8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 22, 2010

SEACOR Holdings Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware	1-12289		13-3542736
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
2200 Eller Drive, Fort Lauderdale, Florida		33316
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code		(954) 523-2200
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction  A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act  (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

The information in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On July 22, 2010, SEACOR Holdings Inc. (the “Company”) issued a press release setting forth its earnings for the second-quarter ended June 30, 2010.  A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit No.	Description
99.1	Press Release of SEACOR Holdings Inc., dated July 22, 2010, setting forth its earnings for the second-quarter ended June 30, 2010

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  July 23, 2010	SEACOR Holdings Inc.
	By:	/s/  Richard Ryan
		Name:	Richard Ryan
		Title:	Senior Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of SEACOR Holdings Inc., dated July 22, 2010, setting forth its earnings for the second-quarter ended June30, 2010

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EX-99.1

EXHIBIT 99.1

PRESS RELEASE

SEACOR HOLDINGS ANNOUNCES SECOND QUARTER RESULTS

Fort Lauderdale, Florida

July 22, 2010

FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the second quarter of 2010.  Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2010 was $64.1 million, or $2.93 per diluted share, on operating revenues of $694.6 million.  For the six months ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $67.7 million, or $3.05 per diluted share, on operating revenues of $1,089.2 million.

For the quarter ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million.  For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million.

For the preceding quarter ended March 31, 2010, net income attributable to SEACOR Holdings Inc. was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million.  Comparison of results for the quarter ended June 30, 2010 with the preceding quarter ended March 31, 2010 is included in the discussion below.

Highlights for the Quarter

Deepwater Horizon Oil Spill Response – The Company’s operating results for the second quarter were impacted by oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April. Four of the Company’s business units have been and continue to be actively engaged in this response. Environmental Services, through its subsidiary National Response Corporation, is providing vessels, equipment and people to support clean-up activities both on-shore and at sea. In addition, another subsidiary, O’Brien’s Response Management Inc., is providing professional assistance, consulting services and software systems in support of incident management activities at various strategic locations, and is also assisting in the provision of manpower for clean-up operations throughout the region.

Offshore Marine Services currently has vessels engaged in a variety of duties including vessel decontamination, skimming, lightering, offshore traffic control and accommodation. Offshore Marine Services is also providing technical and video equipment on vessels engaged in the response to allow for instant tracking of assets and surveillance of operations. Aviation Services currently has helicopters providing air support for United States Coast Guard observers undertaking oil spotting and assessment missions and, on an “as needed” basis, transportation for various other officials requiring overflights to assess the response and recovery efforts. Aviation Services is also providing a flight tracking system to monitor the movement of all marine and aviation assets involved in the response. Harbor and Offshore Towing Services has tugs engaged in the decontamination of vessels transiting the region.

Offshore Marine Services- Operating income in the second quarter was $42.9 million on operating revenues of $147.1 million compared with operating income of $20.1 million on operating revenues of $107.2 million in the preceding quarter. Second quarter results included $2.0 million in gains on asset dispositions compared with $12.7 million in gains in the preceding quarter.  Excluding the impact of gains on asset dispositions, operating income was $33.4 million higher in the second quarter.

Overall operating revenues were $39.9 million higher in the second quarter. Time charter revenues increased by $32.3 million, of which $27.6 million was due to incremental charters in support of the Deepwater Horizon oil spill response. In addition, time charter revenues for the Company’s Anchor Handling Towing Supply vessels in the U.S. Gulf of Mexico improved by $7.4 million primarily due to

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increased spot market activity. Other operating revenues were $7.6 million higher in the second quarter primarily due to the provision of other equipment and services associated with the Deepwater Horizon oil spill response and increased vessel brokerage activity, mainly in West Africa.

As of June 10, 2010, the Company had deferred $18.5 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer.  Of this amount, $2.9 million was deferred in the second quarter. The Company expects to defer an additional $3.5 million of vessel charter hire under this arrangement through August 2010. The customer has provided payout estimates, which are contingent upon production, indicating the Company will receive payments of $10.8 million in 2010 and $11.2 million in 2011. Production from the properties commenced in April 2010 and the first payment of $0.1 million was received in June 2010 and recognized as revenue. The Company will recognize revenues as cash is received or earlier should future payments become determinable.

Operating expenses were $6.2 million higher in the second quarter primarily due to incremental expenditure associated with the Deepwater Horizon oil spill response, increased brokerage activity and higher repair and maintenance costs. Operating expenses in the first quarter included a $3.3 million accrual for the settlement of litigation, which is pending court approval.

The number of days available for charter in the second quarter decreased by eight, or 0.1%.  Overall utilization increased from 71.5% to 77.4% and overall average day rates, based on time charter revenues recognized, increased by 22.6% from $11,339 per day to $13,906 per day. As of June 30, 2010, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with 14 as of March 31, 2010.

Marine Transportation Services– Marine Transportation Services reported operating income in the second quarter of $3.3 million on operating revenues of $21.3 million compared with an operating loss of $2.8 million on operating revenues of $19.5 million in the preceding quarter.  The increase in operating income was primarily due to a reduction in out-of-service time and expenses incurred for drydockings.  During the first quarter, two of the Company’s tankers underwent regulatory drydockings, one of which was completed during the quarter and the other being completed in April. A third tanker had a 5-day handover drydocking in January before commencing a long-term bareboat charter.  The remaining drydocking program for 2010 consists of two drydockings in the third quarter; one regulatory and the other a short handover for a tanker prior to commencing a long-term bareboat charter.  As of June 30, 2010, three of the Company’s eight tankers were operating under long-term bareboat charters, four were operating under time charters and one was operating in the spot market.

Inland River Services - Operating income in the second quarter was $6.4 million on operating revenues of $34.6 million compared with operating income of $7.8 million on operating revenues of $33.4 million in the preceding quarter.

The decrease in operating income was primarily due to a reduction in loadings early in the quarter resulting in idling a portion of the dry cargo barge fleet.  As freight rates improved during May in response to higher demand, the idled barges returned to service and operating expenses increased due to repositioning the dry cargo barge fleet and longer trips.

Aviation Services - Operating income in the second quarter was $5.5 million on operating revenues of $62.4 million compared with operating income of $2.5 million on operating revenues of $50.3 million in the preceding quarter.

Operating revenues were higher primarily due to more flight hours in support of offshore oil and gas activities in the U.S. Gulf of Mexico and Alaska, incremental work in support of the Deepwater Horizon oil spill response, increased air medical services activity and the start up of seasonal flightseeing and firefighting operations in Alaska.  Revenues from leasing activities improved due to the start up of a new contract in Southeast Asia, and more aircraft, flight hours and maintenance support in South America.  Operating expenses were generally in line with the increased activity levels.

Environmental Services – Operating income in the second quarter was $78.9 million on operating revenues of $214.6 million compared with an operating loss of $0.2 million on operating revenues of

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$28.2 million in the preceding quarter. The improvement in operating results was primarily due to the impact of activities associated with the Deepwater Horizon oil spill response.

Commodity Trading and Logistics - Commodity Trading and Logistics reported a segment profit in the second quarter of $0.5 million on operating revenues of $203.1 million compared with a segment loss of $4.6 million on operating revenues of $143.0 million in the preceding quarter.  Results from energy trading activities, including the Company’s equity interest in its alcohol manufacturing facility joint venture, improved by $4.6 million compared with the preceding quarter.  Results from sugar trading activities also improved while results from rice trading activities were consistent with the preceding quarter.

Harbor and Offshore Towing Services - Operating income in the second quarter was $4.9 million on operating revenues of $19.0 million compared with operating income of $2.7 million on operating revenues of $17.4 million in the preceding quarter. The improvement in operating revenues was primarily due to activities associated with the Deepwater Horizon oil spill response. Operating income also benefited from gains realized on the sale of an ocean liquid tank barge.

Interest Expense – Interest expense in the second quarter was lower primarily due to the redemption of certain of the Company’s Title XI Bonds in the second quarter.

Marketable Securities - Marketable security losses were $5.4 million in the second quarter compared with gains of $2.0 million in the preceding quarter. The losses in the second quarter were primarily the result of losses on long equity positions.

Derivatives – Derivative losses, net were $4.7 million in the second quarter primarily on foreign currency option and futures contracts and U.S. Treasury Note and Bond futures and option contracts.

Foreign Currency Losses, net – Foreign currency losses, net were $7.5 million in the second quarter primarily due to the weakening of the euro against the U.S. dollar.

Stock Repurchases – During the second quarter, the Company purchased 1,366,200 shares of its common stock at an average price of $73.25 per share.  At the end of the quarter, 21,218,284 shares of SEACOR’s common stock remained outstanding.

Title XI Debt – On April 30, 2010, the Company redeemed all of the outstanding bonds on two of the Company’s double-hull product tankers for $63.0 million, including a make whole premium.

Capital Commitments - The Company's unfunded capital commitments as of June 30, 2010 consisted primarily of offshore support vessels, helicopters, an aircraft, an interest in a dry-bulk articulated tug-barge, a harbor and offshore tug and other equipment, and totaled $247.0 million, of which $115.9 million is payable during 2010 and the balance payable through 2013.  Of the total unfunded capital commitments, $2.8 million may be terminated without further liability.  As of June 30, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $721.6 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, marine transportation, inland river, aviation, 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.

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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, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, 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, 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 following 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.[Missing Graphic Reference]

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

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SEACOR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share data, unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Operating Revenues	$	694,576		$	389,233		$	1,089,151		$	788,749
Costs and Expenses:
Operating		484,742			256,131			797,047			504,543
Administrative and general		46,108			40,058			86,999			78,740
Depreciation and amortization		41,608			39,828			83,005			79,092
		572,458			336,017			967,051			662,375
Gains (Losses) on Asset Dispositions and Impairments, Net		4,398			(15	)		18,057			16,745
Operating Income		126,516			53,201			140,157			143,119
Other Income (Expense):
Interest income		1,863			578			3,226			1,621
Interest expense		(11,264	)		(14,075	)		(23,588	)		(28,412	)
Debt extinguishment gains (losses), net		(364	)		(78	)		(368	)		1,285
Marketable security gains (losses), net		(5,406	)		11,829			(3,445	)		7,848
Derivative gains (losses), net		(4,721	)		3,765			(1,945	)		7,376
Foreign currency gains (losses), net		(7,500	)		6,847			(10,201	)		7,505
Other, net		46			(1	)		646			189
		(27,346	)		8,865			(35,675	)		(2,588	)
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		99,170			62,066			104,482			140,531
Income Tax Expense		37,399			22,916			39,715			51,115
Income Before Equity in Earnings of 50% or Less Owned Companies		61,771			39,150			64,767			89,416
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		2,876			3,491			3,745			7,018
Net Income		64,647			42,641			68,512			96,434
Net Income attributable to Noncontrolling Interests in Subsidiaries		565			333			829			1,132
Net Income attributable to SEACOR Holdings Inc.	$	64,082		$	42,308			67,683		$	95,302
Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	2.95		$	2.13		$	3.08		$	4.81
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	2.93		$	1.91		$	3.05		$	4.27
Weighted Average Common Shares Outstanding:
Basic		21,733,003			19,844,579			21,999,905			19,803,406
Diluted		21,905,401			23,528,365			22,187,114			23,511,361

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SEACOR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data, unaudited)

	Three Months Ended
	Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009
Operating Revenues	$	694,576		$	394,575		$	476,510		$	446,079		$	389,233
Costs and Expenses:
Operating		484,742			312,305			352,951			327,602			256,131
Administrative and general		46,108			40,891			41,332			41,926			40,058
Depreciation and amortization		41,608			41,397			40,728			40,272			39,828
		572,458			394,593			435,011			409,800			336,017
Gains (Losses) on Asset Dispositions and Impairments, Net		4,398			13,659			5,147			5,783			(15	)
Operating Income		126,516			13,641			46,646			42,062			53,201
Other Income (Expense):
Interest income		1,863			1,363			2,056			789			578
Interest expense		(11,264	)		(12,324	)		(16,364	)		(14,267	)		(14,075	)
Debt extinguishment gains (losses), net		(364	)		(4	)		(9,659	)		2,787			(78	)
Marketable security gains (losses), net		(5,406	)		1,961			9,263			6,948			11,829
Derivative gains (losses), net		(4,721	)		2,776			1,257			2,328			3,765
Foreign currency gains (losses), net		(7,500	)		(2,701	)		1,521			(939	)		6,847
Other, net		46			600			112			(57	)		(1	)
		(27,346	)		(8,329	)		(11,814	)		(2,411	)		8,865
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		99,170			5,312			34,832			39,651			62,066
Income Tax Expense		37,399			2,316			15,626			15,751			22,916
Income Before Equity in Earnings of 50% or Less Owned Companies		61,771			2,996			19,206			23,900			39,150
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		2,876			869			3,223			2,340			3,491
Net Income		64,647			3,865			22,429			26,240			42,641
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		565			264			203			(42	)		333
Net Income attributable to SEACOR Holdings Inc.	$	64,082		$	3,601		$	22,226		$	26,282		$	42,308
Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	2.95		$	0.16		$	1.09		$	1.32		$	2.13
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	2.93		$	0.16		$	1.04		$	1.23		$	1.91
Weighted Average Common Shares of Outstanding:
Basic		21,733			22,270			20,324			19,867			19,845
Diluted		21,905			22,475			23,417			23,458			23,528
Common Shares Outstanding at Period End		21,218			22,552			22,613			20,230			20,201

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SEACOR HOLDINGS INC.

SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS

(in thousands, unaudited)

	Three Months Ended
	Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009
Offshore Marine Services
Operating Revenues	$	147,123		$	107,186		$	121,203		$	129,839		$	146,466
Costs and Expenses:
Operating		80,011			73,764			72,205			76,982			81,609
Administrative and general		12,931			12,449			12,770			13,128			10,935
Depreciation and amortization		13,245			13,478			13,770			13,608			13,802
		106,187			99,691			98,745			103,718			106,346
Gains on Asset Dispositions and Impairments, Net		1,964			12,651			3,831			3,852			361
Operating Income		42,900			20,146			26,289			29,973			40,481
Other Income (Expense):
Derivative losses, net		—			—			(157	)		—			(18	)
Foreign currency gains (losses), net		425			374			1,781			(1,174	)		479
Other, net		—			—			—			14			(4	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		1,713			2,251			1,774			2,322			3,380
Segment Profit	$	45,038		$	22,771		$	29,687		$	31,135		$	44,318
Marine Transportation Services
Operating Revenues	$	21,263		$	19,452		$	20,497		$	21,737		$	24,095
Costs and Expenses:
Operating		8,915			13,432			10,585			11,420			11,792
Administrative and general		1,038			837			1,043			953			942
Depreciation and amortization		8,008			8,008			8,005			8,003			7,999
		17,961			22,277			19,633			20,376			20,733
Losses on Asset Dispositions		(11	)		—			—			—			—
Operating Income (Loss)		3,291			(2,825	)		864			1,361			3,362
Other Income (Expense):
Foreign currency gains (losses), net		(41	)		15			1			7			25
Segment Profit (Loss)	$	3,250		$	(2,810	)	$	865		$	1,368		$	3,387
Inland River Services
Operating Revenues	$	34,596		$	33,436		$	53,607		$	34,314		$	30,163
Costs and Expenses:
Operating		21,547			19,554			32,052			20,144			17,839
Administrative and general		2,618			2,061			2,137			2,443			2,048
Depreciation and amortization		4,958			4,876			4,756			4,785			4,950
		29,123			26,491			38,945			27,372			24,837
Gains on Asset Dispositions		899			887			1,236			813			396
Operating Income		6,372			7,832			15,898			7,755			5,722
Other Income (Expense):
Other, net		—			10			—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		805			(98	)		1,868			140			702
Segment Profit	$	7,177		$	7,744		$	17,766		$	7,895		$	6,424

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SEACOR HOLDINGS INC.

SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)

(in thousands, unaudited)

	Three Months Ended
	Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009
Aviation Services
Operating Revenues	$	62,433		$	50,275		$	54,323		$	64,259		$	57,700
Costs and Expenses:
Operating		40,541			32,026			30,667			39,659			37,312
Administrative and general		6,091			5,391			5,972			5,624			5,649
Depreciation and amortization		10,728			10,447			9,876			9,706			9,070
		57,360			47,864			46,515			54,989			52,031
Gains (Losses) on Asset Dispositions and Impairments, Net		379			90			313			1,062			(1,104	)
Operating Income		5,452			2,501			8,121			10,332			4,565
Other Income (Expense):
Derivative gains (losses), net		38			(100	)		33			(80	)		(78	)
Foreign currency gains (losses), net		(1,731	)		135			(223	)		296			937
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(442	)		(275	)		(297	)		(186	)		270
Segment Profit	$	3,317		$	2,261		$	7,634		$	10,362		$	5,694
Environmental Services
Operating Revenues	$	214,629		$	28,158		$	44,531		$	33,827		$	33,175
Costs and Expenses:
Operating		127,108			20,337			32,822			23,206			23,656
Administrative and general		6,525			6,037			6,155			6,090			5,966
Depreciation and amortization		2,099			1,983			1,811			1,846			1,739
		135,732			28,357			40,788			31,142			31,361
Gains (Losses) on Asset Dispositions		(36	)		(17	)		(208	)		(1	)		4
Operating Income (Loss)		78,861			(216	)		3,535			2,684			1,818
Other Income (Expense):
Foreign currency gains (losses), net		(23	)		30			(11	)		—			53
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		54			38			90			34			15
Segment Profit (Loss)	$	78,892		$	(148	)	$	3,614		$	2,718		$	1,886
Commodity Trading and Logistics
Operating Revenues	$	203,064		$	142,992		$	171,354		$	150,866		$	85,852
Costs and Expenses:
Operating		203,374			147,372			168,694			150,983			79,165
Administrative and general		3,791			2,744			3,632			3,705			3,468
Depreciation and amortization		15			20			20			7			2
		207,180			150,136			172,346			154,695			82,635
Operating Income (Loss)		(4,116	)		(7,144	)		(992	)		(3,829	)		3,217
Other Income (Expense):
Derivative gains, net		4,611			4,308			802			1,689			588
Foreign currency gains (losses), net		(30	)		(717	)		49			177			289
Other, net		6			—			(1	)		—			26
Equity in Earnings (Losses) of 50% or Less Owned     Companies, Net of Tax		(13	)		(1,022	)		(282	)		—			32
Segment Profit (Loss)	$	458		$	(4,575	)	$	(424	)	$	(1,963	)	$	4,152

8

SEACOR HOLDINGS INC.

SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)

(in thousands, unaudited)

	Three Months Ended
	Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009
Harbor and Offshore Towing Services
Operating Revenues	$	18,987		$	17,440		$	16,153		$	15,574		$	16,241
Costs and Expenses:
Operating		10,895			10,039			11,110			9,544			9,214
Administrative and general		2,279			2,497			2,698			2,035			2,228
Depreciation and amortization		2,107			2,183			2,197			2,049			1,973
		15,281			14,719			16,005			13,628			13,415
Gains (Losses) on Asset Dispositions		1,203			—			(25	)		58			330
Operating Income		4,909			2,721			123			2,004			3,156
Other Income (Expense):
Foreign currency gains (losses), net		3			(12	)		(2	)		12			128
Other, net		34			—			—			—			—
Segment Profit	$	4,946		$	2,709		$	121		$	2,016		$	3,284
Other
Operating Revenues	$	(18	)	$	—		$	40		$	—		$	—
Costs and Expenses:
Operating		—			—			—			—			—
Administrative and general		514			348			513			343			379
Depreciation and amortization		—			—			1			—			—
		514			348			514			343			379
Operating Loss		(532	)		(348	)		(474	)		(343	)		(379	)
Other Income (Expense):
Foreign currency losses, net		(18	)		(6	)		(3	)		(2	)		—
Other, net		—			—			—			(1	)		—
Equity in Earnings (Losses) of 50% or Less Owned     Companies, Net of Tax		759			(25	)		70			30			(908	)
Segment Profit (Loss)	$	209		$	(379	)	$	(407	)	$	(316	)	$	(1,287	)
Corporate and Eliminations
Operating Revenues	$	(7,501	)	$	(4,364	)	$	(5,198	)	$	(4,337	)	$	(4,459	)
Costs and Expenses:
Operating		(7,649	)		(4,219	)		(5,184	)		(4,336	)		(4,456	)
Administrative and general		10,321			8,527			6,412			7,605			8,443
Depreciation and amortization		448			402			292			268			293
		3,120			4,710			1,520			3,537			4,280
Gains (Losses) on Asset Dispositions		—			48			—			(1	)		(2	)
Operating Loss	$	(10,621	)	$	(9,026	)	$	(6,718	)	$	(7,875	)	$	(8,741	)
Other Income (Expense):
Derivative gains (losses), net	$	(9,370	)	$	(1,432	)	$	579		$	719		$	3,273
Foreign currency gains (losses), net		(6,085	)		(2,520	)		(71	)		(255	)		4,936
Other, net		6			590			113			(70	)		(23	)

9

SEACOR HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

	Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009
ASSETS
Current Assets:
Cash and cash equivalents	$	398,498		$	452,161		$	465,904		$	620,045		$	415,626
Restricted cash		9,421			35,924			34,014			29,353			20,838
Marketable securities		86,457			63,171			68,139			52,897			47,305
Receivables:
Trade, net of allowance for doubtful accounts		449,142			288,074			301,143			266,537			251,111
Other		50,345			69,892			78,689			74,378			60,373
Inventories		74,434			76,453			76,949			52,502			68,082
Deferred income taxes		3,354			3,354			3,354			5,164			5,164
Prepaid expenses and other		24,075			21,733			15,725			21,121			14,734
Total current assets		1,095,726			1,010,762			1,043,917			1,121,997			883,233
Property and Equipment		2,896,777			2,886,410			2,833,011			2,794,067			2,801,446
Accumulated depreciation		(821,641	)		(785,119	)		(754,263	)		(718,749	)		(692,084	)
Net property and equipment		2,075,136			2,101,291			2,078,748			2,075,318			2,109,362
Investments, at Equity, and Receivables from 50% or Less Owned Companies		201,474			186,605			186,814			166,878			150,862
Construction Reserve Funds & Title XI Reserve Funds		227,184			252,672			289,750			290,871			265,586
Goodwill		54,653			54,443			54,571			53,990			53,581
Intangible Assets		21,195			22,369			23,554			24,762			26,018
Other Assets, net of allowance for doubtful accounts		51,522			55,430			46,265			49,920			48,053
	$	3,726,890		$	3,683,572		$	3,723,619		$	3,783,736		$	3,536,695
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	14,154		$	22,731		$	36,436		$	23,765		$	11,834
Current portion of capital lease obligations		998			982			966			951			921
Accounts payable and accrued expenses		223,277			98,984			135,425			105,981			93,908
Other current liabilities		209,571			178,112			142,285			156,800			157,030
Total current liabilities		448,000			300,809			315,112			287,497			263,693
Long-Term Debt		682,134			747,787			748,704			1,027,496			861,096
Capital Lease Obligations		6,067			6,348			6,624			6,895			7,178
Deferred Income Taxes		572,985			574,390			575,440			565,321			543,075
Deferred Gains and Other Liabilities		96,510			100,835			111,848			122,041			111,939
Total liabilities		1,805,696			1,730,169			1,757,728			2,009,250			1,786,981
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		358			357			356			326			326
Additional paid-in capital		1,191,943			1,186,871			1,182,023			966,895			962,990
Retained earnings		1,614,264			1,550,182			1,546,581			1,524,355			1,498,073
Shares held in treasury, at cost		(887,129	)		(786,992	)		(768,438	)		(722,569	)		(723,650	)
Accumulated other comprehensive income (loss)		(7,839	)		(5,862	)		(3,260	)		(3,577	)		2,318
		1,911,597			1,944,556			1,957,262			1,765,430			1,740,057
Noncontrolling interests in subsidiaries		9,597			8,847			8,629			9,056			9,657
Total equity		1,921,194			1,953,403			1,965,891			1,774,486			1,749,714
	$	3,726,890		$	3,683,572		$	3,723,619		$	3,783,736		$	3,536,695

10

SEACOR HOLDINGS INC.

EQUIPMENT BY LINE OF BUSINESS

	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2009	Sep. 30, 2009	Jun. 30, 2009
Offshore Marine Services
Anchor handling towing supply	20	20	23	21	21
Crew	57	57	57	68	68
Mini-supply	12	11	11	11	12
Standby safety	26	25	25	24	24
Supply	27	26	27	27	28
Towing supply	9	10	13	13	13
Specialty	12	12	9	9	9
	163	161	165	173	175
Marine Transportation Services
U.S.-flag product tankers	8	8	8	8	8
Inland River Services
Inland river dry-cargo barges	1,449	1,419	1,395	1,385	959
Inland river liquid tank barges	87	87	87	87	87
Inland river deck barges	26	26	26	26	26
Inland river towboats	29	29	29	28	23
Dry-cargo vessel	1	1	1	1	1
	1,592	1,562	1,538	1,527	1,096
Aviation Services
Light helicopters – single engine	60	60	60	60	60
Light helicopters – twin engine	46	48	47	50	50
Medium helicopters	59	59	59	58	61
Heavy helicopters	9	9	8	9	8
	174	176	174	177	179
Harbor and Offshore Towing Services
Harbor and offshore tugs	31	31	31	31	33
Ocean liquid tank barges	5	6	6	6	3
	36	37	37	37	36

11