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

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 SEACOR HOLDINGS ANNOUNCES RESULTS OF OPERATIONS FOR ITS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2017
   Tuesday, February 27, 2018 7:06:03 PM ET

SEACOR Holdings Inc. (CKH ) (the "Company") today announced its results for the fourth quarter and year ended December 31, 2017.

FINANCIAL HIGHLIGHTS

For the year ended December 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $82.8 million ($4.24 per diluted share) including a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.

For the year ended December 31, 2017, operating income before depreciation and amortization ("OIBDA") was $125.5 million including $16.6 million of share award expense associated with the spin-off of SEACOR Marine Holdings Inc. on June 1, 2017 and the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

For the year ended December 31, 2016, the net loss from continuing operations attributable to SEACOR Holdings Inc. was $94.1 million ($5.56 per diluted share) and OIBDA was $52.9 million including a $29.5 million impairment related to intangible assets and goodwill associated with the restructuring of the Company’s emergency and crisis services business.

For the quarter ending December 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $73.3 million ($3.37 per diluted share) including a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.

For the quarter ending December 31, 2017, OIBDA from continuing operations was $43.4 million including $8.36 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

A comparison of operating results for the quarter ended December 31, 2017 with that of the preceding quarter is included in the "Continuing Operation Discussion" below.

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $26.1 million compared with $14.9 million in the preceding quarter. OIBDA was $39.4 million compared with $28.4 million in the preceding quarter. Operating income and OIBDA in the fourth quarter included $7.8 million and $11.6 million, respectively, attributable to noncontrolling interests compared with $5.0 million and $8.8 million, respectively, in the preceding quarter. In addition, operating income and OIBDA included $1.2 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code.

Operating results were $11.3 million higher primarily due to the impact of a full quarter of operations for one newly built U.S.-flag petroleum and chemical carrier placed into service during August 2017, improved demand for liner and short-sea transportation as a consequence of the impact of hurricanes in the Turks & Caicos, the U.S. Virgin Islands and Puerto Rico and lower dry-docking costs compared with the preceding quarter.

The International Shipholding Corporation acquisition, excluding the rail-ferries and rail car facility that are operated in a joint venture, contributed operating income and OIBDA of $4.8 million and $7.5 million, respectively, during the fourth quarter compared with $1.8 million and $4.5 million, respectively, in the preceding quarter.

Equity losses of 50% or less owned companies primarily relate to the Company’s Golfo de Mexico joint venture that operates the two foreign-flag rail ferries.

Subsequent to December 31, 2017, the Company entered into an agreement to scrap the Seabulk Trader, which was built in 1981. The limitations on marketing over-age tankers did not justify the expense of a regulatory dry-docking, even though the vessel is in excellent condition for its age.

Inland Transportation & Logistics Services - Operating income was $5.9 million compared with $4.9 million in the preceding quarter. OIBDA was $12.4 million compared with $11.2 million in the preceding quarter. In addition, operating income and OIBDA included $1.2 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. Operating income and OIBDA for the fourth quarter and preceding quarter included gains on asset dispositions of $0.7 million and $5.1 million, respectively.

Excluding gains on asset dispositions, operating results were $5.5 million higher primarily due to improved performance from the dry-cargo barge pools. The improved pool results were due mainly to increased activity associated with the fall harvest and demurrage revenues generated by barge delays at origin and destination as a result of customers’ grain quality issues. Terminal and fleeting operating results were lower primarily due to a seasonal reduction in activity levels, low water, and icy conditions that negatively impacted terminal and fleeting operations.

Equity losses of 50% or less owned companies were lower as a consequence of improved operating results from operations of grain elevators in Illinois. The improvement was primarily due to increased throughput volume.

Foreign currency losses of $0.5 million 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.

Witt O’Brien’s - Operating income was $3.9 million compared with $0.4 million in the preceding quarter. Operating results were $3.4 million higher primarily due to response and recovery projects in Texas, Florida, and the U.S. Virgin Islands following the impact of hurricanes Harvey, Irma and Maria.

Corporate and Eliminations - Administrative and general expenses were $7.7 million higher primarily due to compensation costs associated with the acceleration of vesting certain incentive share awards in advance of changes in the U.S. federal income tax code.

Debt Extinguishment Losses - During the fourth quarter, SEA-Vista entered into a sale-leaseback transaction for one of its newly built U.S.-flag petroleum and chemical carriers. The proceeds were used to repay a portion of its debt resulting in debt extinguishment losses of $0.7 million.

Capital Commitments - The Company’s capital commitments as of December 31, 2017 were $8.5 million and primarily relate to the construction of two U.S.-flag harbor tugs scheduled to be delivered during the first quarter of 2018.

Liquidity and Debt - As of December 31, 2017, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $336.3 million. In addition, the Company had $5.0 million of borrowing capacity under a subsidiary credit facility. Total outstanding debt was $579.3 million, which includes $135.7 million of debt owed by SEA-Vista and which is non-recourse to the Company and its subsidiaries other than SEA-Vista. SEA-Vista is a consolidated venture and had $55.0 million of borrowing capacity under its credit facility as of December 31, 2017.

The holders of the Company’s 2.5% Convertible Senior Notes had the ability to require the Company to repurchase their notes on December 19, 2017. On December 12, 2017, the Company provided the holders an additional put right for the notes on May 31, 2018 and waived the Company’s right to redeem the notes until May 31, 2018. On December 19, 2017, the Company repurchased $31.0 million of the 2.5% Convertible Senior Notes that were validly surrendered under the offer to repurchase. As of December 31, 2017, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $64.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on May 31, 2018.

SEACOR Holdings Inc. ("SEACOR") is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. 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. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. 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 risks relating to 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, increased government legislation and regulation of the Company’s businesses that could increase the 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, 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, 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 Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics 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 Inland Transportation & Logistics Services and Ocean Transportation & Logistics Services on several key 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 Inland Transportation & Logistics Services and Ocean Transportation & Logistics 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 Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the ability to recognize the anticipated benefits of the Spin-off, the ability to remediate any 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 Securities and Exchange Commission ("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. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, 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 SEC, 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.

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

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,
                                                                                                                                  2017                                 2016               2017               2016
Operating Revenues                                                                                                                $                185,515             $     126,196      $     577,891      $     440,465
Costs and Expenses:
Operating                                                                                                                         108,725                              81,619             360,881            275,255
Administrative and general                                                                                                        34,157                               21,394             103,106            86,362
Depreciation and amortization                                                                                                     20,369                               16,560             75,058             62,565
                                                                                                                                  163,251                              119,573            539,045            424,182
Gains (Losses) on Asset Dispositions and Impairments, Net                                                                         719                                  (28,573       )    11,637             (25,983        )
Operating Income (Loss)                                                                                                           22,983                               (21,950       )    50,483             (9,700         )
Other Income (Expense):
Interest income                                                                                                                   1,896                                2,541              8,547              15,641
Interest expense                                                                                                                  (10,429                           )  (9,912        )    (41,530       )    (39,804        )
Debt extinguishment gains (losses), net                                                                                           (725                              )  (211          )    (819          )    5,184
Marketable security gains (losses), net                                                                                           11,534                               20,300             (1,782        )    (32,154        )
Derivative gains (losses), net                                                                                                    --                                   (10,604       )    19,727             (14,131        )
Foreign currency gains (losses), net                                                                                              (575                              )  (1,368        )    323                1,444
Other, net                                                                                                                        188                                  (5,606        )    256                (18,716        )
                                                                                                                                  1,889                                (4,860        )    (15,278       )    (82,536        )
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies 24,872                               (26,810       )    35,205             (92,236        )
Income Tax Benefit                                                                                                                (54,626                           )  (6,804        )    (67,189       )    (36,725        )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies                        79,498                               (20,006       )    102,394            (55,511        )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax                                                            23                                   (13,871       )    2,952              (21,040        )
Net Income (Loss) from Continuing Operations                                                                                      79,521                               (33,877       )    105,346            (76,551        )
Loss from Discontinued Operations, Net of Tax                                                                                     (487                              )  (56,412       )    (23,637       )    (119,221       )
Net Income (Loss)                                                                                                                 79,034                               (90,289       )    81,709             (195,772       )
Net Income attributable to Noncontrolling Interests in Subsidiaries                                                               6,227                                3,460              20,066             20,125
Net Income (Loss) attributable to SEACOR Holdings Inc.                                                                            $                72,807              $     (93,749 )    $     61,643       $     (215,897 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations                                                                                                             $                4.15                $     (2.11   )    $     4.77         $     (5.56    )
Discontinued operations                                                                                                           (0.03                             )  (3.41         )    (1.22         )    (7.20          )
                                                                                                                                  $                4.12                $     (5.52   )    $     3.55         $     (12.76   )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations                                                                                                             $                3.37                $     (2.11   )    $     4.24         $     (5.56    )
Discontinued operations                                                                                                           (0.02                             )  (3.41         )    (0.93         )    (7.20          )
                                                                                                                                  $                3.35                $     (5.52   )    $     3.31         $     (12.76   )
Weighted Average Common Shares Outstanding:
Basic                                                                                                                             17,673,547                           16,969,062         17,368,081         16,914,928
Diluted                                                                                                                           22,711,085                           16,969,062         22,934,158         16,914,928
OIBDA                                                                                                                             $                43,352              $     (5,390  )    $     125,541      $     52,865

______________________

(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) 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 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 INCOME (LOSS)
(in thousands, except per share data, unaudited)
                                                                                                                                            Three Months Ended
                                                                                                                                            Dec. 31,        Sep. 30,        Jun. 30,        Mar. 31,        Dec. 31,
                                                                                                                                            2017            2017            2017            2017            2016
Operating Revenues                                                                                                                          $   185,515     $   158,171     $   115,791     $   118,414     $   126,196
Costs and Expenses:
Operating                                                                                                                                   108,725         107,258         69,686          75,212          81,619
Administrative and general                                                                                                                  34,157          20,531          25,540          22,878          21,394
Depreciation and amortization                                                                                                               20,369          20,501          17,469          16,719          16,560
                                                                                                                                            163,251         148,290         112,695         114,809         119,573
Gains (Losses) on Asset Dispositions and Impairments, Net                                                                                   719             5,209           5,897           (188        )   (28,573     )
Operating Income (Loss)                                                                                                                     22,983          15,090          8,993           3,417           (21,950     )
Other Income (Expense):
Interest income                                                                                                                             1,896           2,367           2,150           2,134           2,541
Interest expense                                                                                                                            (10,429     )   (9,121      )   (11,676     )   (10,304     )   (9,912      )
Debt extinguishment gains (losses), net                                                                                                     (725        )   3               (97         )   --              (211        )
Marketable security gains (losses), net                                                                                                     11,534          (12,478     )   (21,674     )   20,836          20,300
Derivative gains (losses), net                                                                                                              --              --              16,897          2,830           (10,604     )
Foreign currency gains (losses), net                                                                                                        (575        )   969             (1,470      )   1,399           (1,368      )
Other, net                                                                                                                                  188             64              424             (420        )   (5,606      )
                                                                                                                                            1,889           (18,196     )   (15,446     )   16,475          (4,860      )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies 24,872          (3,106      )   (6,453      )   19,892          (26,810     )
Income Tax Expense (Benefit)                                                                                                                (54,626     )   (12,795     )   (3,664      )   3,896           (6,804      )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies                                  79,498          9,689           (2,789      )   15,996          (20,006     )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax                                                                      23              488             2,333           108             (13,871     )
Net Income (Loss) from Continuing Operations                                                                                                79,521          10,177          (456        )   16,104          (33,877     )
Income (Loss) from Discontinued Operations, Net of Tax                                                                                      (487        )   10,927          (28,629     )   (5,448      )   (56,412     )
Net Income (Loss)                                                                                                                           79,034          21,104          (29,085     )   10,656          (90,289     )
Net Income attributable to Noncontrolling Interests in Subsidiaries                                                                         6,227           3,543           3,723           6,573           3,460
Net Income (Loss) attributable to SEACOR Holdings Inc.                                                                                      $   72,807      $   17,561      $   (32,808 )   $   4,083       $   (93,749 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations                                                                                                                       $   4.15        $   0.38        $   (0.39   )   $   0.57        $   (2.11   )
Discontinued operations                                                                                                                     (0.03       )   0.62            (1.52       )   (0.33       )   (3.41       )
                                                                                                                                            $   4.12        $   1.00        $   (1.91   )   $   0.24        $   (5.52   )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations                                                                                                                       $   3.37        $   0.38        $   (0.39   )   $   0.56        $   (2.11   )
Discontinued operations                                                                                                                     (0.02       )   0.62            (1.52       )   (0.32       )   (3.41       )
                                                                                                                                            $   3.35        $   1.00        $   (1.91   )   $   0.24        $   (5.52   )
Weighted Average Common Shares of Outstanding:
Basic                                                                                                                                       17,674          17,509          17,208          17,074          16,969
Diluted                                                                                                                                     22,711          17,638          17,208          17,364          16,969
Common Shares Outstanding at Period End                                                                                                     17,940          17,859          17,587          17,406          17,401
OIBDA                                                                                                                                       $   43,352      $   35,591      $   26,462      $   20,136      $   (5,390  )

______________________

(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) 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 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,        Sep. 30,        Jun. 30,       Mar. 31,       Dec. 31,
                                                                                  2017            2017            2017           2017           2016
Ocean Transportation & Logistics Services
Operating Revenues                                                                $   109,434     $   103,780     $   72,023     $   67,639     $   59,618
Costs and Expenses:
Operating                                                                         58,215          65,866          33,850         37,354         36,586
Administrative and general                                                        11,820          9,612           8,028          7,088          6,895
Depreciation and amortization                                                     13,281          13,516          10,115         9,161          8,969
                                                                                  83,316          88,994          51,993         53,603         52,450
Gains (Losses) on Asset Dispositions and Impairments, Net                         19              73              6              (421       )   408
Operating Income                                                                  26,137          14,859          20,036         13,615         7,576
Other Income (Expense):
Foreign currency gains (losses), net                                              (138        )   5               8              (5         )   (6         )
Other, net                                                                        209             59              421            (362       )   237
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax            (486        )   1,493           5,621          1,036          (2,581     )
Segment Profit                                                                    $   25,722      $   16,416      $   26,086     $   14,284     $   5,226
OIBDA                                                                             $   39,418      $   28,375      $   30,151     $   22,776     $   16,545
Dry-docking expenditures for U.S.-flag petroleum and chemical                     $   (34     )   $   3,548       $   --         $   94         $   4,506
carriers (included in operating costs and expenses)
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers --              40              --             --             45
Inland Transportation & Logistics Services
Operating Revenues                                                                $   50,575      $   44,608      $   37,644     $   42,669     $   53,021
Costs and Expenses:
Operating                                                                         34,021          35,388          31,902         32,569         35,400
Administrative and general                                                        4,900           3,141           4,725          3,792          2,945
Depreciation and amortization                                                     6,448           6,329           6,483          6,592          6,628
                                                                                  45,369          44,858          43,110         42,953         44,973
Gains on Asset Dispositions, Net                                                  700             5,136           5,891          233            605
Operating Income (Loss)                                                           5,906           4,886           425            (51        )   8,653
Other Income (Expense):
Foreign currency gains (losses), net                                              (458        )   992             (1,630     )   1,368          (1,143     )
Other, net                                                                        --              --              --             --             1
Equity in Losses of 50% or Less Owned Companies, Net of Tax                       (314        )   (1,235      )   (1,264     )   (2,378     )   (11,318    )
Segment Profit (Loss)                                                             $   5,134       $   4,643       $   (2,469 )   $   (1,061 )   $   (3,807 )
OIBDA                                                                             $   12,354      $   11,215      $   6,908      $   6,541      $   15,281
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
                                                                       Three Months Ended
                                                                       Dec. 31,        Sep. 30,      Jun. 30,        Mar. 31,      Dec. 31,
                                                                       2017            2017          2017            2017          2016
Witt O’Brien’s
Operating Revenues                                                     $   25,406      $  9,681      $   6,061       $  8,008      $   13,456
Costs and Expenses:
Operating                                                              16,534          6,068         4,043           5,372         9,711
Administrative and general                                             4,797           2,960         2,462           3,219         5,343
Depreciation and amortization                                          206             206           205             202           204
                                                                       21,537          9,234         6,710           8,793         15,258
Losses on Asset Dispositions and Impairments, Net                      --              --            --              --            (29,586     )
Operating Income (Loss)                                                3,869           447           (649        )   (785      )   (31,388     )
Other Income (Expense):
Foreign currency gains (losses), net                                   (12         )   29            23              10            (57         )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (63         )   100           (20         )   157           28
Segment Profit (Loss)                                                  $   3,794       $  576        $   (646    )   $  (618   )   $   (31,417 )
Other
Operating Revenues                                                     $   116         $  116        $   116         $  116        $   116
Costs and Expenses:
Administrative and general                                             272             180           225             154           167
                                                                       272             180           225             154           167
Operating Loss                                                         (156        )   (64       )   (109        )   (38       )   (51         )
Other Income (Expense):
Foreign currency gains (losses), net                                   18              (12       )   --              --            --
Other, net                                                             (1          )   --            --              (300      )   (5,885      )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 886             130           (2,004      )   1,293         --
Segment Profit (Loss)                                                  $   747         $  54         $   (2,113  )   $  955        $   (5,936  )
Corporate and Eliminations
Operating Revenues                                                     $   (16     )   $  (14    )   $   (53     )   $  (18    )   $   (15     )
Costs and Expenses:
Operating                                                              (45         )   (64       )   (109        )   (83       )   (78         )
Administrative and general                                             12,368          4,638         10,100          8,625         6,044
Depreciation and amortization                                          434             450           666             764           759
                                                                       12,757          5,024         10,657          9,306         6,725
Operating Loss                                                         $   (12,773 )   $  (5,038 )   $   (10,710 )   $  (9,324 )   $   (6,740  )
Other Income (Expense):
Derivative gains (losses), net                                         $   --          $  --         $   16,897      $  2,830      $   (10,604 )
Foreign currency gains (losses), net                                   15              (45       )   129             26            (162        )
Other, net                                                             (20         )   5             3               242           41

______________________

(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 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 BALANCE SHEETS
(in thousands, unaudited)
                                                                    Dec. 31,            Sep. 30,            Jun. 30,            Mar. 31,            Dec. 31,
                                                                    2017                2017                2017                2017                2016
ASSETS
Current Assets:
Cash and cash equivalents                                           $     239,246       $     267,156       $     223,154       $     207,545       $     256,638
Restricted cash                                                     2,982               2,436               2,260               2,254               2,249
Marketable securities                                               42,761              62,606              75,071              97,404              76,137
Receivables:
Trade, net of allowance for doubtful accounts                       110,465             83,287              59,772              77,358              105,494
Other                                                               33,870              38,176              35,704              54,918              38,629
Inventories                                                         4,377               3,952               2,444               3,051               2,582
Prepaid expenses and other                                          6,594               6,741               4,814               4,614               3,707
Discontinued operations                                             --                  --                  23,105              298,915             277,365
Total current assets                                                440,295             464,354             426,324             746,059             762,801
Property and Equipment:
Historical cost                                                     1,351,741           1,483,434           1,340,400           1,336,719           1,178,556
Accumulated depreciation                                            (502,544        )   (487,049        )   (467,925        )   (460,623        )   (444,559        )
                                                                    849,197             996,385             872,475             876,096             733,997
Construction in progress                                            28,728              22,769              133,537             139,782             246,010
Net property and equipment                                          877,925             1,019,154           1,006,012           1,015,878           980,007
Investments, at Equity, and Advances to 50% or Less Owned Companies 173,441             175,387             174,106             182,395             175,461
Construction Reserve Funds                                          51,339              51,846              65,429              64,478              75,753
Goodwill                                                            32,761              32,773              32,749              32,787              32,758
Intangible Assets, Net                                              28,106              30,655              18,931              19,519              20,078
Other Assets                                                        9,469               8,796               17,739              17,869              17,189
Discontinued Operations                                             --                  --                  32,595              875,993             798,274
                                                                    $     1,613,336     $     1,782,965     $     1,773,885     $     2,954,978     $     2,862,321
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt                                   $     77,842        $     119,840       $     125,655       $     168,267       $     163,202
Accounts payable and accrued expenses                               44,013              31,518              32,437              36,524              59,563
Other current liabilities                                           57,330              70,762              49,602              58,833              62,164
Discontinued operations                                             --                  --                  6,324               270,796             85,020
Total current liabilities                                           179,185             222,120             214,018             534,420             369,949
Long-Term Debt                                                      501,505             619,712             615,532             628,622             631,084
Exchange Option Liability on Subsidiary Convertible Senior Notes    --                  --                  --                  16,809              19,436
Deferred Income Taxes                                               101,422             165,093             161,185             183,972             157,441
Deferred Gains and Other Liabilities                                77,863              81,238              97,245              92,897              98,098
Discontinued Operations                                             --                  --                  7,681               271,389             390,045
Total liabilities                                                   859,975             1,088,163           1,095,661           1,728,109           1,666,053
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock                                                     --                  --                  --                  --                  --
Common stock                                                        387                 385                 382                 380                 379
Additional paid-in capital                                          1,573,013           1,557,086           1,547,936           1,527,460           1,518,635
Retained earnings                                                   419,128             377,700             360,139             914,806             910,723
Shares held in treasury, at cost                                    (1,368,300      )   (1,363,558      )   (1,364,273      )   (1,364,172      )   (1,357,331      )
Accumulated other comprehensive loss, net of tax                    (545            )   (266            )   (545            )   (11,024         )   (11,514         )
                                                                    623,683             571,347             543,639             1,067,450           1,060,892
Noncontrolling interests in subsidiaries                            129,678             123,455             134,585             159,419             135,376
Total equity                                                        753,361             694,802             678,224             1,226,869           1,196,268
                                                                    $     1,613,336     $     1,782,965     $     1,773,885     $     2,954,978     $     2,862,321
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
                                                Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                                                2017      2017      2017      2017      2016
Ocean Transportation & Logistics Services
Petroleum Transportation:
Petroleum and chemical carriers - U.S.-flag     11        11        10        10        9
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag                         23        23        23        23        23
Harbor tugs - Foreign-flag                      8         8         8         4         4
Offshore tug - U.S.-flag                        1         1         1         1         1
Ocean liquid tank barges - U.S.-flag            5         5         5         5         5
Ocean liquid tank barges - Foreign-flag         1         1         1         --        --
PCTC, Liner and Short-sea Transportation:
PCTC - U.S.-flag                                4         4         --        --        --
Short-sea container/RORO vessels - Foreign-flag 7         7         7         7         7
RORO & deck barges - U.S.-flag                  7         7         7         7         7
Rail ferry - Foreign-flag                       2         2         --        --        --
Dry Bulk Transportation:
Dry bulk carrier - U.S.-flag                    2         2         --        --        --
Dry bulk articulated tug-barge - U.S.-flag      --        --        --        1         1
                                                71        71        62        58        57
Inland Transportation & Logistics Services
Dry-cargo barges                                1,439     1,443     1,443     1,443     1,443
Liquid tank barges                              20        20        19        18        18
Specialty barges                                7         10        10        10        11
Towboats:
4,000 hp - 6,600 hp                             18        18        17        18        17
3,300 hp - 3,900 hp                             3         3         3         3         3
Less than 3,200 hp                              2         2         2         2         2
Harbor boats:
1,100 hp - 2,000 hp                             15        15        15        15        15
Less than 1,100 hp                              9         9         9         9         9
                                                1,513     1,520     1,518     1,518     1,518

______________________

(1) Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

(2) Pure Car/Truck Carrier.

(3) Roll On/Roll Off.

(4) Excludes one U.S.-flag dry bulk carrier removed from service.

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