SUMMARY INVESTOR PRESENTATION
December 2016
Forward-Looking Statement
This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements discussed in
this presentation as well as in other reports, materials and oral statements that the SEACOR Holdings Inc. (“Company”) releases from time to time 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 an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S.
Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease
certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the “Moratoriums”), weakening demand for the Company’s services as
a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels
in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation
of the Company’s businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with
the provision of emergency response services, including the Company’s involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon
in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets
and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices
and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and
economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine
Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil
pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with
U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine
Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company's customer base, the ongoing
need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common
Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level
of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and
political factors on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol
and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the potential for a material weakness in the Company's internal
controls over financial reporting and the Company's ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the
Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the
Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation
Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be
a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The
Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's
expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. The forward-
looking statements in this presentation 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 8-K (if any), which are
incorporated by reference.
2
Understanding SEACOR
3
We are a specialized asset manager.
We are a
specialized asset
manager
We invest capital and
finance efficiently.
We support
the energy,
agricultural,
transportation,
logistics, and
infrastructure
markets.
We design,
build, own,
and operate
equipment
and industrial
facilities.
We deal in hard assets
– we look for value.
Investment Objectives & Strategy
4
OBJECTIVES
• Pursue risk adjusted returns on equity
• Pursue long-term appreciation (“real growth”) with capital preservation
STRATEGY
• Adhere to capital and balance sheet discipline: we live within our means
• Opportunistically deploy capital into cyclical assets
• Maintain flexibility and leverage off of existing businesses
• Maintain liquidity to buy deep value
• Harvest our gains and not “hug” assets for continuous earnings
• Capitalize on tax efficiency
A dollar of gain is as good as rental income.
The SEACOR Portfolio
5
Transportation,
Logistics, and Other
Shipping
Services
Inland River
Services
Liquid Bulk
Shipping
Harbor
Towing and
Bunkering
Liner / Short-
Sea Shipping
Illinois Corn
Processing
(“ICP”)
Other
Alternative
Energy
Emergency
and Crisis
Services
Barge
Transportation
Terminals and
Fleeting
Ship Management
We own, operate, service, and invest across the logistics and
transportation value chains.
General
Aviation
Services
Specialty
Finance
Energy Services:
Offshore Marine
Services
Offshore
Marine
100%
SEACOR’s Transformation: A Decade Plus Journey
6
Offshore
Marine
48%Inland
River
18%
Shipping
30%
ICP, Other
& Corp
4%
Sep. 30, 2016
$1,316 million
1 Net property and equipment was adjusted to exclude the $267.7 million related to our partners’ 49% interest of SEA-Vista. Total net property and
equipment as of Sep. 30, 2016 was $1,584.0 million. Net property and equipment excludes cash, investments in joint ventures, and goodwill.
Jun. 30, 2005
$934 million
Dec. 31, 1990
$98 million
Energy Service
Energy
Service
Net Property and Equipment
Pro Forma
Net Property and Equipment1 Net Property and Equipment
Inland
River
23%
Other &
Corp
2%
Energy
Service
Offshore
Marine &
Aviation
75%
Ready for the Next Chapter
The SEACOR Story: Dawn of Consolidation Era, and Globalization
7
$-
$20
$40
$60
$80
$100
$120
$140
$160
'92 '93 '94 '95 '96 '97 '98 '99
Book Value Per Share
Pre ’92:
Entered
Depressed
Offshore Marine
(’89)
IPO
Entered
Offshore
Drilling
Entered
Dry Bulk
Entered
Emergency
and Crisis
Services
• Era of consolidation, niche diversification, and
globalization of energy services
– NICOR Marine (1989)
– OMI Petrolink – consolidate GOM PSV sector (1993)
– CNN 1, 2 & 3 – global entry to West Africa (1993-1996)
– Graham – passenger support (1995)
– McCall – consolidate passenger support (1996)
– Smit Internationale – expand international footprint (1996)
– Galaxie Marine – consolidate GOM PSV sector (1997)
• Collateral transactions (capitalizing on Asian flu,
diversifed offshore)
– New construction programs– entered jackup market (1997)
• History of Opportunism
– National Response Corporation (1991)
– ERST/O’Brien’s (1997)
Entered
Standby
Safety
Created National
Response
Corporation (’91)
The SEACOR Story: Consolidation – The Mature Phase
8
• Continued consolidation,
internationalization, and embarked on
diversification
– Barges: SCF (2000)
– Shipping and harbor towing: Seabulk (2005)
– Aviation:
• TexAir (2002)
• Era Aviation (2004)
– Environmental: Foss Environ./NRCES (2003)
– Financing (i.e. sale leasebacks)
– Offshore drilling rigs (exited 2002)
• Completed consolidation phase of energy
marine service: offshore marine
– Boston Putford - Standby consolidation (2000)
– Plaisance, Rincon, Cheramie, and Stirling –
consolidated GOM PSB and utility market, North
Sea PSV market (2001)
– Seabulk (2005)
$-
$20
$40
$60
$80
$100
$120
$140
$160
'00 '01 '02 '03 '04 '05
Book Value Per Share
Entered
Inland
River
Entered
Helicopter
Exited
Offshore
Drilling
Entered
Petroleum
Transport
and Harbor
Towing and
Bunkering:
Seabulk
Expanded
Helicopter:
ERA
$-
$20
$40
$60
$80
$100
$120
$140
$160
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15
Era Distribution Per Share ($20.88)
Special Cash Dividends Per Share (Tot. $20)
Book Value Per Share
The SEACOR Story: Harvesting Gains – Preparing for the 2016 Apocalypse
9
• Building on diversity and opportunism
– Inland river: Waxler (2007)
– Inland river terminals/grain elevators: Soylutions
(2006), Gateway (2012), Bunge-SCF Grain JV
(2010)
– Manufacturing: Illinois Corn Processing (2009)
– Internationalizing barge business: SCFCo (2008)
– Growing shipping liner service: G&G (2011)
– Entered general aviation: Avion (2006), Hawker
Pacific (2010)
– Diversified offshore - focus on niches: C-Lift
(2006), Sea-Cat (2009), Windcat (2011), Superior
liftboats - P&A (2012)
– Exited international dry bulk: Sea Treasure (2006)
– Divested aviation service
• Era Group Inc (spin-off 2013)1
– Harvested environmental business:
• RMA (2006); Link, SRI, AC Industrial, Rivers
Edge (2007); Trident Port (2008); SES-Chem
and PIER Systems (2009); SES-Kazakhstan
(2010)
• NRC and affiliates (exited 2012)
– Divested inland river tank barges
– Sold offshore vessels
Exited
Dry
Bulk
Entered
Terminal
Business
Entered
General
Aviation
Entered
Commodity
Trading
Entered
Corn
Processing
Entered
Liner /
Short
Sea
Shipping
Spin-
off of
ERA
Exited
Environ.
Response
Services
1 Special Cash Dividends of $15 and $5 per common share were paid to stockholders on December 14, 2010, and December 17, 2012, respectively.
2 The spin-off of Era Group Inc. on January 31, 2013 amounted to $20.88 per common share. Book value was $415.2 million. Stock price of ERA from Jan. 31, 2013
to Dec. 31, 2013 ranged from a high of $34.64 and low of $18.55.
1
2
Entered
General
Aviation:
Hawker
Entered
Offshore
Drilling
Entered
Inland
River
Liquids
Exited
Commodity
Trading
Divested
Inland Tank
Barges
The SEACOR Story: Next Chapter (2016 – A New Era of Consolidation)
10
The Benefits of Consolidation: Eliminate Overhead & Optimize
Use of Equipment
What goes around comes around
• Offshore Marine: Will Phoenix rise from the ashes?
• Inland River: Are there one to many barge operators?
• Jones Act Tankers: Will the financial players stay the course?
X X X X
SEACOR’s Asset Base
11
Asset Mix
Offshore
Marine
Services
Anchor handling towing supply vessels
Fast support vessels
Platform supply vessels
Standby safety vessels
Liftboats
Wind farm utility vessels
Inland
River
Services
Dry-cargo hopper barges
Towboats
Terminal operations & grain elevators
Fleeting operations
Intermodal terminals
Shipyard services
Shipping
Services
Petroleum & chemical tank vessels
Harbor and offshore tugs
Bunker barges
Short-sea RoRos & LoLo Landing Craft
Other
General Aviation Services
Witt O’Brien’s (Emergency & Crisis Srvs.)
Other activities
Energy
Service
Offshore
Marine
37%
Inland River
13%
Shipping
26%
ICP
2%
Other
5%
Corporate
0%
Cash
17%
Pro Forma Total Assets as of Sep. 30, 2016
$2,954 million
Diversification and liquidity: We are prepared for opportunity.
1 If the spin-off of SEACOR Marine Holdings Inc. (“SMH”), the offshore marine business unit, were to have occurred on Sep. 30, 2016, total cash and near
cash assets of $218.4 million related to the business would have transferred to the entity.
2 Cash includes cash and cash equivalents, marketable securities, including Dorian LPG Ltd. (NYSE: LPG), and construction reserve funds for all business
units except for the offshore marine division.
1
2
ICP Illinois Corn Processing Plant
Offshore Marine Services: SEACOR Marine Holdings Inc. (“SMH”)
12
Offshore Marine Services: Market Drivers and Opportunities
13
• Mission specific drivers:
– Drilling
– Construction
– Decommissioning
– Alternative energy
• Primary Revenue Source: term charters
• Opportunity:
– Consolidate niches and regions
– Acquire cheap assets
– Leverage bank relationships: manage third party assets: income plus carried interest
Capitalizing on downturn; a marathon, not a sprint.
Business depressed: dawn of recovery.
• Market drivers:
– Production support
– Platform and pipeline maintenance
– Ocean mapping
– Cable laying
• Market drivers:
– Personnel transport
– Plug & abandonment work
Offshore Marine Services: Current Activity Profile
14
1 There were 8 vessels leased-in with lease expirations ranging from Dec. 2018 – Dec. 2021.
As Dec. 8, 2016
Working &
Employed Idle
Cold
Stacked
Owned &
Leased-in1
Joint
Ventured
Pooled or
Managed Total
U.S., primarily Gulf of Mexico
AHTS - 4 7 11 - - 11
Fast support 3 1 13 17 - 2 19
Supply - - 1 1 3 - 4
Liftboats - 2 13 15 - - 15
Africa, primarily West Africa
AHTS 1 1 2 4 - - 4
Fast support 6 - 2 8 3 1 12
Supply - - 3 3 2 2 7
Specialty 1 - - 1 - - 1
Middle East and Asia
AHTS 1 - 1 2 1 9 12
Fast support 9 1 - 10 4 - 14
Supply 1 2 2 5 1 1 7
Specialty 1 - 1 2 1 3 6
Wind farm utility - - 2 2 - - 2
Brazil, M xico, Central and South America
Fast support - - 1 1 4 - 5
Supply 2 - 1 3 10 - 13
Europe, primarily North Sea
Standby safety 17 3 - 20 1 - 21
Wind farm utility 25 10 - 35 3 - 38
67 24 49 140 33 18 191
As of 3Q16 Owned
Joint
Ventured
Leased-
in
Pooled
or
Managed Total
AHTS1 13 1 4 9 27
Fast support 35 11 1 3 50
Supply 12 15 1 3 31
Standby safety 20 1 - - 21
Specialty 3 1 - 3 7
Liftboats 13 - 2 - 15
Wind farm utility 37 3 - - 40
133 32 8 18 191
Owned Fleet Details
Avg. Age
U.S.-
Flag
Foreign-
Flag
AHTS1 16 9 4
Fast support 11 18 17
Supply 13 2 10
Standby safety 34 - 20
Specialty 21 - 3
Liftboats 14 13 -
Wind farm utility 7 - 37
14 42 91
Offshore Marine Services: Asset Profile
15
1
Vessel Net Book Value
as of Sep. 30, 2016
$482.6 million2
1 AHTS = Anchor handling towing supply
2 Vessel net book value excludes $13.8 million in spares, machinery, and equipment and $9.6 million in other property. It also excludes $122.6 million
in construction in progress. Total capital commitments as of Sep. 30, 2016 included nine fast support vessels, four supply vessels and one wind farm
utility vessel.
U.S.-flag AHTS
16%
Foreign-flag
AHTS
6%
Fast support
38%Supply
14%
Standby safety
5%
Specialty
2%
Liftboats
12%
Windfarm
utility
7%
Offshore Marine Services: Operating Leverage – “Stacked Fleet”
16
1 Reflects vessels owned since 2012.
2 Information provided as of April 30, 2016.
3 DVP is calculated as vessel operating revenues less direct operating expenses (running costs) excluding leased-in equipment rental costs. DVP is
before the allocation of overhead. DVP does not equate to OIBDA or to profit as additional overhead may be required in order to place vessels back in
service and support operations.
(in millions)
Year-to-Date
2 2015
Prior 3 Yr.
Avg
Prior 3 Yr.
High
Prior 3 Yr.
Low
AHTS 76.8$ 1.9$ 29.8$ 33.0$ 39.9$ 24.7$
Liftboat 31.3 (0.8) (2.0) 24.6 28.9 19.3
PSV 16.2 (0.7) (2.9) 1.2 2.8 0.2
FSV 8.4 (0.4) 1.5 2.6 2.9 2.2
Total 132.7$ -$ 26.4$ 61.4$ 71.2$ 56.5$
U.S.-Flag Vessels Cold Stacked as of Sep. 30, 2016
Class
1
NBV
2
Direct Vessel Profit ("DVP")
3
Inland River Services
17
Inland River Services: Terminal Operations
• Ethanol/petroleum transshipment
and storage facility
• Capable of handling light petroleum
and heavy crude with steam
capabilities
• Barge, train, and truck cap.
• Four 100,000 bbl storage tanks
• High speed intermodal facility
Leased to Bunge SCF Grain
• 4.2 m bushel grain
capacity
• 1.9 m bushel flat storage
• Intermodal facility with unit
train and truck capability
Leased to Wabash Valley
• 40,000 ton dry bulk
storage
• 1 million gallon liquid
storage
• 50,000 sq ft. ag. chemical
building
Grain Storage
Fertilizer & Chem. Storage
Gateway Terminals
• 9 distinct terminal locations
• Intermodal facility with barge,
unit train, and truck capability
• Grain and general cargo
capabilities
• Intermediate storage in
enclosed warehouse and pad
storage
• Access to seven Class 1
railroads
Lewis & Clark Terminals
18
Inland River Services: Market Drivers and Opportunities
19
• Market Drivers:
– Dry-Cargo barge operations: agricultural exports, and fertilizer and industrial commodity imports
– Terminal operations: demand for storage, rail moves, and redistribution of bulk commodities (steel, fertilizer,
agricultural products, and ethanol)
• Primary Revenue Source:
– Contract of Affreightment (COA) for barge operations
– Terminal throughput volume and related services
– Fleeting (barge shifting, fleeting, cleaning, and repair)
– Dry-cargo towing services
– Shipyard and related services
• Opportunities:
– Consolidate fragmented fleets and river assets in the United States and/or South America
– Acquire equipment & facilities at favorable prices
– Capitalize on new technology: pursue innovation in boat design
– Develop container-on-barge service
Shipping Services
20
Shipping Services: Operating Areas
21
Jones Act - ships
• 9 Medium Range tankers
(3 leased-in)
• 1 Medium Range tanker on order
• 1 chemical and petroleum
articulated tug-barge (“ATB”)
delivery in process
Jones Act – tugs
• 23 Harbor tugs (9 leased-in)
• 2 Harbor tugs on order
• 1 Offshore tug (JV)
Bunkering/terminal support
• 4 foreign flag tugs
• 5 Jones Act bunker barges
Liner/short-sea shipping
• 6 landing craft / 1 containership
• 7 RORO/deck barges (JV)
Jones Act shipping
Information as of Nov. 30, 2016
Shipping Services: Market Drivers and Opportunities
22
• Liquid Bulk Shipping:
– Market Drivers: refined products (i.e. jet fuel, gasoline, diesel), chemical products (e.g. caustic soda), and
crude oil demand and distribution
– Primary Revenue Sources: time charter contracts (1-7 years), COA contracts, spot market, occasional
bareboat
– Opportunity: consolidation, third party ship management, government services, and international dry bulk
• Harbor Towing:
– Market Drivers:
• vessel port calls (increasing = Panama Canal)
• petroleum and chemical facilities and distribution, global trade, and U.S. imports
– Primary Revenue Source: term contracts for port assistance
– Opportunity:
• expansion to additional ports U.S. and overseas
• pursue long term contracts at terminal facilities
• Liner Shipping:
– Market drivers: GDP growth, construction and infrastructure projects in the Bahamas and Caribbean
– Primary Revenue Source: freight consolidation and freight forwarding, “on sea trucking”
– Opportunity: expand service area: north coast of South America, Cuba, develop other U.S. short-sea routes
Tanker contract backlog as of Sep. 30, 2016: $442.8 million
Other Activities
23
• Illinois Corn Processing:
– Product output: food, beverage, and industrial grade alcohol, agricultural feed (Dried Distillers Grains with
Solubles, DDGS, used for animal feed), non-food grade Corn Oil used for feedstock in biodiesel production,
and fuel grade ethanol
– Production capacity: Estimated Production Capacity: 84 million gallons per year - +-30-35% High Quality (HQ-
"beverage grade), +-30-35% Industrial-chemical (export grade), +-30-40% Fuel Grade (Available to blend)
• Industrial/General Aviation Services
– Product mix: fixed wing and helicopter MROs (maintenance, repair & overhaul) and/or FBOs (fixed based
operations) in Singapore, Shanghai, Manila, KL and throughout Australia; military contracts in Australia and
New Zealand; aircraft distribution (mainland China, South East Asia, the UAE), aircraft brokerage, research
and consulting
• Emergency and Crisis Management
– Preparedness: planning (crisis, emergency, business continuity, compliance), training and exercises
– Response: on-call emergency responders, supported by 24/7 command center
– Recovery: management of post-disaster recovery efforts
Funding Capital Expenditures with Proceeds from Asset Sales
24
1
1
Capital expenditures
2005 – 3Q161
(in millions)
1 Represents the capital expenditures and proceeds from asset sales from January 2005 to September 2016 for our offshore marine, inland river
and shipping divisions.
Total capital expenditures: $2,692 million
Total proceeds from asset sales: $2,539 million
(in millions)
Proceeds from asset sales
2005 – 3Q161
$- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Offshore Marine
Inland River
Shipping
- $50 $100 $15 $200 $25 $300 $350 $400 $450 $500 $550
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Offshore Marine
Inland River
Shipping
Summary: SEACOR’s Value Proposition
25
We are a specialized manager investing capital; we don’t just buy equipment.
• 25+ year track record of investing in, owning, and operating assets, businesses, and securities in
cyclical industries throughout market cycles
• In-house operating platform facilitates more nuanced diligence, not all assets (even if classified the
same) are equal
• Legacy operator…we are a strategic counterparty, and not only perceived as a capital provider
• Management has diversified experience across multiple market segments and geographies…we
have expanded far relative to our size
• A dollar of gain is as good as rental income
In-house capability to underwrite investments across a company or
businesses’ capital structure and/or in individual assets.
Earnings (2000 – 2015)
26
1 OIBDA is a non-GAAP financial measure and calculated as operating income plus depreciation and amortization.
2 Gains (losses) on asset dispositions and impairments, net.
3 OIBDA (ex gains) plus proceeds from asset dispositions. OIBDA (ex gains) is calculated as operating income plus depreciation and amortization less
gains from asset dispositions and impairments, net.
4 On February 1, 2012, SEACOR acquired a 70% controlling interest in Illinois Corn Processing.
(in millions) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Offshore Marine Services:
Operating income (loss) 43.0$ 106.0$ 58.2$ 24.2$ 19.4$ 119.5$ 282.7$ 288.0$ 273.8$ 173.2$ 133.2$ 26.6$ 64.2$ 88.2$ 68.4$ (38.9)$
Depreciation and amortization 41.9 52.9 51.1 46.4 43.3 69.4 81.5 60.5 55.6 54.9 51.8 48.5 61.5 65.4 64.6 61.7
OIBDA1 84.9 158.9 109.3 70.7 62.7 188.9 364.2 348.6 329.4 228.1 184.9 75.0 125.8 153.6 133.0 22.8
Gains (losses) on asset sales2 7.6 9.2 8.6 17.9 10.1 20.4 67.0 82.5 69.2 22.5 29.5 14.7 14.9 28.7 26.5 (17.0)
OIBDA (ex. gains/losses)3 77.3$ 149.7$ 100.7$ 52.8$ 52.6$ 168.5$ 297.2$ 266.0$ 260.2$ 205.6$ 155.5$ 60.4$ 110.9$ 124.9$ 106.5$ 39.8$
Inland River Services:
Operating income n/a 2.3$ 3.5$ 5.2$ 16.9$ 41.5$ 59.9$ 71.2$ 47.5$ 42.2$ 65.0$ 36.3$ 31.4$ 25.8$ 62.5$ 33.1$
Depreciation and amortization n/a 1.1 1.9 (3.9) 7.2 12.0 20.0 16.3 16.6 19.4 20.7 23.5 28.3 28.5 29.4 28.6
OIBDA1 n/a 3.4 5.4 1.3 24.1 53.5 79.9 87.5 64.1 61.6 85.8 59.8 59.7 54.2 92.0 61.8
Gains (losses) on asset sales2 n/a - - (0.3) 0.1 0.0 11.1 8.0 10.4 4.7 31.9 3.0 7.7 6.6 29.7 14.9
OIBDA (ex. gains/losses)3 n/a 3.4$ 5.4$ 1.7$ 24.0$ 53.5$ 68.8$ 79.5$ 53.7$ 56.9$ 53.8$ 56.8$ 52.0$ 47.7$ 62.3$ 46.9$
Shipping Services:
Operating income (loss) n/a n/a n/a n/a n/a 8.1$ 25.6$ (15.0)$ 16.8$ 13.1$ (3.7)$ 23.4$ 17.9$ 23.8$ 48.8$ 45.6$
Depreciation and amortization n/a n/a n/a n/a n/a 25.8 45.7 43.8 39.8 40.2 37.2 30.2 30.6 31.3 28.4 26.3
OIBDA1 n/a n/a n/a n/a n/a 34.0 71.4 28.8 56.6 53.3 33.5 53.7 48.5 55.1 77.2 71.9
Gains (losses) on asset sales2 n/a n/a n/a n/a n/a - - (0.1) 3.8 0.4 (17.5) 1.4 3.1 0.2 0.2 -
OIBDA (ex. gains/losses)3 n/a n/a n/a n/a n/a 34.0$ 71.4$ 28.8$ 52.8$ 52.9$ 51.0$ 52.3$ 45.4$ 54.8$ 77.0$ 71.9$
Illinois Corn Processing:4
Segment profit (loss) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.8$ (0.9)$ 39.0$ 19.6$
Appendix I: SEACOR Basics
27
SEACOR Basics: Highlights
28
SEACOR share price
52 week high – $67.84 / 52 week low - $41.24
52 week volume weighted average price: $53.65
Last share price: $67.84 (12/08/16)
1 Deferred taxes was $307.4 million or $17.73 per share.
2 Total capital per share is calculated as book value per share plus net debt per share.
As of Sep. 30, 2016
SEACOR
Holdings Inc.
SEACOR Marine
Holdings ("SMH")
Book value per share1 $66.29 $34.32
Cash per share $41.25 $12.36
Debt per share $60.10 $13.02
Total capital per share2 $85.14 $34.98
Shares outstanding (mm's) 17.3
Director and mgmt. ownership 14.5%
SEACOR Basics: Focus on Shareholder Returns
29
• Book value per share CAGR (with dividends included) of 11.6% from 1992 - 3Q161 vs.
9.1% for S&P 500
• Average net debt to total capital of 7.1% since IPO vs. 43% for S&P 500
• Total dividends of $835 million2
• Total share repurchases of $1.4 billion (~20 million shares)
– $596 million (7.7 million shares) since 2010
– $72 million (~1.2 million shares) over the last 21 months at an average price of ~$62/share
• Total gains on asset dispositions and impairments, net of approximately $650 million
1 Excluding dividends, CAGR of book value was 9.4%. As of Sep. 30, 2016, book value includes deferred tax liabilities of $307.4 million, or $17.73 per
share. The present value of the deferred tax liabilities, assuming a 13 year duration at a discount rate of 7.375%, is $41.7 million, or $2.40 per share.
Adjusting for the present value of deferred tax liabilities and dividends, CAGR of book value was 12.3%.
2 The dividends paid included the special cash dividends in 2010 and 2012 of $319.7 million and $100.4 million, respectively, and the distribution of 19.9
million shares of Era stock to shareholders related to the tax-free spin-off of Era Group Inc. ($415.2 million of book value or $395.4 million of market
value at date of distribution).
SEACOR Basics: Balance Sheet Highlights – Liquidity, Liquidity, Liquidity
30
1 SEACOR Marine Holdings Inc. ("SMH") is the offshore marine division.
2 Net property and equipment includes $267.7 million related to our partners’ portion (49% interest) of SEA-Vista.
3 Total debt includes $135.2 million related to our partner’s portion (49% interest) of SEA-Vista and $175 million of Senior Notes funded by the
Carlyle Group for the offshore marine division.
(in $mm's) Sep. 30, 2016 SMH1
Cash and marketable securities 553.3$ 156.5$
Construction reserve funds 161.9 61.9
Total Cash: 715.1 218.4
Net Property and Equipment2 1,584.0 628.7
Investments, at Equity, and Advances to 50% or Less
Owned Companies
331.1 133.0
Goodwill & Intangible Assets, Net 75.9 -
Total Debt3 1,041.9 230.1
Deferred Income Taxes 307.4 131.2
SEACOR Holdings Inc. Stockholders' Equity 1,149.3 606.5
SEACOR Basics: Earnings and Returns (2011-2015)
31
1 OIBDA is a non-GAAP financial measure and calculated as operating income plus depreciation and amortization.
2 Return on average historical cost is calculated as OIBDA divided by average historical cost of equipment.
3 Return on average net book value is calculated as OIBDA divided by average net book value of equipment.
4 Return on average insured value is calculated as OIBDA divided by average insured value of equipment.
5 Return on stockholders’ equity is calculated as net income (loss) attributable to SEACOR divided by stockholders’ equity at the beginning of the year.
Average High High (Year) Low Low (Year) 2015
Offshore Marine Services:
OIBDA1 102,049$ 153,603$ 2013 22,794$ 2015 22,794$
Return on Average Historical Cost2 9.5% 13.4% 2013 2.1% 2015 2.1%
Return on Average Net Book Value3 16.2% 22.0% 2013 4.1% 2015 4.1%
Return on Average Insured Value4 11.2% 2013 2.2% 2015 2.2%
Inland River Services:
OIBDA1 65,488$ 91,952$ 2014 54,231$ 2013 61,768$
Return on Average Historical Cost2 13.8% 18.4% 2014 11.3% 2013 12.7%
Return on Average Net Book Value3 19.1% 26.7% 2014 15.8% 2013 19.3%
Return on Average Insured Value4 16.7% 2014 9.0% 2013 12.4%
Shipping Services:
OIBDA1 61,256$ 77,186$ 2014 48,486$ 2012 71,888$
Return on Average Historical Cost2 12.3% 16.4% 2014 9.3% 2012 15.8%
Return on Average Net Book Value3 20.9% 31.5% 2014 14.7% 2012 31.5%
Return on Average Insured Value4 15.7% 2014 10.4% 2013 15.5%
Consolidated:
OIBDA (continuing operations)1 208,163$ 297,062$ 2014 147,112$ 2015 147,112$
Return on Avg Historical Cost (continuing operations)2 9.8% 13.6% 2014 7.0% 2015 7.0%
Return on Avg Net Book Value (continuing operations)3 15.8% 22.9% 2014 12.8% 2015 12.8%
Net Income (Loss) Attributable to SEACOR 34,118$ 100,132$ 2014 (68,782)$ 2015 (68,782)$
Return on Stockholders' Equity5 2.1% 7.1% 2014 (4.9)% 2015 (4.9)%
(in thousands, except ratios)
5 Year
Appendix II: Offshore Marine Services
32
Offshore Marine Services: Niche & Regional Focus
33
DP-2 FSVDiesel Electric AHTS
Windfarm Support
Platform Supply
Liftboat
Catamaran
For further details, refer to the 2016 Annual Report on Form 10-K on pages 3 and 4.
Offshore Marine Services: One of Two Global Companies
34
Offshore Marine Services: Industry Segment Profiles
35
1
Information based on internal estimates as well as industry reports from September – December 2016.
No. Est.
Vessels
No. Est.
Vessels
Stacked
No. Est.
Operators
Orderbook
or Under
Construction
Brazil
AHTS 74 2 22 7
Fast support 12 - 2 2
Supply 166 23 29 30
Mexico
AHTS 13 8 5 -
Fast support 70 34 13 -
PSV 59 27 11 -
Europe, primarily North Sea
AHTS 84 52 17 7
PSV 271 101 33 14
Standby safety 158 26 10 5
Subsea 120 35 20 5
No. Est.
Vessels
No. Est.
Vessels
Stacked
No. Est.
Operators
Orderbook
or Under
Construction
U.S., primarily Gulf of Mexico
AHTS/AHT 32 25 7 -
FSV > 160ft 132 94 22 -
FSV < 160ft 74 60 16 4
PSV > 3000dwt 143 75 12 8
PSV < 3000dwt 277 198 30 4
Liftboat > 175ft 69 25 9 -
Liftboat < 175ft 147 76 31 -
Africa, primarily West Africa
AHTS 198 80 37 -
Fast support 65 30 13 -
Supply 160 70 29 -
Middle East
AHTS 425 47 57 20
Fast support/Crew 168 11 26 4
Supply 175 14 38 6
Liftboat 27 5 11 6
Southeast Asia
AHTS 466 144 116 102
Fast support/Crew 23 8 12 2
PSV 107 33 45 65
Offshore Marine Services: Cost of Fragmentation
36
1
• Estimated SEACOR offshore overhead (approximately $40 million administrative and
general expenses and $5 million corporate charge)
• Aggregation general and administrative (overhead) costs of publicly-traded offshore
vessel operators listed on the U.S., Hong Kong, French, and Singaporean exchanges:
estimated $300 million for 7 companies operating in West Africa, Asia, U.S.,
Caribbean, and the Middle East1
1 Estimated assumes on-going reductions in cost since last published numbers.
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital Expenditures OIBDA (ex gains) and Sales Proceeds
Offshore Marine Services: Funding Capital Expenditures
37
Fleet Renewal Funded by Earnings and Fleet Sales
1
1 OIBDA (ex gains) plus proceeds from asset dispositions. OIBDA (ex gains) is calculated as operating income plus depreciation and amortization
minus gains from asset dispositions and impairments, net. Proceeds from sale includes sales to third parties, leasing companies and joint ventures.
Capital Discipline: Pay as you Go
Appendix III: Inland River Services
38
Inland River Services
39
We are a logistics manager, not only a barge operator.
Hopper Barge
Grain Terminal
Liquid Terminal
General Cargo
Terminal
Container
-on-barge
Fleeting Operation Boat Towboat
Inland River Services: Geographic Diversification
40
U.S. Inland Waterways Parana / Paraguay Waterway
Colombia: Magdalena Waterway
Tank barge and towboat operations
• Our joint venture is a Uruguayan Company.
• Dry-cargo barge and towboat operations
• Terminal operations
• We are the 5th largest operator of dry-cargo covered
hopper barges
• Terminal operations
• Fleeting operations
Name # of Barges
ACL & AEP 3,266
Ingram Barge Company 2,554
American River Transportation 1,772
Cargo Carriers 1,332
SCF Marine 1,097
All Other (21 operators) 1,958
Total 11,979
Top Five Largest Covered Hopper Barge Operators
Inland River Services: U.S. Dry-Cargo Barge Competitive Landscape
41
• The inland barge industry has
experienced significant
consolidation since 1980
• The top 5 operators control over
80% of the U.S. dry-cargo
covered hopper fleet: SCF is the
5th largest and enjoys a
strategic relationship with
Bunge North America
• Scale provides a competitive
edge due to vertical integration
Informa Economics, Inc. (March 2016)
As of Sep. 30, 2016, we operate 1,147 dry-cargo barges (covered & open)
(657 owned / 490 pooled or managed).
U.S. Inland River Towboats Industry > 4,200 HP: Est. 22 operators with 318 towboats1
1 Source: Inland River Record
Inland River Services: U.S. Dry-Cargo Barge Industry
42
0
200
400
600
800
1,000
1,200
1,400
1,600
'79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15
Open Covered Retirements
• Current fleet from 1971 to 2016 includes 6,362 dry-cargo open hoppers with average age of 17.3 years and 11,979
dry-cargo covered hoppers with an average age of 13.3 years.
• Approximately 16% of covered hoppers and 33% of open hoppers fleet is over 20 years old.
• After over a decade of decline, the size of the covered hopper fleet returned to peak levels in 2014 with 243
deliveries and over 600 barges converted from open to covered hoppers.
Dry-Cargo Barges in Operation by Year of Construction (1979-2015)
Earnings per
day in the low
teens (000’s) led
to a gap in
building barges
in the 1980s
Earnings per day started to improve,
which was driven by demand increases
from changes to the export/import market
structure and replacement of barges
Tax incentives
led to a
building boom
in 1980-81,
and the
Russian grain
embargo led to
over supply in
the market.
Large portion
of deliveries
have since
been replaced
Earnings per day increased
to record levels in 2006,
while tax incentives from
2008 to 2014 and
replacement requirements
fueled the boom from 2006
to 2014
Lower earnings
per day was
caused by
growth in the
covered hopper
barge supply,
including shift
from open tops
being covered
for dry cargo
service
Informa Economics, Inc. (March 2016)
Inland River Services: Freight Rates
43
1 “Barge Fleet Profile Report”. Informa Economics, Inc. (March 2016).
2 Barge earnings per day provided is for the inland river division’s HC Pool, which is made up of 13’ and 14’ covered hopper barges.
“The benchmark used to
measure rates is the
adoption of the expired
Bulk Grain and Grain
Products Tariff No. 7 as
the base tariff rate
established for each
segment of the river.
Barge rates are then
traded as a % of this
tariff.”1
Barge earnings per day during 2006-YTD Nov. 2016 has ranged from $80 - $294.2
Appendix IV: Shipping Services
44
Shipping Services
45
Container VesselOcean Bunker Barge
Landing craft here
Landing Craft
Ocean Bunker BargeBunker BargeHarbor / Terminal Tug
Product Tank Vessel
Chemical
Articulated-Tug
Barge
Shipping Services: Industry Profile
46
• Liquid Bulk Shipping:
– There are 15 operators (7 main
owners) and approximately 120
vessels in the Jones Act
coastwise tank vessel fleet
greater than 19,000 dwt
(150k bbl or greater capacity)
– Approximately 20% of the fleet
are over 25 years old
• Harbor Towing:
– There are an estimated 25 operators with approximately 400 harbor tugs along the U.S. Gulf Coast and U.S.
East Coast with an average age of slightly over 30 years.
• Liner / Short-sea Shipping:
– There are 9 operators (7 are U.S.-based) servicing the Bahamas with 19 vessels.
– There are 5 operators serving Puerto Rico with 16 vessels.
0
5
10
15
20
25
30
35
40
45
50
25+ Yrs. 21-25 Yrs. 16-20 Yrs. 6-15 Yrs. 0-5 Yrs. Delivery
2017
Nu
m
be
r o
f V
es
se
ls
Age (in Years)
U.S.-Flag Tank Vessel Fleet Age Profile
As of November 2016
Shipping Services: Harbor Towing Fleet Profile
47
As of Nov. 30, 2016 Type
Year of
Build BHP Owned Leased-in
Broward Twin Z-Drive - Fwd 1995 5,100 - 1
New River Twin Z-Drive - Inline (SDM) 1997 4,000 - 1
Hawk Twin Z-Drive - Aft 1995 6,700 1 -
St. Johns Twin Z-Drive - Inline (SDM) 1998 4,000 - 1
Condor Twin Z-Drive - Aft 1996 6,700 1 -
Eagle Twin Z-Drive - Fwd 1988 3,200 1 -
Florida Twin Z-Drive - Fwd 1990 3,000 1 -
Escambia Twin Z-Drive - Inline (SDM) 1999 4,000 1 -
Mobile Point Twin Z-Drive - Inline (SDM) 1999 4,200 - 1
Sabine Twin Z-Drive - Aft 2007 5,150 1 -
Suwannee River Twin Z-Drive - Inline (SDM) 2000 4,200 - 1
Buccaneer Twin Z-Drive - Aft 2007 5,150 1 -
Athena Twin Z-Drive - Aft 2013 5,360 - 1
Atlas Twin Z-Drive - Aft 2013 4,600 - 1
Goliath Conventional 1981 3,900 1 -
Energy Zeus Twin Z-Drive - Aft 2007 5,150 1 -
Aura Twin Z-Drive - Aft 2013 4,600 - 1
Nike Conventional 1982 3,900 1 -
Energy Hercules Twin Z-Drive - Aft 2007 5,150 1 -
Titan Conventional 1977 3,900 1 -
Apollo Twin Z-Drive - Aft 2013 5,360 - 1
Gasparilla Twin Z-Drive - Aft 2007 5,150 1 -
Samson Conventional 1980 3,900 1 -
14 9
We have 2 –
5,730 HP Rotor
tugs on order with
deliveries in Dec.
2016 and early
2017.
Appendix V: Financial Overview
48
Financial Overview: Balance Sheet
49
(in millions, unaudited)
ASSETS Sep. 30, 2016
Current Assets:
Cash and cash equivalents 474.5$
Marketable securities 78.7
Receivables 180.8
Inventories 16.0
Prepaid expenses and other 9.5
Total current assets 759.6
Property and Equipment:
Historical cost 2,128.0
Accumulated depreciation (1,008.6)
1,119.4
Construction in progress 464.7
Held for sale assets -
Net property and equipment 1,584.0
Construction Reserve Funds 161.9
Goodwill 52.4
Intangible Assets, Net 23.5
Other Assets 41.6
2,954.1$
Investments, at Equity, and Advances to
50% or Less Owned Companies
331.1
LIABILITIES AND EQUITY Sep. 30, 2016
Current Liabilities
Current portion of long-term debt 28.2$
Accounts payable and accrued expenses 70.0
Other current liabilities 96.3
Total current liabilities 194.6
Long-Term Debt 1,013.7
Exchange Option Liability on Sub. Convert. Senior Notes8.9
Deferred Income Taxes 307.4
Deferred Gains and Other Liabilities 148.1
Total liabilities 1,672.7
Equity:
SEACOR Holdings Inc. stockholders' equity:
Common stock 0.4
Additional paid-in capital 1,512.2
Retained earnings 1,004.5
Shares held in treasury, at cost (1,357.3)
Accumulated other comprehensive loss, net of tax(10.5)
1,149.3
Noncontrolling interests in subsidiaries 132.2
Total equity 1,281.5
2,954.1$
Financial Overview: Accounting Policies
50
• Conservative asset depreciation policy
• Depreciated from year of build (not from year of rebuilding / acquisition)
• No maintenance capex required: all maintenance and repair costs expensed as incurred
• Drydocking and ship repositioning costs also expensed as incurred
ESTIMATED USEFUL LIFE Years
Peer Group
Ranges
Offshore support vessels (excluding wind farm utility) 20 15-25
Wind farm utility vessels 10
Inland river dry-cargo barges 20
Inla d river towboats 25 5-40
Product tank vessels - U.S.-flag 25 25
Short-sea container/RORO vessels 20
Harbor and offshore tugs 25 5-40
Ocean liquid tank barges 25 5-40
Terminal and manufacturing facilities 20
Financial Overview: Reconciliations of Certain Non-GAAP Measures
51
Footnotes are found on last slide 53.
(in thousands, except ratios) 2015 2014 2013 2012 2011 Average
Offshore Marine Services:
Operating income (loss) (38,935)$ 68,429$ 88,179$ 64,218$ 26,568$
Depreciation and amortization 61,729 64,615 65,424 61,542 48,477
Operating income before depreciation and amortization1 22,794$ 133,044$ 153,603$ 125,760$ 75,045$ 102,049$
Average historical cost2 1,076,068$ 1,133,347$ 1,142,867$ 1,091,592$ 923,714$ 1,073,518$
Return on avg. historical cost3 2.1% 11.7% 13.4% 11.5% 8.1% 9.5%
Average net book value4 553,587$ 642,499$ 699,740$ 693,990$ 556,147$ 629,193$
Return on avg. net book value5 4.1% 20.7% 22.0% 18.1% 13.5% 16.2%
Average insured value6 1,057,884$ 1,270,120$ 1,368,586$
Return on avg. insured value of owned fleet7 2.2% 10.5% 11.2%
Inland River Services:
Operating income 33,136$ 62,517$ 25,770$ 31,437$ 36,289$
Depreciation and amortization 28,632 29,435 28,461 28,270 23,494
Operating income before depreciation and amortization1 61,768$ 91,952$ 54,231$ 59,707$ 59,783$ 65,488$
Average historical cost2 485,916$ 500,698$ 479,895$ 481,716$ 432,482$ 476,141$
R tur on avg. historical cost3 12.7% 18.4% 11.3% 12.4% 13.8% 13.8%
Average net book value4 320,380$ 344,094$ 343,341$ 365,926$ 338,142$ 342,377$
Return on avg. net book value5 19.3% 26.7% 15.8% 16.3% 17.7% 19.1%
Average insured value6 499,258$ 550,696$ 602,177$
Return on avg. insured value of owned fleet7 12.4% 16.7% 9.0%
Financial Overview: Reconciliations of Certain Non-GAAP Measures
Continued
52Footnotes are found on slide 53.
(in thousands, except ratios) 2015 2014 2013 2012 2011 Average
Shipping Services:
Operating income 45,592$ 48,766$ 23,769$ 17,851$ 23,439$
Depreciation and amortization 26,296 28,420 31,299 30,635 30,214
Operating income before depreciation and amortization1 71,888$ 77,186$ 55,068$ 48,486$ 53,653$ 61,256$
Average historical cost2 454,053$ 470,595$ 505,517$ 519,066$ 538,382$ 497,523$
Return on avg. historical cost3 15.8% 16.4% 10.9% 9.3% 10.0% 12.3%
Average net book value4 227,937$ 256,085$ 293,379$ 330,425$ 354,305$ 292,426$
Return on avg. net book value5 31.5% 30.1% 18.8% 14.7% 15.1% 20.9%
Average insured value of owned fleet6 463,886$ 492,170$ 529,464$
Return on avg. insured value7 15.5% 15.7% 10.4%
Consolidated Services (continuing operations):
Operating income 21,125$ 165,243$ 100,042$ 56,405$ 67,138$
Depreciation and amortization 125,987 131,819 134,518 131,667 106,873
Operating income before depreciation and amortization1 147,112$ 297,062$ 234,560$ 188,072$ 174,011$ 208,163$
Average historical cost2 2,096,977$ 2,187,605$ 2,206,730$ 2,178,328$ 1,929,866$ 2,119,901$
Return on avg. historical cost3 7.0% 13.6% 10.6% 8.6% 9.0% 9.8%
Average net book value4 1,149,563$ 1,298,291$ 1,395,953$ 1,461,071$ 1,287,009$ 1,318,377$
Return on avg. net book value5 12.8% 22.9% 16.8% 12.9% 13.5% 15.8%
Consolidated Services (incl. discontinued operations):
Net Income (Loss) Attributable to SEACOR (68,782)$ 100,132$ 36,970$ 61,215$ 41,056$ 34,118$
SEACOR Stockholders' Equity (beginning of period) 1,399,494$ 1,400,852$ 1,713,654$ 1,789,607$ 1,787,237$ 1,618,169$
Return on Stockholders' Equity8 (4.9)% 7.1% 2.2% 3.4% 2.3% 2.1%
Financial Overview: Reconciliations of Certain Non-GAAP Measures
Continued
53
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 its
ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall
expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and
other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
2 Average historical cost is computed by averaging the beginning and ending quarterly values during a period. This reflects what we paid at the time the
equipment was purchased, not replacement cost, or the fair value for equipment acquired in a corporate transaction. In our businesses, the price for
assets, even identical assets, can move up and down over time.
3 Return on average historical cost is calculated as OIBDA divided by average historical cost.
4 Average net book value is computed by averaging the beginning and ending quarterly values during a period. This reflects what we paid at the time the
equipment was purchased, net of accumulated depreciation and excludes construction in progress.
5 Return on average net book value is calculated as OIBDA divided by average net book value.
6 Average insured value of the owned fleet is computed by averaging the beginning and ending quarterly values during a period. With the exception of
additions (and deletions) within the year, insured values are based on the policy renewals of the respective year.
7 Return on average insured value is calculated as OIBDA divided by average insured value of equipment.
8 Return on stockholders’ equity is calculated as net income (loss) attributable to SEACOR divided by stockholders’ equity at the beginning of the year.