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SEACOR Holdings Inc.$57.04($.78)(1.35%)

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 SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2016
   Tuesday, March 28, 2017 5:55:34 PM ET

FORT LAUDERDALE, FL--(Marketwired - Mar 28, 2017) - SEACOR Holdings Inc. (CKH ) (the "Company") today announced its results for its fourth quarter and year ended December 31, 2016.

For the years ended December 31, 2016 and 2015, net loss attributable to SEACOR Holdings Inc. was $215.9 million ($12.76 per diluted share) and $68.8 million ($3.94 per diluted share), respectively. Results for the year ended December 31, 2016 were significantly impacted by $160.3 million ($9.49 per diluted share) of net losses related to certain impairments and other non-cash charges, including $77.8 million related to marking to fair value certain vessels owned by the Company’s Offshore Marine Services segment (SEACOR Marine Holdings Inc.), $19.2 million related to the impairment of intangible assets and goodwill associated with the restructuring of the Company’s emergency and crisis services business (Witt O’Brien’s), and $21.2 million resulting from marking the Company’s investment in Dorian LPG Ltd. ("Dorian") to the December 31, 2016 share price of $8.21 from a price of $11.77 at the end of 2015. Details related to these charges can be found under "Impairments and Other Non-cash Charges" below.

Operating income before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the statements of loss and segment information tables herein) was $102.8 million in 2016 compared with $167.6 million in 2015, excluding impairment charges of $150.4 million and $20.5 million, respectively.

For the quarters ended December 31, 2016 and September 30, 2016, net loss attributable to SEACOR Holdings Inc. was $93.7 million ($5.52 per diluted share) and $39.8 million ($2.35 per diluted share), respectively. OIBDA was $30.8 million in the fourth quarter compared with $28.5 million in the preceding quarter, excluding impairment charges of $98.8 million and $30.4 million, respectively. A comparison of results for the quarter ended December 31, 2016 with the preceding quarter ended September 30, 2016 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million ($3.36 per diluted share).

Charles Fabrikant, Executive Chairman and Chief Executive Officer, commented:

"Our operating income before depreciation, amortization and impairments was slightly better than the preceding quarter although those results do not deserve accolades.

During the past 12 months, our Offshore Marine Services’ customers cut back on exploration, development, maintenance, and deferred regulatory requirements when possible. The cutbacks were indiscriminate, impacting projects in deep water and shelf. With the exception of Saudi Arabia and the eastern Mediterranean, every geographic region suffered. The "dismal" outlook prophesied in my annual letter of last April was, sadly, correct. I do think 2017 offers better prospects for activity on the shelf, more dollars for maintenance, and attention to regulatory obligations. I also believe that by the end of 2017, or early 2018, activity will increase in Mexico. The potential is mostly in shallow water. Unfortunately, the prospects for deep water and frontier drilling are still bleak. I also believe that the sale of mature properties, which are no longer major holdings for large oil companies, to "independents" could eventually bring activity as new owners are more likely to focus on squeezing out additional barrels from aging installations. Finally, based on published data, 25 FPSO’s are due to be placed in service between 2017 through 2019, and there will be 238 platforms installed although some will be quite simple and not manned.

In short, I think there is reason to be somewhat optimistic now, although I make this statement with considerable trepidation, particularly because a swoon in oil prices could easily destroy confidence and suffocate a recovery. Based on our assessment of opportunity, we are activating some equipment which has previously been idle, adding reactivation and operating expenses to future periods. There is no guarantee that day rates in the short run will justify this decision as current market rates are unrewarding.

Our inland river business also bucked headwinds for most of 2016. As noted last April, there is a surfeit of equipment due to the reduced activity in transporting coal as well as sand used in shale drilling ("fracking"). In the last few weeks, we have seen demand for barges to transport sand but the overhang of equipment is still too great to be optimistic. Ironically, the prospects for increased grain exports from South America, which could hurt our business in the United States, could be a positive for our South American joint venture, which mostly moves grain and grain products from Brazil, Bolivia and Paraguay to Argentina and Uruguay for export.

Given the impact of impairment charges on 2016 results, a comment is in order. The impairment charges covered a range of assets and investments in our joint ventures. As noted in last April’s letter, an impairment analysis is not an exact science. Our marks to "fair value" in 2016 are based on the best information available to us. Time will tell if these marks are also reflective of long-term value."

Highlights for the Quarter Offshore Marine Services ("OMS") - Operating loss was $82.7 million compared with $41.1 million in the preceding quarter. As a consequence of continuing difficult market conditions, OMS recognized impairment charges of $69.1 million in the fourth quarter and $29.2 million in the preceding quarter primarily associated with its anchor handling towing supply fleet. OIBDA, excluding impairment charges, was $0.2 million on operating revenues of $44.4 million compared with $2.4 million on operating revenues of $54.1 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 47% to 39% and average rates per day worked decreased by 10% from $10,089 to $9,093. Days available for charter were 9% higher in the fourth quarter primarily due to the acquisition of eleven vessels at a bankruptcy auction during the preceding quarter. These vessels were idle when purchased and are still not being marketed, hence contributing to the overall decline in fleet utilization. This release includes a table presenting time charter operating data by vessel class.

Operating results from international regions, excluding losses on asset dispositions and impairments, were $2.8 million lower compared with the preceding quarter. Time charter revenues were $5.7 million lower primarily due to the conclusion of several term charters and unfavorable changes in currency exchange rates. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization declined from 67% to 64%, and average rates per day worked decreased from $9,606 to $9,073. Operating expenses were $5.6 million lower compared with the preceding quarter primarily due to the effect of cold-stacking vessels, net fleet dispositions, favorable changes in currency exchange rates, and the repositioning of vessels between geographic regions. General and administrative expenses during the fourth quarter included a $3.1 million provision for doubtful accounts. As of December 31, 2016, the Company had nine of 89 owned and leased-in vessels cold-stacked in international regions compared with six of 96 as of September 30, 2016. As of December 31, 2016, the cold-stacked vessels in the international roster consisted of two anchor handling towing supply vessels, one fast support vessel, two supply vessels, two specialty vessels and two wind farm utility vessels. On December 31, 2016, the Company retired and removed from service seven vessels (one anchor handling towing supply, two fast support, three supply and one specialty).

Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $1.8 million lower compared with the preceding quarter. Time charter revenues were $1.8 million lower for the U.S. anchor handling towing supply vessels due to weaker market conditions and $1.8 million lower for the liftboat fleet also due to weaker market conditions and in part due to seasonality. On a total fleet basis, including cold-stacked vessels, utilization declined from 14% to 7%, and average rates per day worked decreased from $13,810 to $9,316. Operating expenses were $2.9 million lower compared with the preceding quarter primarily due to the effect of cold-stacking vessels. General and administrative expenses during the fourth quarter included a $1.1 million provision for doubtful accounts. As of December 31, 2016, the Company had 40 of 44 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 37 of 45 as of September 30, 2016. As of December 31, 2016, the cold-stacked vessels consisted of nine anchor handling towing supply vessels,14 fast support vessels, one supply vessel, one specialty vessel and 15 liftboats. On December 31, 2016, the Company retired and removed from service one anchor handling towing supply vessel. During the fourth quarter, the Company sold two newly built shallow draft supply vessels out of its U.S.-flag fleet to its joint venture in Mexico, which commenced charters on January 1, 2017. Subsequent to December 31, 2016, the Company sold two U.S.-flag liftboats that will be exported out of the U.S. Gulf of Mexico.

Foreign currency losses of $1.1 million in the preceding quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain debt balances.

Other, net losses of $1.8 million in the fourth quarter primarily related to a reserve for a note receivable from a third party following a decline in the underlying collateral value.

Equity in losses of 50% or less owned companies of $6.0 million in the fourth quarter were primarily due to impairment charges of $6.4 million associated with the joint ventured foreign-flag liftboat fleet.

Inland River Services - Operating income was $8.7 million compared with an operating loss of $1.3 million in the preceding quarter. OIBDA was $15.3 million on operating revenues of $53.0 million compared with $5.0 million on operating revenues of $41.1 million in the preceding quarter.

Operating results, excluding gains (losses) on asset dispositions and impairments, were $8.7 million higher compared with the preceding quarter primarily due to improved activity levels associated with the fall harvest and favorable operating conditions. An oversupply of equipment, however, continues to place downward pressure on freight rates. During the fourth quarter, the Company placed 34 newly built dry-cargo barges in service and acquired five harbor boats and other fleeting and terminal assets as an expansion of its fleeting and terminal business.

Foreign currency losses of $1.1 million in the fourth quarter were primarily due to the weakening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company’s intercompany lease obligations.

Equity in losses of 50% or less owned companies of $11.3 million in the fourth quarter included a $7.7 million impairment charge for an other-than-temporary decline in the fair value of the Company’s investment in its 50% owned joint venture operating on the Parana-Paraguay River Waterway, SCFCo. In addition, operating results for SCFCo were lower as a consequence of seasonality and continued weakness in the iron ore and grain markets.

Shipping Services - Operating income was $7.6 million compared with $13.9 million in the preceding quarter. OIBDA was $16.5 million (of which $5.3 million was attributable to noncontrolling interests) on operating revenues of $59.6 million compared with $22.1 million (of which $8.0 million was attributable to noncontrolling interests) on operating revenues of $57.4 million in the preceding quarter.

Operating results were $6.3 million lower in the fourth quarter compared with the preceding quarter primarily due to regulatory drydocking costs and related out-of-service time for one U.S.-flag product tanker and higher personnel and mobilization costs for one newly built U.S.-flag product tanker placed into service during the fourth quarter. Subsequent to December 31, 2016, the Company took delivery of one newly built U.S.-flag product tanker, one U.S.-flag harbor tug and two foreign-flag harbor tugs.

Other, net losses of $5.5 million in the preceding quarter were primarily due to impairment charges related to a cost method investment in a foreign container shipping company.

Equity in losses of 50% or less owned companies of $2.6 million in the fourth quarter were primarily due to charges of $1.9 million upon the Company’s purchase of a controlling interest from its partner in a joint venture that had refurbished a U.S.-flag offshore tug.

Illinois Corn Processing - Segment profit was $5.8 million (of which $1.7 million was attributable to noncontrolling interests) on operating revenues of $43.2 million compared with $2.0 million (of which $0.6 million was attributable to noncontrolling interests) on operating revenues of $44.0 million in the preceding quarter. Segment profit was $3.8 million higher primarily due to an improvement in industry-wide fuel ethanol margins.

Witt O’Brien’s and Other - Segment losses of $37.4 million in the fourth quarter were primarily due to intangible asset and goodwill impairment charges of $29.6 million associated with the restructuring of the Company’s emergency and crisis services business ("Witt O’Brien’s") and impairment charges of $5.1 million related to a cost method investment in a foreign industrial aircraft company. Witt O’Brien’s announced the launch of a strategic growth program to focus on core services by eliminating non-core and lower margin businesses. Witt O’Brien’s core services include providing resilience solutions for key areas of critical infrastructure, including, but not limited to, government, energy, transportation, healthcare and education, in the United States and abroad.

Debt Extinguishment Gains (Losses) - During the fourth quarter, the Company purchased $12.7 million in aggregate principal amount of its 7.375% Senior Notes for $12.8 million and purchased $10.0 million in aggregate principal amount of its 2.5% Convertible Senior Notes for $9.8 million.

Marketable Security Gains (Losses) - Marketable security results during 2016 were primarily attributable to the Company’s investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG." The Company recognized unrealized gains related to Dorian of $20.3 million in the fourth quarter compared with unrealized losses of $9.6 million in the preceding quarter. The closing share price of Dorian was $8.21 and $11.77 as of December 31, 2016 and 2015, respectively. The Company’s cost basis in Dorian is $13.66 per share. The closing share price of Dorian was $10.07 as of March 28, 2017.

Capital Commitments - The Company’s capital commitments as of December 31, 2016 by year of expected payment were as follows (in thousands):

                                                                    
                      2017             2018            2019            2020            Total
Offshore Marine Services   $      29,272    $      50,555   $      13,223   $      1,800    $      94,850
Shipping Services            55,430      --         --         --         55,430
Inland River Services        30,102      --         --         --         30,102
Illinois Corn Processing     1,678       375        --         --         2,053
                      $      116,482   $      50,930   $      13,223   $      1,800    $      182,435
                                                  

Offshore Marine Services’ capital commitments included nine fast support vessels, three supply vessels and one wind farm utility vessel. These commitments included $15.4 million for one supply vessel that may be assumed by a third party at their option. Shipping Services’ capital commitments included one U.S.-flag product tanker, one U.S.-flag chemical and petroleum articulated tug-barge, three U.S.-flag harbor tugs and two foreign-flag harbor tugs. Inland River Services’ capital commitments included one 30,000 barrel inland river liquid tank barge, three inland river towboats and other equipment and improvements. Subsequent to December 31, 2016, the Company committed to purchase $0.8 million of additional property and equipment.

Liquidity and Debt - As of December 31, 2016, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $673.6 million and its total outstanding debt was $1,032.4 million. In addition, the Company had $40.7 million of borrowing capacity under its subsidiary credit facilities. Subsequent to December 31, 2016, the Company’s subsidiaries borrowed $17.4 million under these credit facilities to fund their capital commitments.

As of December 31, 2016, the $157.1 million remaining principal amount outstanding of the Company’s 2.5% Senior Convertible Notes is included in current liabilities as the holders may require the Company to repurchase the notes on December 19, 2017.

Impairments and Other Non-cash Charges Results attributable to SEACOR Holdings Inc. for the year ended December 31, 2016 included the following certain impairments and other non-cash charges:

a net loss of $77.8 million ($4.60 per diluted share) as a result of impairment charges associated with Offshore Marine Services vessels, primarily its anchor handling towing supply fleet, liftboat fleet and one specialty vessel;

a net loss of $21.2 million ($1.26 per diluted share) as a result of a decline in the fair market value of the Company’s marketable security position in Dorian;

a net loss of $19.2 million ($1.14 per diluted share) as a result of intangible asset and goodwill impairment charges associated with the restructuring of the Company’s emergency and crisis services business;

a net loss of $14.7 million ($0.87 per diluted share) as a result of other-than-temporary declines in the fair value of certain of the Company’s Offshore Marine Services’ and Inland River Services’ 50% or less owned companies;

a net loss of $9.0 million ($0.53 per diluted share) as a result of a change in the fair value of the exchange option liability on subsidiary convertible senior notes;

a net loss of $7.5 million ($0.45 per diluted share) as a result of impairment charges related to the Company’s cost method investments in a foreign container shipping company and a foreign industrial aircraft company;

a net loss of $5.6 million ($0.33 per diluted share) as a result of impairment charges associated with Offshore Marine Services and Shipping Services joint ventured fleet; and

a net loss of $5.3 million ($0.31 per diluted share) to reserve for two of the Company’s notes receivable from third parties following a decline in the underlying collateral values.

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, 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, 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, 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, including as a result of the recent vote in the U.K. to leave the European Union, 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 ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, 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 and other reports filed by the Company with the SEC. 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). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

                                                                                                                                                                                                           
SEACOR HOLDINGS INC.                                                                                                                                                                                            
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data, unaudited)
                                                                                                                                                                                                           
                                                                                   Three Months Ended                                    Twelve Months Ended                                
                                                                                   December 31,                                          December 31,                                       
                                                                                   2016                  2015                  2016                  2015               
Operating Revenues                                                                      $      213,036        $      250,631        $      830,985        $      1,054,736   
Costs and Expenses:                                                                                                                  
                                              Operating                         149,667          165,729          597,813          748,605     
                                              Administrative and general        36,457           41,158           138,581          156,611     
                                              Depreciation and amortization     31,451           31,460           124,933          125,987     
                                                                                     217,575          238,347          861,327          1,031,203   
Losses on Asset Dispositions and Impairments, Net                                         (94,825    )          (13,212    )          (142,205   )          (2,408     )
Operating Income (Loss)                                                                   (99,364    )          (928       )          (172,547   )          21,125      
Other Income (Expense):                                                                                                              
                       Interest income                                               3,449            5,902            19,339           20,020      
                       Interest expense                                              (12,453    )          (11,500    )          (49,726    )          (43,297    )
                       Debt extinguishment gains (losses), net                       (211       )          1,473            5,184            (28,497    )
                       Marketable security gains (losses), net                       24,713           3,402            (32,199    )          (74        )
                       Derivative gains (losses), net                                (10,116    )          199              (10,225    )          (2,096     )
                       Foreign currency losses, net                                  (1,217     )          (1,138     )          (1,868     )          (4,752     )
                       Other, net                                                    (7,362     )          611              (20,206    )          6,773       
                                                                                     (3,197     )          (1,051     )          (89,701    )          (51,923    )
Loss Before Income Tax Benefit and Equity in Losses of 50% or Less Owned Companies        (102,561   )          (1,979     )          (262,248   )          (30,798    )
Income Tax Benefit                                                                        (32,093    )          (2,626     )          (93,830    )          (11,362    )
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies                      (70,468    )          647              (168,418   )          (19,436    )
Equity in Losses of 50% or Less Owned Companies, Net of Tax                               (19,821    )          (50,500    )          (27,354    )          (40,414    )
Net Loss                                                                                  (90,289    )          (49,853    )          (195,772   )          (59,850    )
Net Income attributable to Noncontrolling Interests in Subsidiaries                       3,460            7,012            20,125           8,932       
Net Loss attributable to SEACOR Holdings Inc.                                           $      (93,749    )        $      (56,865    )        $      (215,897   )        $      (68,782    )
                                                                                                                                
Basic Loss Per Common Share of SEACOR Holdings Inc.                                     $      (5.52      )        $      (3.36      )        $      (12.76     )        $      (3.94      )
                                                                                                                                
Diluted Loss Per Common Share of SEACOR Holdings Inc.                                   $      (5.52      )        $      (3.36      )        $      (12.76     )        $      (3.94      )
                                                                                                                                
Weighted Average Common Shares Outstanding:                                                                                          
                       Basic                                                         16,969,062       16,941,982       16,914,928       17,446,137  
                       Diluted                                                       16,969,062       16,941,982       16,914,928       17,446,137  
                                                                                                                                
OIBDA(1)                                                                                $      (67,913    )        $      30,532         $      (47,614    )        $      147,112     
                                                                                                                                
(1)      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 the Company’s 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.                                                                                                                                                                                                              
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except per share data, unaudited)
                                                                                                                                                                                                                             
                                                                                   Three Months Ended                                                                                                                   
                                                                                   Dec. 31, 2016       Sep. 30, 2016      Jun. 30, 2016      Mar. 31, 2016      Dec. 31, 2015   
Operating Revenues                                                                      $      213,036      $      206,983     $      197,038     $      213,928     $      250,631  
Costs and Expenses:                                                                                                                
                                              Operating                         149,667        146,796       143,882       157,468       165,729  
                                              Administrative and general        36,457         32,245        34,175        35,704        41,158   
                                              Depreciation and amortization     31,451         31,132        31,361        30,989        31,460   
                                                                                     217,575        210,173       209,418       224,161       238,347  
Gains (Losses) on Asset Dispositions and Impairments, Net                                 (94,825  )          (29,826 )          (17,771 )          217           (13,212 )
Operating Loss                                                                            (99,364  )          (33,016 )          (30,151 )          (10,016 )          (928    )
Other Income (Expense):                                                                                                            
                       Interest income                                               3,449          5,277         5,020         5,593         5,902    
                       Interest expense                                              (12,453  )          (12,504 )          (12,834 )          (11,935 )          (11,500 )
                       Debt extinguishment gains (losses), net                       (211     )          557           1,615         3,223         1,473    
                       Marketable security gains (losses), net                       24,713         (7,865  )          (23,951 )          (25,096 )          3,402    
                       Derivative gains (losses), net                                (10,116  )          (1,174  )          (1,555  )          2,620         199      
                       Foreign currency gains (losses), net                          (1,217   )          (666    )          (22     )          37            (1,138  )
                       Other, net                                                    (7,362   )          (5,460  )          (7,652  )          268           611      
                                                                                     (3,197   )          (21,835 )          (39,379 )          (25,290 )          (1,051  )
Loss Before Income Tax Benefit and Equity in Losses of 50% or Less Owned Companies        (102,561 )          (54,851 )          (69,530 )          (35,306 )          (1,979  )
Income Tax Benefit                                                                        (32,093  )          (21,147 )          (25,759 )          (14,831 )          (2,626  )
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies                      (70,468  )          (33,704 )          (43,771 )          (20,475 )          647      
Equity in Losses of 50% or Less Owned Companies, Net of Tax                               (19,821  )          (322    )          (7,162  )          (49     )          (50,500 )
Net Loss                                                                                  (90,289  )          (34,026 )          (50,933 )          (20,524 )          (49,853 )
Net Income attributable to Noncontrolling Interests in Subsidiaries                       3,460          5,777         4,226         6,662         7,012    
Net Loss attributable to SEACOR Holdings Inc.                                           $      (93,749  )        $      (39,803 )        $      (55,159 )        $      (27,186 )        $      (56,865 )
                                                                                                                              
Basic Loss Per Common Share of SEACOR Holdings Inc.                                     $      (5.52    )        $      (2.35   )        $      (3.26   )        $      (1.62   )        $      (3.36   )
                                                                                                                              
Diluted Loss Per Common Share of SEACOR Holdings Inc.                                   $      (5.52    )        $      (2.35   )        $      (3.26   )        $      (1.62   )        $      (3.36   )
                                                                                                                              
Weighted Average Common Shares of Outstanding:                                                                                     
                       Basic                                                         16,969         16,944        16,929        16,817        16,942   
                       Diluted                                                       16,969         16,944        16,929        16,817        16,942   
Common Shares Outstanding at Period End                                                   17,401         17,336        17,321        17,295        17,155   
                                                                                                                              
OIBDA(1)                                                                                $      (67,913  )        $      (1,884  )        $      1,210       $      20,973      $      30,532   
                                                                                                                              
(1)      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 the Company’s 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.                                                                                                                                                                                                     
SEGMENT INFORMATION
(in thousands, unaudited)
                                                                                                                                                                                                                    
                                                                           Three Months Ended                                                                                                                  
                                                                           Dec. 31, 2016      Sep. 30, 2016      Jun. 30, 2016      Mar. 31, 2016      Dec. 31, 2015   
Offshore Marine Services                                                                                                  
Operating Revenues                                                              $      44,361      $      54,125      $      57,271      $      59,879      $      83,166   
Costs and Expenses:                                                                                                       
                                      Operating                         32,671        41,159        44,245        48,850        59,223   
                                      Administrative and general        14,393        10,588        11,929        12,398        14,118   
                                      Depreciation and amortization     13,764        14,213        15,254        14,838        15,419   
                                                                             60,828        65,960        71,428        76,086        88,760   
Losses on Asset Dispositions and Impairments, Net                                 (66,252 )          (29,233 )          (20,357 )          (380    )          (13,577 )
Operating Loss                                                                    (82,719 )          (41,068 )          (34,514 )          (16,587 )          (19,171 )
Other Income (Expense):                                                                                                   
                   Derivative gains (losses), net                            (82     )          16            163           2,898         (2,751  )
                   Foreign currency gains (losses), net                      151           (1,084  )          (819    )          (1,560  )          (350    )
                   Other, net                                                (1,756  )          1             --            265           373      
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax            (5,950  )          790           (3,315  )          2,161         1,248    
Segment Loss(1)                                                                 $      (90,356 )        $      (41,345 )        $      (38,485 )        $      (12,823 )        $      (20,651 )
                                                                                                                     
OIBDA(2)                                                                        $      (68,955 )        $      (26,855 )        $      (19,260 )        $      (1,749  )        $      (3,752  )
Drydocking expenditures (included in operating costs and expenses)              $      131         $      2,024       $      1,964       $      3,703       $      3,485    
Out-of-service days for drydockings                                               20            62            191           131           246      
                                                                                                                     
Inland River Services                                                                                                     
Operating Revenues                                                              $      53,021      $      41,094      $      33,814      $      39,614      $      58,415   
Costs and Expenses:                                                                                                       
                                      Operating                         35,400        31,496        27,446        30,118        38,459   
                                      Administrative and general        2,945         3,982         3,777         3,912         4,011    
                                      Depreciation and amortization     6,628         6,308         6,254         7,137         7,113    
                                                                             44,973        41,786        37,477        41,167        49,583   
Gains (Losses) on Asset Dispositions and Impairments, Net                         605           (597    )          2,580         605           389      
Operating Income (Loss)                                                           8,653         (1,289  )          (1,083  )          (948    )          9,221    
Other Income (Expense):                                                                                                   
                   Derivative losses, net                                    --            --            --            --            (15     )
                   Foreign currency gains (losses), net                      (1,143  )          410           1,018         1,437         (640    )
                   Other, net                                                1             (1      )          (4      )          --            --       
Equity in Losses of 50% or Less Owned Companies, Net of Tax                       (11,318 )          (171    )          (1,677  )          (2,778  )          (25,092 )
Segment Profit (Loss)(1)                                                        $      (3,807  )        $      (1,051  )        $      (1,746  )        $      (2,289  )        $      (16,526 )
                                                                                                                     
OIBDA(2)                                                                        $      15,281      $      5,019       $      5,171       $      6,189       $      16,334   
                                                                                                                     
                                                                                                                                                                                                                                  
SEACOR HOLDINGS INC.                                                                                                                                                                                                                   
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
                                                                                                                                                                                                                                  
                                                                                             Three Months Ended                                                                                                              
                                                                                             Dec. 31, 2016     Sep. 30, 2016     Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015   
Shipping Services                                                                                                                       
Operating Revenues                                                                                $      59,618     $      57,350     $      55,620     $      57,055     $      61,388   
Costs and Expenses:                                                                                                                     
                                                      Operating                           36,586       28,542       30,269       27,234       28,118   
                                                      Administrative and general          6,895        6,675        7,337        6,918        7,014    
                                                      Depreciation and amortization       8,969        8,216        7,415        6,562        6,474    
                                                                                               52,450       43,433       45,021       40,714       41,606   
Gains (Losses) on Asset Dispositions                                                                408          3            6            (6     )          --       
Operating Income                                                                                    7,576        13,920       10,605       16,335       19,782   
Other Income (Expense):                                                                                                                 
                           Foreign currency losses, net                                        (6     )          (3     )          (6     )          (3     )          (18     )
                           Other, net                                                          237          (5,534 )          (928   )          1            1        
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax                              (2,581 )          (551   )          (1,591 )          26           (27,578 )
Segment Profit (Loss)(1)                                                                          $      5,226      $      7,832      $      8,080      $      16,359     $      (7,813  )
                                                                                                                                   
OIBDA(2)                                                                                          $      16,545     $      22,136     $      18,020     $      22,897     $      26,256   
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)   $      4,506      $      95         $      62         $      (73    )        $      207      
Out-of-service days for drydockings of U.S.-flag product tankers                                    45           --           --           --           --       
                                                                                                                                   
Illinois Corn Processing                                                                                                                
Operating Revenues                                                                                $      43,197     $      44,019     $      40,576     $      49,609     $      38,654   
Costs and Expenses:                                                                                                                     
                                                      Operating                           36,174       39,879       36,153       46,289       36,747   
                                                      Administrative and general          693          750          912          656          693      
                                                      Depreciation and amortization       1,127        1,055        1,064        1,053        964      
                                                                                               37,994       41,684       38,129       47,998       38,404   
Operating Income                                                                                    5,203        2,335        2,447        1,611        250      
Other Income (Expense):                                                                                                                 
                           Derivative gains (losses), net                                      570          (328   )          856          (187   )          (137    )
Segment Profit(1)                                                                                 $      5,773      $      2,007      $      3,303      $      1,424      $      113      
                                                                                                                                   
                                                                                                                                                                                                                
SEACOR HOLDINGS INC.                                                                                                                                                                                                 
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
                                                                                                                                                                                                                
                                                                           Three Months Ended                                                                                                              
                                                                           Dec. 31, 2016      Sep. 30, 2016     Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015  
Witt O’Brien’s and Other                                                                                              
Operating Revenues                                                              $      13,572      $      11,146     $      10,261     $      8,419      $      9,922   
Costs and Expenses:                                                                                                   
                                      Operating                         9,711         6,618        6,427        5,805        4,166   
                                      Administrative and general        5,510         3,833        3,649        4,223        6,231   
                                      Depreciation and amortization     204           432          448          455          575     
                                                                             15,425        10,883       10,524       10,483       10,972  
Gains (Losses) on Asset Dispositions and Impairments, Net                         (29,586 )          1            --           (2     )          (24    )
Operating Income (Loss)                                                           (31,439 )          264          (263   )          (2,066 )          (1,074 )
Other Income (Expense):                                                                                               
                   Foreign currency gains (losses), net                      (57     )          (25    )          (73    )          (27    )          21      
                   Other, net                                                (5,885  )          --           (6,723 )          --           5       
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax            28            (390   )          (579   )          542          922     
Segment Loss(1)                                                                 $      (37,353 )        $      (151   )        $      (7,638 )        $      (1,551 )        $      (126   )
                                                                                                                 
Corporate and Eliminations                                                                                            
Operating Revenues                                                              $      (733    )        $      (751   )        $      (504   )        $      (648   )        $      (914   )
Costs and Expenses:                                                                                                   
                                      Operating                         (875    )          (898   )          (658   )          (828   )          (984   )
                                      Administrative and general        6,021         6,417        6,571        7,597        9,091   
                                      Depreciation and amortization     759           908          926          944          915     
                                                                             5,905         6,427        6,839        7,713        9,022   
Operating Loss                                                                  $      (6,638  )        $      (7,178 )        $      (7,343 )        $      (8,361 )        $      (9,936 )
Other Income (Expense):                                                                                               
                   Derivative gains (losses), net                          $      (10,604 )        $      (862   )        $      (2,574 )        $      (91    )        $      3,102   
                   Foreign currency gains (losses), net                      (162    )          36           (142   )          190          (151   )
                   Other, net                                                41            74           3            2            232     
                                                                                                            
(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 the Company’s 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, 2016     Sep. 30, 2016     Jun. 30, 2016     Mar. 31, 2016     Dec. 31, 2015  
Rates Per Day Worked:                                                                                               
      Anchor handling towing supply                                       $      13,686     $      16,469     $      20,828     $      21,719     $      30,871  
      Fast support                                                          7,875        7,848        7,636        7,587        8,014   
      Supply                                                                6,298        5,935        5,709        6,484        9,453   
      Standby safety                                                        8,284        8,904        9,632        9,564        10,229  
      Specialty                                                             37,024       30,593       18,642       12,403       23,107  
      Liftboats                                                             13,486       16,822       11,852       15,150       25,191  
      Overall Average Rates Per Day Worked(excluding wind farm utility)     9,093        10,089       10,354       10,545       13,495  
      Wind farm utility                                                     2,104        2,260        2,394        2,419        2,506   
      Overall Average Rates Per Day Worked                                  6,308        6,834        7,352        7,915        10,299  
                                                                                                               
Utilization:                                                                                                        
      Anchor handling towing supply                                         20     %          27     %          33     %          47     %          51     %
      Fast support                                                          47     %          62     %          69     %          68     %          58     %
      Supply                                                                19     %          31     %          27     %          37     %          66     %
      Standby safety                                                        81     %          78     %          77     %          79     %          85     %
      Specialty                                                             23     %          58     %          81     %          45     %          80     %
      Liftboats                                                             1      %          8      %          6      %          5      %          13     %
      Overall Fleet Utilization (excluding wind farm utility)               39     %          47     %          50     %          52     %          59     %
      Wind farm utility                                                     71     %          86     %          77     %          65     %          65     %
      Overall Fleet Utilization                                             47     %          58     %          57     %          56     %          60     %
                                                                                                               
Available Days:                                                                                                     
      Anchor handling towing supply                                         1,564        1,483        1,365        1,365        1,380   
      Fast support                                                          3,312        2,389        2,174        2,093        2,173   
      Supply                                                                953          1,109        1,140        1,179        1,288   
      Standby safety                                                        1,840        1,989        2,104        2,184        2,208   
      Specialty                                                             337          276          273          273          276     
      Liftboats                                                             1,380        1,380        1,365        1,365        1,380   
      Overall Fleet Available Days(excluding wind farm utility)             9,386        8,626        8,421        8,459        8,705   
      Wind farm utility                                                     3,404        3,345        3,276        3,245        3,222   
      Overall Fleet Available Days                                          12,790       11,971       11,697       11,704       11,927  
                                                                                                          
SEACOR HOLDINGS INC.                                                                                                                                                                                                                                     
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
                                                                                                                                                                                                                                       
                                                                                            Dec. 31, 2016         Sep. 30, 2016         Jun. 30, 2016         Mar. 31, 2016         Dec. 31, 2015      
ASSETS                                                                                                                                                    
Current Assets:                                                                                                                                           
                  Cash and cash equivalents                                                 $      399,644        $      471,180        $      552,840        $      496,473        $      530,009     
                  Restricted cash                                                             3,711            3,364            1,742            --               --          
                  Marketable securities                                                       116,276          78,717           87,701           110,894          138,200     
                  Receivables:                                                                                                                       
                                    Trade, net of allowance for doubtful accounts        162,880          148,358          125,987          130,731          159,076     
                                    Other                                                56,287           32,452           34,319           31,440           27,217      
                  Inventories                                                                 16,773           16,047           16,798           18,431           24,768      
                  Prepaid expenses and other                                                  7,230            9,500            10,157           9,615            8,627       
                                    Total current assets                                 762,801          759,618          829,544          797,584          887,897     
Property and Equipment:                                                                                                                                   
                                    Historical cost                                      2,194,023        2,128,010        2,158,826        2,015,205        2,123,201   
                                    Accumulated depreciation                             (1,008,867 )          (1,008,629 )          (997,214   )          (986,048   )          (994,181   )
                                                                                              1,185,156        1,119,381        1,161,612        1,029,157        1,129,020   
                                    Construction in progress                             370,512          464,660          402,090          484,472          454,605     
                                    Held for sale equipment                              --               --               --               86,332           --          
                                    Net property and equipment                           1,555,668        1,584,041        1,563,702        1,599,961        1,583,625   
Investments, at Equity, and Advances to 50% or Less Owned Companies                                313,772          331,063          325,386          334,370          331,103     
Construction Reserve Funds                                                                         153,962          161,865          166,888          255,350          255,408     
Goodwill                                                                                           32,758           52,403           52,394           52,376           52,340      
Intangible Assets, Net                                                                             20,078           23,496           24,116           25,750           26,392      
Other Assets                                                                                       23,282           41,647           39,287           46,496           48,654      
                                                                                            $      2,862,321      $      2,954,133      $      3,001,317      $      3,111,887      $      3,185,419   
                                                                                                                                                     
LIABILITIES AND EQUITY                                                                                                                                    
Current Liabilities:                                                                                                                                      
                  Current portion of long-term debt                                         $      183,602        $      28,228         $      24,409         $      35,688         $      35,531      
                  Accounts payable and accrued expenses                                       90,702           70,032           55,971           50,660           71,952      
                  Other current liabilities                                                   95,645           96,324           98,706           107,811          92,677      
                                    Total current liabilities                            369,949          194,584          179,086          194,159          200,160     
Long-Term Debt                                                                                     848,771          1,013,691        1,014,632        1,018,331        1,034,859   
Exchange Option Liability on Subsidiary Convertible Senior Notes                                   19,436           8,938            8,171            5,747            5,611       
Deferred Income Taxes                                                                              288,601          307,353          330,375          374,476          389,988     
Deferred Gains and Other Liabilities                                                               139,296          148,085          155,859          153,051          163,862     
                                    Total liabilities                                    1,666,053        1,672,651        1,688,123        1,745,764        1,794,480   
Equity:                                                                                                                                                   
SEACOR Holdings Inc. stockholders’ equity:                                                                                                                
                                    Preferred stock                                      --               --               --               --               --          
                                    Common stock                                         379              379              379              379              377         
                                    Additional paid-in capital                           1,518,635        1,512,209        1,510,623        1,508,981        1,505,942   
                                    Retained earnings                                    910,723          1,004,472        1,044,275        1,099,434        1,126,620   
                                    Shares held in treasury, at cost                     (1,357,331 )          (1,357,331 )          (1,357,876 )          (1,357,809 )          (1,356,499 )
                                    Accumulated other comprehensive loss, net of tax     (11,514    )          (10,471    )          (10,810    )          (7,764     )          (5,620     )
                                                                                              1,060,892        1,149,258        1,186,591        1,243,221        1,270,820   
Noncontrolling interests in subsidiaries                                                           135,376          132,224          126,603          122,902          120,119     
                                    Total equity                                         1,196,268        1,281,482        1,313,194        1,366,123        1,390,939   
                                                                                            $      2,862,321      $      2,954,133      $      3,001,317      $      3,111,887      $      3,185,419   
                                                                                                                                                     
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
                                                          Dec. 31, 2016   Sep. 30, 2016   Jun. 30, 2016   Mar. 31, 2016   Dec. 31, 2015
Offshore Marine Services(1)                                                                                 
Anchor handling towing supply                                  25              27              27              18              18
Fast support                                                   48              50              39              38              38
Supply                                                         28              31              33              33              34
Standby safety                                                 21              21              23              25              25
Specialty                                                      6               7               7               5               5
Liftboats                                                      15              15              15              15              15
Wind farm utility                                              40              40              39              39              38
                                                          183             191             183             173             173
                                                                                                       
Inland River Services                                                                                       
Dry-cargo barges                                               1,443           1,405           1,393           1,426           1,430
Liquid tank barges:                                                                                         
             10,000 barrel                                18              18              18              18              18
             30,000 barrel                                --              --              --              27              27
Specialty barges(2)                                            11              11              11              11              11
Towboats:                                                                                                   
             4,000 hp - 6,600 hp                          17              17              17              17              17
             3,300 hp - 3,900 hp                          1               1               1               --              --
             Less than 3,200 hp                           4               4               4               17              17
Harbor boats:                                                                                               
             1,100 hp - 2,000 hp                          15              13              13              13              13
             Less than 1,100 hp                           9               6               6               6               6
                                                          1,518           1,475           1,463           1,535           1,539
                                                                                                       
Shipping Services                                                                                           
Petroleum Transportation:                                                                                   
             Product tankers - U.S.-flag                  9               8               8               7               7
             Crude oil tanker - U.S.-flag                 --              --              --              1               1
Harbor Towing and Bunkering:                                                                                
             Harbor tugs - U.S.-flag                      23              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              57
                                                                                                       
(1)      Excludes eight offshore support vessels retired and removed from services as of December 31, 2016.
     
(2)      Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.
     
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF DECEMBER 31, 2016
(unaudited)
 
                               2017                                               2018                                               2019                                               2020                    
                               Q1       Q2       Q3       Q4       Q1       Q2       Q3       Q4       Q1       Q2       Q3       Q4       Q1       Q2       Total
Offshore Marine Services                                                                     
Fast support                        3        1        1        --       --       --       --       1        --       1        --       1        --       1        9
Supply(1)                           --       --       --       --       1        --       1        --       1        --       --       --       --       --       3
Wind farm utility                   --       1        --       --       --       --       --       --       --       --       --       --       --       --       1
                                                                                        
Shipping Services                                                                            
Product tankers - U.S.-flag         1        --       --       --       --       --       --       --       --       --       --       --       --       --       1
Articulated tug-barge - U.S.-flag   --       --       1        --       --       --       --       --       --       --       --       --       --       --       1
Harbor tugs - U.S.-flag             1        1        --       1        --       --       --       --       --       --       --       --       --       --       3
Harbor tugs - Foreign-flag          2        --       --       --       --       --       --       --       --       --       --       --       --       --       2
                                                                                        
Inland River Services                                                                        
30,000 barrel liquid tank barge     --       1        --       --       --       --       --       --       --       --       --       --       --       --       1
Towboats:                                                                                    
4,000 hp - 6,600 hp                 --       1        1        1        --       --       --       --       --       --       --       --       --       --       3
                                                                                        
(1)   Includes one vessel that may be assumed by a third party at their option.

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



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