PRESS RELEASE

SEACOR HOLDINGS ANNOUNCES THIRD QUARTER RESULTS

Fort Lauderdale, Florida
October 20, 2011

FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the third quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2011 was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, on operating revenues of $1,580.1 million.

For the preceding quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, on operating revenues of $536.4 million.

For the quarter ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million. For the nine months ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $217.6 million, or $9.99 per diluted share, on operating revenues of $2,069.0 million. The Company’s results for its Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for the three and nine months ended September 30, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010. 

Highlights for the Quarter

Offshore Marine Services – Operating income was $7.6 million on operating revenues of $93.3 million compared with operating income of $5.5 million on operating revenues of $93.4 million in the preceding quarter. Third quarter results included $5.2 million in gains on asset dispositions compared with $3.6 million in gains in the preceding quarter. In the third quarter, the total number of days available for charter decreased by 458, or 4.2%; overall utilization increased from 70.7% to 72.4%; and overall average day rates increased by 1.6% from $11,142 per day to $11,318 per day.

A soft market for offshore marine equipment in the U.S. Gulf of Mexico continued to negatively impact results. Utilization was 53.5% compared with 54.6% in the preceding quarter and average day rates decreased from $12,982 per day to $10,631 per day. As of September 30, 2011, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico, unchanged from June 30, 2011.

Activity in international regions improved during the third quarter, particularly in West Africa, primarily due to the commencement of several long term charters. Utilization was 85.2% compared with 81.0% in the preceding quarter and average day rates increased from $10,354 per day to $11,612 per day.

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

Aviation Services – Operating income was $15.1 million on operating revenues of $71.8 million compared with operating income of $13.6 million on operating revenues of $68.5 million in the preceding quarter. Third quarter results included $4.9 million in gains on asset dispositions compared with $6.2 million in gains in the preceding quarter.

Operating revenues were higher primarily due to increased activity in support of mining, firefighting and flightseeing operations in Alaska and due to a new hospital contract and increased activity in air medical services. Operating revenues from contract leasing activities were lower due to the delay in the commencement of certain international contracts. Operating expenses were higher primarily due to higher activity levels as described above and the commencement of a new power-by-hour contract. Depreciation expense was lower following a change in the estimated useful life and salvage value of aircraft.

Inland River Services - Operating income was $9.3 million on operating revenues of $47.9 million compared with operating income of $3.7 million on operating revenues of $41.4 million in the preceding quarter. Operating results improved primarily due to increased activity in the pooled hopper fleet at the beginning of the harvest season and improved operating conditions. In the preceding quarter, heavy rains in the Mid-South through the Lower Ohio Valley produced severe flood conditions resulting in difficult operating conditions with periodic river closures and restricted tow sizes.

Marine Transportation Services – Operating income was $1.7 million on operating revenues of $24.8 million compared with operating income of $2.9 million on operating revenues of $24.3 million in the preceding quarter. Operating results for Marine Transportation Services’ eight foreign flag Roll-on/Roll-off vessels were lower primarily due to operational issues and the impact of Hurricane Irene and were lower for its U.S.-flag product tanker fleet primarily due to the costs and off-hire time associated with one vessel undergoing a regulatory underwater survey.

Environmental Services – Operating income was $1.0 million on operating revenues of $40.4 million compared with operating income of $4.2 million on operating revenues of $48.5 million in the preceding quarter. The reduction in operating income was primarily due to a lower contribution from oil spill response activities related to the Deepwater Horizon sinking in April 2010 partially offset by lower wage and benefit and legal costs. Operating income in the quarter ended September 30, 2010 was $125.0 million on operating revenues of $468.2 million and reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking as noted above.

Commodity Trading and Logistics – Commodity Trading and Logistics reported a segment loss of $7.1 million on operating revenues of $279.2 million compared with a segment profit of $5.2 million on operating revenues of $245.3 million in the preceding quarter. Operating results in the third quarter were negatively impacted by volatile commodity prices and equity losses of $2.3 million from the Company’s alcohol manufacturing joint venture.

Other – Other, primarily Harbor and Offshore Towing Services, reported operating income of $2.7 million on operating revenues of $16.7 million compared with operating income of $3.9 million on operating revenues of $17.9 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in harbor activity and higher drydock costs for equipment used in the terminal operation in St. Eustatius.

Corporate and Eliminations – Administrative and general expenses were $6.2 million compared with $7.6 million in the preceding quarter. The reduction was primarily due to lower management bonus accruals, professional fees and public reporting costs. Derivative losses of $22.1 million were primarily due to market value changes on the Company’s treasury rate-lock agreement and treasury future contracts.

Capital Commitments – The Company’s unfunded capital commitments as of September 30, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $302.0 million, of which $102.0 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $45.7 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to September 30, 2011, the Company committed to purchase additional equipment for $30.0 million. As of September 30, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $707.3 million.

* * * * *

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.

1

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the “Moratoriums”), weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company’s involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company’s customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services’ double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services’ ability to comply with such regulation and other governmental regulation, changes in National Response Corporations’ Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services’ operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company’s control. In addition, these statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words “estimate,” “project,” “intend,” “believe,” “plan” and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company’s businesses, particularly those mentioned under “Forward-Looking Statements” in Item 7 on the Company’s Form 10-K and SEACOR’s periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.

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

2

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

3

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

4

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

5

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