742      31,955      32,727
Other Assets         48,654      46,371      44,850      37,108      40,632
                 ----------  ----------  ----------  ----------  ----------
                 $3,185,419  $3,167,027  $3,164,867  $3,169,951  $3,234,373
                 ==========  ==========  ==========  ==========  ==========

   LIABILITIES AND EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt           $   35,531  $   35,452  $   35,270  $   44,953  $   48,499
 Accounts
  payable and
  accrued
  expenses           71,952      64,997      68,832      72,738     103,760
 Other current
  liabilities        92,677     113,271     108,100     128,230     109,464
                 ----------  ----------  ----------  ----------  ----------
  Total current
   liabilities      200,160     213,720     212,202     245,921     261,723
                 ----------  ----------  ----------  ----------  ----------
Long-Term Debt    1,034,859     914,220     876,710     824,625     823,723
Exchange Option
 Liability on
 Subsidiary
 Convertible
 Senior Notes         5,611           -           -           -           -
Deferred Income
 Taxes              389,988     418,776     430,761     423,680     442,776
Deferred Gains
 and Other
 Liabilities        163,862     170,850     172,018     178,293     188,664
                 ----------  ----------  ----------  ----------  ----------
  Total
   liabilities    1,794,480   1,717,566   1,691,691   1,672,519   1,716,886
                 ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR Holdings
  Inc.
  stockholders’
  equity:
  Preferred
   stock                  -           -           -           -           -
  Common stock          377         377         377         377         375
  Additional
   paid-in
   capital        1,505,942   1,503,794   1,499,904   1,495,261   1,490,698
  Retained
   earnings       1,126,620   1,183,485   1,176,520   1,175,833   1,195,402
  Shares held in
   treasury, at   (1,356,49   (1,346,37   (1,305,10   (1,287,46   (1,283,47
   cost                   9)          1)          4)          0)          6)
  Accumulated
   other
   comprehensive
   loss, net of
   tax               (5,620)     (5,604)     (3,172)     (5,837)     (3,505)
                 ----------  ----------  ----------  ----------  ----------
                  1,270,820   1,335,681   1,368,525   1,378,174   1,399,494
 Noncontrolling
  interests in
  subsidiaries      120,119     113,780     104,651     119,258     117,993
                 ----------  ----------  ----------  ----------  ----------
  Total equity    1,390,939   1,449,461   1,473,176   1,497,432   1,517,487
                 ----------  ----------  ----------  ----------  ----------
                 $3,185,419  $3,167,027  $3,164,867  $3,169,951  $3,234,373
                 ==========  ==========  ==========  ==========  ==========



 (1) Effective December 31, 2015, the Company adopted new accounting
     standards regarding the presentation of deferred debt issuance costs
     and deferred tax liabilities and assets. As a result, the Company has
     reclassified previously reported amounts to conform with its December
     31, 2015 presentation.



                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
                                  2015     2015     2015     2015     2014
                                -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply         18       18       18       18       18
Fast support                          34       34       33       34       35
Mini-supply                            7        7        7        7        7
Standby safety                        25       25       25       25       25
Supply                                24       26       26       27       25
Towing supply                          3        3        3        3        3
Specialty                              9        9        9        9        9
Liftboats                             15       15       15       15       15
Wind farm utility                     38       39       37       37       36
                                -------- -------- -------- -------- --------
                                     173      176      173      175      173
                                ======== ======== ======== ======== ========

Inland River Services
Dry-cargo barges                   1,430    1,431    1,435    1,439    1,455
Liquid tank barges:
  10,000 barrel                       18       18       45       45       44
  30,000 barrel                       27       27       27       27       27
Specialty barges (1)                  11       11        7        7        7
Deck barges                            -        -        -        -       20
Towboats:
  4,000 hp - 6,250 hp                 17       17       17       17       17
  Less than 3,200 hp                  17       16       16       15       14
                                -------- -------- -------- -------- --------
                                   1,520    1,520    1,547    1,550    1,584
                                ======== ======== ======== ======== ========

Shipping Services(2)(3)
Petroleum Transportation:
  Product tankers - U.S.-flag          7        7        7        7        7
  Crude oil tanker - U.S.-flag         1        1        1        1        -
Harbor Towing and Bunkering:
  Harbor tugs - U.S.-flag             24       24       24       24       24
  Harbor tugs - Foreign-flag           4        4        4        4        4
  Offshore tug - U.S.-flag             1        1        1        1        1
  Ocean liquid tank barges -
   U.S.-flag                           5        5        5        5        5
Liner and Short-sea
 Transportation:
  RORO/deck barges - U.S.-flag         7        7        7        7        7
  Short-sea container/RORO -
   Foreign-flag                        7        7        7        7        7
Other:
  Dry bulk articulated tug-
   barge - U.S.-flag                   1        1        1        1        1
                                -------- -------- -------- -------- --------
                                      57       57       57       57       56
                                ======== ======== ======== ======== ========

 (1) Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
 (2) For the period presented in 2014, the Company provided technical
     management services for two additional vessels. For each of the periods
     presented in 2015, the Company provided technical management services
     for one additional vessel.
 (3) Previously reported equipment operated by Dorian has been removed from
     all periods presented. As of December 31, 2015, the Company’s
     investment in Dorian is classified as marketable securities.



                            SEACOR HOLDINGS INC.
                         EXPECTED FLEET DELIVERIES
                          AS OF DECEMBER 31, 2015
                                 (unaudited)

                              2016        2017        2018        2019
                              ----------- ----------- ----------- ----
                              Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1   Total
                              -- -- -- -- -- -- -- -- -- -- -- -- ---- -----
Shipping Services

Product tankers - U.S.-flag   -  1  -  1  1  -  -  -  -  -  -  -  -    3
Articulated tug-barge - U.S.-
 flag                         -  -  -  1  -  -  -  -  -  -  -  -  -    1
Harbor tugs - U.S.-flag       -  -  -  1  1  -  -  -  -  -  -  -  -    2

Offshore Marine Services
Fast support                  -  1  2  -  1  -  1  -  1  -  -  -  1    7
Supply                        -  1  1  -  -  -  -  -  1  -  -  -  1    4
Specialty                     -  -  -  -  1  1  -  -  -  -  -  -  -    2
Wind farm utility             2  1  -  -  -  -  -  -  -  -  -  -  -    3

Inland River Services
Dry-cargo barges              -  -  25 25 -  -  -  -  -  -  -  -  -    50
Liquid tank barges - 30,000
 barrel                       -  1  -  -  -  -  -  -  -  -  -  -  -    1
Towboats:
  4,000 hp - 6,600 hp         -  -  -  -  1  -  1  1  -  -  -  -  -    3
  3,300 hp - 3,900 hp         1  -  -  -  -  -  -  -  -  -  -  -  -    1
  Less than 3,200 hp          -  1  -  -  -  -  -  -  -  -  -  -  -    1


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


SOURCE: SEACOR Holdings Inc.




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