SEACOR Holdings Inc. (Form: 8-K)

FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the first quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2011 was $11.2 million, or $0.52 per diluted share, on operating revenues of $472.3 million.

For the preceding quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million.

For the 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.

Offshore Marine Services – Offshore Marine Services reported an operating loss of $2.6 million on operating revenues of $80.3 million compared with operating income of $0.9 million on operating revenues of $100.6 million in the preceding quarter. First quarter results included $4.4 million in gains on asset dispositions compared with $2.1 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, operating income was $3.0 million lower than the preceding quarter primarily due to continued soft market conditions attributable to the ongoing slow down in the issuance of drilling permits by the Bureau of Ocean Energy Management. In the first quarter, utilization was 40.5% compared with 50.4% in the preceding quarter. Average day rates decreased from $11,669 per day to $9,898 per day. The number of days available for hire decreased by 819, or 16%, due to net fleet dispositions including the return of six vessels to leasing companies during the preceding quarter. As of March 31, 2011, the Company had twelve vessels cold-stacked in the U.S. Gulf of Mexico, compared with 13 as of December 31, 2010.

Operating income associated with international operations was $0.5 million lower than the preceding quarter primarily due to net fleet dispositions and increased drydocking and repair activity in the North Sea. These reductions were partially offset by lower labor costs following the recognition in the preceding quarter of a $7.8 million charge for the Company’s share of a funding deficit arising from the March 2009 actuarial valuation of the United Kingdom Merchant Navy Officers’ Pension Fund.

In the first quarter, the total number of days available for charter decreased by 918, or 7.8%, primarily due to net fleet dispositions, overall utilization decreased from 68.5% to 65.1% and overall average day rates decreased by 4.9% from $10,646 per day to $10,123 per day.

Aviation Services – Operating income was $5.9 million on operating revenues of $56.2 million compared with an operating loss of $0.1 million on operating revenues of $55.5 million in the preceding quarter. First quarter results included $2.2 million in gains on asset dispositions compared with $0.1 million in losses in the preceding quarter.

Operating expenses were $3.7 million lower in the first quarter primarily due to the receipt of insurance proceeds related to hurricane damages sustained in 2005, an insurance credit for good experience and the termination of a power by hour maintenance contract.

Inland River Services - Operating income was $11.0 million on operating revenues of $46.5 million compared with operating income of $14.9 million on operating revenues of $52.3 million in the preceding quarter. Freight rates remained relatively firm in the first quarter but results were affected by difficult weather-related operating conditions and higher fuel prices.

Marine Transportation Services – Operating income was $1.9 million on operating revenues of $17.3 million compared with operating income of $1.4 million on operating revenues of $16.9 million in the preceding quarter. The improvement in operating income was primarily due to a reduction in out-of-service time for one vessel and lower insurance and legal expenses.

Environmental Services – Operating income was $9.3 million on operating revenues of $63.1 million compared with operating income of $38.0 million on operating revenues of $163.4 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities associated with the Deepwater Horizon oil spill response.

Commodity Trading and Logistics - Commodity Trading and Logistics reported a segment loss in the first quarter of $0.4 million on operating revenues of $194.0 million compared with a segment loss of $4.2 million on operating revenues of $178.9 million in the preceding quarter.

Other – Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.5 million on operating revenues of $17.5 million compared with an operating loss of $0.8 million on operating revenues of $16.4 million in the preceding quarter. The improvement in operating income was primarily due to increased harbor activity at most ports and lower drydocking and repair costs.

Corporate and Eliminations – Administrative and general expenses were $10.7 million compared with $18.0 million in the preceding quarter. The reduction reflects expenses recorded in the preceding quarter for management bonus accruals, the acceleration of restricted stock awards and amounts designated for a foundation formed following the Deepwater Horizon oil spill to support environmental research and other causes relevant to the Company’s business. Derivative income, net, of $1.1 million was primarily due to gains on exchange traded commodity option and future contracts.

Marketable Securities - Marketable security gains, net, of $1.5 million were primarily the result of gains on long equity positions partially offset by losses on short equity positions.

Foreign Currency – Foreign currency gains, net, of $5.1 million were primarily due to the strengthening of the euro against the U.S. dollar.

Capital Commitments – The Company’s unfunded capital commitments as of March 31, 2011 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, an interest in a river grain terminal and other equipment. These commitments totaled $244.6 million, of which $164.8 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to March 31, 2011, the Company committed to purchase additional equipment for $2.5 million. As of March 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $910.0 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.

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 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.

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


	Three Months Ended
	March 31,
	2011					2010

Operating Revenues				$	472,264	$	394,575

Costs and Expenses:
Operating		371,011					312,305
Administrative and general		46,394					40,891
Depreciation and amortization		40,059					41,397

		457,464					394,593

Gains on Asset Dispositions and Impairments, Net		7,255					13,659

Operating Income		22,055					13,641

Other Income (Expense):
Interest income		3,738					1,363
Interest expense		(10,041	)				(12,324	)
Debt extinguishment losses		(48	)				(4	)
Marketable security gains, net		1,534					1,961
Derivative gains (losses), net		(3,318	)				2,776
Foreign currency gains (losses), net		5,059					(2,701	)
Other, net		(178	)				600

		(3,254	)				(8,329	)

Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		18,801					5,312
Income Tax Expense		7,366					2,316

Income Before Equity in Earnings of 50% or Less Owned Companies		11,435					2,996
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		34					869

Net Income		11,469					3,865
Net Income attributable to Noncontrolling Interests in Subsidiaries		299					264

Net Income attributable to SEACOR Holdings Inc.	$	11,170				$	3,601

Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.53				$	0.16
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.52				$	0.16
Weighted Average Common Shares of Outstanding:
Basic		21,104,739					22,269,771
Diluted		21,439,424					22,474,651

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


	Three Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Sep. 30, 2010			Jun. 30, 2010			Mar. 31, 2010
Operating Revenues	$	472,264		$	580,384		$	979,833		$	694,576		$	394,575

Costs and Expenses:
Operating		371,011			449,961			683,219			484,742			312,305
Administrative and general		46,394			54,892			50,627			46,108			40,891
Depreciation and amortization		40,059			39,173			41,312			41,608			41,397

		457,464			544,026			775,158			572,458			394,593

Gains on Asset Dispositions and Impairments, Net		7,255			3,285			23,896			4,398			13,659

Operating Income		22,055			39,643			228,571			126,516			13,641

Other Income (Expense):
Interest income		3,738			3,094			2,562			1,863			1,363
Interest expense		(10,041	)		(10,088	)		(10,274	)		(11,264	)		(12,324	)
Debt extinguishment losses, net		(48	)		(1,092	)		—			(364	)		(4	)
Marketable security gains (losses), net		1,534			1,340			(54	)		(5,406	)		1,961
Derivative gains (losses), net		(3,318	)		6,502			1,648			(4,721	)		2,776
Foreign currency gains (losses), net		5,059			(3,511	)		7,585			(7,500	)		(2,701	)
Other, net		(178	)		3,061			10			46			600

		(3,254	)		(694	)		1,477			(27,346	)		(8,329	)

Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		18,801			38,949			230,048			99,170			5,312
Income Tax Expense		7,366			13,250			87,709			37,399			2,316

Income Before Equity in Earnings of 50% or Less Owned Companies		11,435			25,699			142,339			61,771			2,996
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		34			1,501			7,933			2,876			869

Net Income		11,469			27,200			150,272			64,647			3,865
Net Income attributable to Noncontrolling Interests in Subsidiaries		299			97			334			565			264

Net Income attributable to SEACOR Holdings Inc.	$	11,170		$	27,103		$	149,938		$	64,082		$	3,601

Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.53		$	1.30		$	7.21		$	2.95		$	0.16
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.52		$	1.27		$	7.14		$	2.93		$	0.16
Weighted Average Common Shares of Outstanding:
Basic		21,105			20,843			20,787			21,733			22,270
Diluted		21,439			21,306			21,001			21,905			22,475
Common Shares Outstanding at Period End		21,652			21,400			21,231			21,218			22,552
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.	$	—		$	15.00		$	—		$	—		$	—


	Three Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Sep. 30, 2010			Jun. 30, 2010			Mar. 31, 2010
Offshore Marine Services

Operating Revenues	$	80,344		$	100,631		$	160,916		$	147,123		$	107,186

Costs and Expenses:
Operating		63,020			76,607			79,205			80,011			73,764
Administrative and general		11,770			13,037			12,378			12,931			12,449
Depreciation and amortization		12,533			12,279			12,758			13,245			13,478

		87,323			101,923			104,341			106,187			99,691

Gains on Asset Dispositions and Impairments, Net		4,364			2,142			12,717			1,964			12,651

Operating Income (Loss)		(2,615	)		850			69,292			42,900			20,146

Other Income (Expense):
Foreign currency gains (losses), net		725			(154	)		977			425			374
Other, net		—			1			—			—			—
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		735			3,042			2,300			1,713			2,251

Segment Profit (Loss)	$	(1,155	)	$	3,739		$	72,569		$	45,038		$	22,771

Aviation Services

Operating Revenues	$	56,155		$	55,522		$	67,136		$	62,433		$	50,275

Costs and Expenses:
Operating		33,465			37,174			37,492			40,541			32,026
Administrative and general		7,020			7,042			7,274			6,091			5,391
Depreciation and amortization		11,919			11,287			10,889			10,728			10,447

		52,404			55,503			55,655			57,360			47,864

Gains (Losses) on Asset Dispositions and Impairments, Net		2,194			(117	)		412			379			90

Operating Income (Loss)		5,945			(98	)		11,893			5,452			2,501

Other Income (Expense):
Derivative gains (losses), net		310			(27	)		(29	)		38			(100	)
Foreign currency gains (losses), net		353			166			(81	)		(1,731	)		135
Other, net		—			—			50			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(99	)		(83	)		663			(442	)		(275	)

Segment Profit (Loss)	$	6,509		$	(42	)	$	12,496		$	3,317		$	2,261

Inland River Services

Operating Revenues	$	46,469		$	52,284		$	41,381		$	34,596		$	33,436

Costs and Expenses:
Operating		27,884			29,542			26,535			21,547			19,554
Administrative and general		2,697			3,114			2,898			2,618			2,061
Depreciation and amortization		5,622			5,472			5,415			4,958			4,876

		36,203			38,128			34,848			29,123			26,491

Gains on Asset Dispositions		697			697			29,445			899			887

Operating Income		10,963			14,853			35,978			6,372			7,832

Other Income (Expense):
Other, net		1			2,227			—			—			10
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(256	)		(521	)		3,522			805			(98	)

Segment Profit	$	10,708		$	16,559		$	39,500		$	7,177		$	7,744


	Three Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Sep. 30, 2010			Jun. 30, 2010			Mar. 31, 2010
Marine Transportation Services

Operating Revenues	$	17,312		$	16,908		$	18,540		$	21,263		$	19,452

Costs and Expenses:
Operating		8,979			8,174			8,754			8,915			13,432
Administrative and general		1,417			2,040			1,087			1,038			837
Depreciation and amortization		4,978			5,309			7,320			8,008			8,008

		15,374			15,523			17,161			17,961			22,277

Losses on Asset Dispositions and Impairments		—			—			(18,677	)		(11	)		—

Operating Income (Loss)		1,938			1,385			(17,298	)		3,291			(2,825	)

Other Income (Expense):
Foreign currency gains (losses), net		16			(13	)		61			(41	)		15

Segment Profit (Loss)	$	1,954		$	1,372		$	(17,237	)	$	3,250		$	(2,810	)

Environmental Services

Operating Revenues	$	63,086		$	163,380		$	468,226		$	214,629		$	28,158

Costs and Expenses:
Operating		44,044			116,346			329,497			127,108			20,337
Administrative and general		7,551			7,485			11,508			6,525			6,037
Depreciation and amortization		2,231			2,065			2,249			2,099			1,983

		53,826			125,896			343,254			135,732			28,357

Gains (Losses) on Asset Dispositions		—			563			—			(36	)		(17	)

Operating Income (Loss)		9,260			38,047			124,972			78,861			(216	)

Other Income (Expense):
Foreign currency gains (losses), net		(51	)		(115	)		3			(23	)		30
Other, net		—			1			—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(8	)		58			533			54			38

Segment Profit (Loss)	$	9,201		$	37,991		$	125,508		$	78,892		$	(148	)

Commodity Trading and Logistics

Operating Revenues	$	194,012		$	178,944		$	216,896		$	203,064		$	142,992

Costs and Expenses:
Operating		187,018			173,922			204,467			203,374			147,372
Administrative and general		2,660			1,184			3,716			3,791			2,744
Depreciation and amortization		13			13			13			15			20

		189,691			175,119			208,196			207,180			150,136

Operating Income (Loss)		4,321			3,825			8,700			(4,116	)		(7,144	)

Other Income (Expense):
Derivative gains (losses), net		(4,750	)		(8,192	)		(5,307	)		4,611			4,308
Foreign currency gains (losses), net		(5	)		26			190			(30	)		(717	)
Other, net		—			781			—			6			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		51			(611	)		1,042			(13	)		(1,022	)

Segment Profit (Loss)	$	(383	)	$	(4,171	)	$	4,625		$	458		$	(4,575	)


	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
Other

Operating Revenues	$	17,536		$	16,395		$	20,031		$	18,969		$	17,440

Costs and Expenses:
Operating		9,142			11,872			10,559			10,895			10,039
Administrative and general		2,620			3,031			2,803			2,793			2,845
Depreciation and amortization		2,289			2,289			2,224			2,107			2,183

		14,051			17,192			15,586			15,795			15,067

Gains on Asset Dispositions		—			—			—			1,203			—

Operating Income (Loss)		3,485			(797	)		4,445			4,377			2,373

Other Income (Expense):
Foreign currency gains (losses), net		1			(17	)		34			(15	)		(18	)
Other, net		(1	)		10			—			34			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(389	)		(384	)		(127	)		759			(25	)

Segment Profit (Loss)	$	3,096		$	(1,188	)	$	4,352		$	5,155		$	2,330

Corporate and Eliminations

Operating Revenues	$	(2,650	)	$	(3,680	)	$	(13,293	)	$	(7,501	)	$	(4,364	)

Costs and Expenses:
Operating		(2,541	)		(3,676	)		(13,290	)		(7,649	)		(4,219	)
Administrative and general		10,659			17,959			8,963			10,321			8,527
Depreciation and amortization		474			459			444			448			402

		8,592			14,742			(3,883	)		3,120			4,710

Gains (Losses) on Asset Dispositions		—			—			(1	)		—			48

Operating Loss	$	(11,242	)	$	(18,422	)	$	(9,411	)	$	(10,621	)	$	(9,026	)

Other Income (Expense):
Derivative gains (losses), net	$	1,122		$	14,721		$	6,984		$	(9,370	)	$	(1,432	)
Foreign currency gains (losses), net		4,020			(3,404	)		6,401			(6,085	)		(2,520	)
Other, net		(178	)		41			(40	)		6			590

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)


	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	409,716		$	370,028		$	662,278		$	398,498		$	452,161
Restricted cash		19,545			12,651			14,823			9,421			35,924
Marketable securities		149,026			147,409			103,150			86,457			63,171
Receivables:
Trade, net of allowance for doubtful accounts		324,218			450,912			512,131			449,142			288,074
Other		55,475			72,448			44,550			50,345			69,892
Inventories		97,405			67,498			66,024			74,434			76,453
Deferred income taxes		5,442			5,442			3,354			3,354			3,354
Prepaid expenses and other		22,794			18,414			17,570			24,075			21,733

Total current assets		1,083,621			1,144,802			1,423,880			1,095,726			1,010,762

Property and Equipment		2,862,386			2,803,754			2,899,150			2,896,777			2,886,410
Accumulated depreciation		(875,140	)		(835,032	)		(850,428	)		(821,641	)		(785,119	)

Net property and equipment		1,987,246			1,968,722			2,048,722			2,075,136			2,101,291

Investments, at Equity, and Receivables from 50% or Less Owned Companies		190,472			182,387			148,334			201,474			186,605
Construction Reserve Funds & Title XI Reserve Funds		331,689			323,885			272,259			227,184			252,672
Goodwill		61,864			61,779			54,764			54,653			54,443
Intangible Assets		19,810			21,169			21,627			21,195			22,369
Other Assets, net of allowance for doubtful accounts		59,996			57,645			52,846			51,522			55,430

	$	3,734,698		$	3,760,389		$	4,022,432		$	3,726,890		$	3,683,572

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	18,106		$	14,618		$	13,809		$	14,154		$	22,731
Current portion of capital lease obligations		1,047			1,030			1,014			998			982
Accounts payable and accrued expenses		275,991			322,785			336,968			223,277			98,984
Other current liabilities		205,546			197,080			237,738			209,571			178,112

Total current liabilities		500,690			535,513			589,529			448,000			300,809

Long-Term Debt		694,872			697,427			681,268			682,134			747,787
Capital Lease Obligations		5,200			5,493			5,783			6,067			6,348
Deferred Income Taxes		563,023			567,880			586,466			572,985			574,390
Deferred Gains and Other Liabilities		150,593			156,711			88,130			96,510			100,835

Total liabilities		1,914,378			1,963,024			1,951,176			1,805,696			1,730,169

Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		363			361			358			358			357
Additional paid-in capital		1,233,250			1,225,296			1,196,445			1,191,943			1,186,871
Retained earnings		1,482,793			1,471,623			1,764,202			1,614,264			1,550,182
Shares held in treasury, at cost		(901,386	)		(903,004	)		(891,887	)		(887,129	)		(786,992	)
Accumulated other comprehensive loss		(5,724	)		(7,039	)		(7,568	)		(7,839	)		(5,862	)

		1,809,296			1,787,237			2,061,550			1,911,597			1,944,556
Noncontrolling interests in subsidiaries		11,024			10,128			9,706			9,597			8,847

Total equity		1,820,320			1,797,365			2,071,256			1,921,194			1,953,403

	$	3,734,698		$	3,760,389		$	4,022,432		$	3,726,890		$	3,683,572


	Mar. 31, 2011		Dec. 31, 2010		Sep. 30, 2010		Jun. 30, 2010		Mar. 31, 2010

Offshore Marine Services

Anchor handling towing supply		19		20		20		20		20
Crew		52		52		54		57		57
Mini-supply		9		9		12		12		11
Standby safety		26		26		26		26		25
Supply		26		27		27		27		26
Towing supply		7		8		8		9		10
Specialty		12		12		12		12		12

		151		154		159		163		161

Aviation Services

Light helicopters – single engine		61		60		60		60		60
Light helicopters – twin engine		44		45		45		46		48
Medium helicopters		63		62		59		59		59
Heavy helicopters		9		9		9		9		9

		177		176		173		174		176

Inland River Services

Inland river dry-cargo barges		1,497		1,388		1,394		1,449		1,419
Inland river liquid tank barges		80		80		86		87		87
Inland river deck barges		26		26		26		26		26
Inland river towboats		32		32		32		29		29
Dry-cargo vessel		1		1		1		1		1

		1,636		1,527		1,539		1,592		1,562

Marine Transportation Services

U.S.-flag product tankers		8		8		8		8		8

Other

Harbor and offshore tugs		29		30		31		31		31
Ocean liquid tank barges		5		5		5		5		6

		34		35		36		36		37

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.

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.

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.

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010				2011			2010
Operating Revenues	$	571,424		$	979,833			$	1,580,134		$	2,068,984

Costs and Expenses:
Operating		475,173			683,219				1,274,855			1,480,266
Administrative and general		40,117			50,627				132,448			137,626
Depreciation and amortization		38,678			41,312				119,807			124,317

		553,968			775,158				1,527,110			1,742,209

Gains on Asset Dispositions and Impairments, Net		10,982			23,896				28,519			41,953

Operating Income		28,438			228,571				81,543			368,728

Other Income (Expense):
Interest income		5,554			2,562				12,599			5,788
Interest expense		(10,712	)		(10,274	)			(31,218	)		(33,862	)
Debt extinguishment losses, net		(51	)		—				(99	)		(368	)
Marketable security gains (losses), net		130			(54	)			(3,090	)		(3,499	)
Derivative gains (losses), net		(25,954	)		1,648				(35,873	)		(297	)
Foreign currency gains (losses), net		(3,218	)		7,585				3,361			(2,616	)
Other, net		(39	)		10				(273	)		656

		(34,290	)		1,477				(54,593	)		(34,198	)

Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings of 50% or Less Owned Companies		(5,852	)		230,048				26,950			334,530
Income Tax Expense (Benefit)		(352	)		87,709				12,652			127,424

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		(5,500	)		142,339				14,298			207,106
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		9,562			7,933				10,600			11,678

Net Income		4,062			150,272				24,898			218,784
Net Income attributable to Noncontrolling Interests in Subsidiaries		247			334				882			1,163

Net Income attributable to SEACOR Holdings Inc.	$	3,815		$	149,938			$	24,016		$	217,621

Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.18		$	7.21			$	1.14		$	10.08
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.18		$	7.14			$	1.12		$	9.99
Weighted Average Common Shares Outstanding:
Basic		21,202,480			20,786,721				21,158,110			21,590,917
Diluted		21,565,149			21,000,565				21,508,457			21,785,292

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


	Three Months Ended
	Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011			Dec. 31, 2010			Sep. 30, 2010
Operating Revenues	$	571,424		$	536,446		$	472,264		$	580,384		$	979,833

Costs and Expenses:
Operating		475,173			428,671			371,011			449,961			683,219
Administrative and general		40,117			45,937			46,394			54,892			50,627
Depreciation and amortization		38,678			41,070			40,059			39,173			41,312

		553,968			515,678			457,464			544,026			775,158

Gains on Asset Dispositions and Impairments, Net		10,982			10,282			7,255			3,285			23,896

Operating Income		28,438			31,050			22,055			39,643			228,571

Other Income (Expense):
Interest income		5,554			3,307			3,738			3,094			2,562
Interest expense		(10,712	)		(10,465	)		(10,041	)		(10,088	)		(10,274	)
Debt extinguishment losses, net		(51	)		—			(48	)		(1,092	)		—
Marketable security gains (losses), net		130			(4,754	)		1,534			1,340			(54	)
Derivative gains (losses), net		(25,954	)		(6,601	)		(3,318	)		6,502			1,648
Foreign currency gains (losses), net		(3,218	)		1,520			5,059			(3,511	)		7,585
Other, net		(39	)		(56	)		(178	)		3,061			10

		(34,290	)		(17,049	)		(3,254	)		(694	)		1,477

Income (Loss) Before Income Tax Expense (Benefit) and Equity In Earnings of 50% or Less Owned Companies		(5,852	)		14,001			18,801			38,949			230,048
Income Tax Expense (Benefit)		(352	)		5,638			7,366			13,250			87,709

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		(5,500	)		8,363			11,435			25,699			142,339
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		9,562			1,004			34			1,501			7,933

Net Income		4,062			9,367			11,469			27,200			150,272
Net Income attributable to Noncontrolling Interests in Subsidiaries		247			336			299			97			334

Net Income attributable to SEACOR Holdings Inc.	$	3,815		$	9,031		$	11,170		$	27,103		$	149,938

Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.18		$	0.43		$	0.53		$	1.30		$	7.21
Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.18		$	0.42		$	0.52		$	1.27		$	7.14
Weighted Average Common Shares of Outstanding:
Basic		21,202			21,166			21,105			20,843			20,787
Diluted		21,565			21,518			21,439			21,306			21,001
Common Shares Outstanding at Period End		21,715			21,679			21,652			21,400			21,231
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.	$	—		$	—		$	—		$	15.00		$	—


	Three Months Ended
	Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011			Dec. 31, 2010			Sep. 30, 2010
Offshore Marine Services

Operating Revenues	$	93,277		$	93,386		$	80,344		$	100,631		$	160,916

Costs and Expenses:
Operating		68,457			68,242			63,020			76,607			79,205
Administrative and general		10,687			11,078			11,770			13,037			12,378
Depreciation and amortization		11,785			12,205			12,533			12,279			12,758

		90,929			91,525			87,323			101,923			104,341

Gains on Asset Dispositions		5,241			3,607			4,364			2,142			12,717

Operating Income (Loss)		7,589			5,468			(2,615	)		850			69,292

Other Income (Expense):
Foreign currency gains (losses), net		(2,129	)		(408	)		725			(154	)		977
Other, net		6			—			—			1			—
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		8,754			200			735			3,042			2,300

Segment Profit (Loss)	$	14,220		$	5,260		$	(1,155	)	$	3,739		$	72,569

Aviation Services

Operating Revenues	$	71,804		$	68,493		$	56,155		$	55,522		$	67,136

Costs and Expenses:
Operating		45,701			42,457			33,465			37,174			37,492
Administrative and general		6,841			6,229			7,020			7,042			7,274
Depreciation and amortization		9,093			12,390			11,919			11,287			10,889

		61,635			61,076			52,404			55,503			55,655

Gains (Losses) on Asset Dispositions and Impairments, Net		4,894			6,172			2,194			(117	)		412

Operating Income (Loss)		15,063			13,589			5,945			(98	)		11,893

Other Income (Expense):
Derivative gains (losses), net		(807	)		(811	)		310			(27	)		(29	)
Foreign currency gains (losses), net		(95	)		338			353			166			(81	)
Other, net		—			—			—			—			50
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		106			1,054			(99	)		(83	)		663

Segment Profit (Loss)	$	14,267		$	14,170		$	6,509		$	(42	)	$	12,496

Inland River Services

Operating Revenues	$	47,875		$	41,442		$	46,469		$	52,284		$	41,381

Costs and Expenses:
Operating		31,196			28,717			27,884			29,542			26,535
Administrative and general		2,206			3,166			2,697			3,114			2,898
Depreciation and amortization		6,464			5,791			5,622			5,472			5,415

		39,866			37,674			36,203			38,128			34,848

Gains (Losses) on Asset Dispositions		1,303			(22	)		697			697			29,445

Operating Income		9,312			3,746			10,963			14,853			35,978

Other Income (Expense):
Other, net		—			3			1			2,227			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		2,771			666			(256	)		(521	)		3,522

Segment Profit	$	12,083		$	4,415		$	10,708		$	16,559		$	39,500


	Three Months Ended
	Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011			Dec. 31, 2010			Sep. 30, 2010
Marine Transportation Services

Operating Revenues	$	24,783		$	24,336		$	17,312		$	16,908		$	18,540

Costs and Expenses:
Operating		15,194			13,584			8,979			8,174			8,754
Administrative and general		2,044			2,146			1,417			2,040			1,087
Depreciation and amortization		5,833			5,728			4,978			5,309			7,320

		23,071			21,458			15,374			15,523			17,161

Losses on Asset Impairments		—			—			—			—			(18,677	)

Operating Income (Loss)		1,712			2,878			1,938			1,385			(17,298	)

Other Income (Expense):
Foreign currency gains (losses), net		(18	)		6			16			(13	)		61
Other, net		131			56			—			—			—

Segment Profit (Loss)	$	1,825		$	2,940		$	1,954		$	1,372		$	(17,237	)

Environmental Services

Operating Revenues	$	40,415		$	48,466		$	63,086		$	163,380		$	468,226

Costs and Expenses:
Operating		28,872			31,662			44,044			116,346			329,497
Administrative and general		7,691			10,322			7,551			7,485			11,508
Depreciation and amortization		2,896			2,238			2,231			2,065			2,249

		39,459			44,222			53,826			125,896			343,254

Gains (Losses) on Asset Dispositions		3			(19	)		—			563			—

Operating Income		959			4,225			9,260			38,047			124,972

Other Income (Expense):
Foreign currency gains (losses), net		(75	)		97			(51	)		(115	)		3
Other, net		—			2			—			1			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(93	)		132			(8	)		58			533

Segment Profit	$	791		$	4,456		$	9,201		$	37,991		$	125,508

Commodity Trading and Logistics

Operating Revenues	$	279,178		$	245,321		$	194,012		$	178,944		$	216,896

Costs and Expenses:
Operating		279,180			237,644			187,018			173,922			204,467
Administrative and general		1,944			2,202			2,660			1,184			3,716
Depreciation and amortization		12			12			13			13			13

		281,136			239,858			189,691			175,119			208,196

Operating Income (Loss)		(1,958	)		5,463			4,321			3,825			8,700

Other Income (Expense):
Derivative gains (losses), net		(3,063	)		828			(4,750	)		(8,192	)		(5,307	)
Foreign currency gains (losses), net		153			(16	)		(5	)		26			190
Other, net		—			—			—			781			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(2,267	)		(1,051	)		51			(611	)		1,042

Segment Profit (Loss)	$	(7,135	)	$	5,224		$	(383	)	$	(4,171	)	$	4,625


	Three Months Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
	2011			2011			2011			2010			2010
Other

Operating Revenues	$	16,741		$	17,921		$	17,536		$	16,395		$	20,031

Costs and Expenses:
Operating		9,117			9,158			9,142			11,872			10,559
Administrative and general		2,523			3,210			2,620			3,031			2,803
Depreciation and amortization		2,129			2,237			2,289			2,289			2,224

		13,769			14,605			14,051			17,192			15,586

Gains (Losses) on Asset Dispositions		(315	)		544			—			—			—

Operating Income (Loss)		2,657			3,860			3,485			(797	)		4,445

Other Income (Expense):
Foreign currency gains (losses), net		(75	)		(24	)		1			(17	)		34
Other, net		(1	)		—			(1	)		10			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		291			3			(389	)		(384	)		(127	)

Segment Profit (Loss)	$	2,872		$	3,839		$	3,096		$	(1,188	)	$	4,352

Corporate and Eliminations

Operating Revenues	$	(2,649	)	$	(2,919	)	$	(2,650	)	$	(3,680	)	$	(13,293	)

Costs and Expenses:
Operating		(2,544	)		(2,793	)		(2,541	)		(3,676	)		(13,290	)
Administrative and general		6,181			7,584			10,659			17,959			8,963
Depreciation and amortization		466			469			474			459			444

		4,103			5,260			8,592			14,742			(3,883	)

Losses on Asset Dispositions and Impairments		(144	)		—			—			—			(1	)

Operating Loss	$	(6,896	)	$	(8,179	)	$	(11,242	)	$	(18,422	)	$	(9,411	)

Other Income (Expense):
Derivative gains (losses), net	$	(22,084	)	$	(6,618	)	$	1,122		$	14,721		$	6,984
Foreign currency gains (losses), net		(979	)		1,527			4,020			(3,404	)		6,401
Other, net		(175	)		(117	)		(178	)		41			(40	)

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)


	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
	2011			2011			2011			2010			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	306,465		$	366,813		$	409,716		$	370,028		$	662,278
Restricted cash		19,474			12,976			19,545			12,651			14,823
Marketable securities		82,978			105,608			149,026			147,409			103,150
Receivables:
Trade, net of allowance for doubtful accounts		316,633			321,244			324,218			450,912			512,131
Other		52,719			48,825			55,475			72,448			44,550
Inventories		75,906			87,131			97,405			67,498			66,024
Deferred income taxes		5,442			5,442			5,442			5,442			3,354
Prepaid expenses and other		14,637			24,979			22,794			18,414			17,570

Total current assets		874,254			973,018			1,083,621			1,144,802			1,423,880

Property and Equipment		2,985,583			2,942,637			2,862,386			2,803,754			2,899,150
Accumulated depreciation		(918,914	)		(900,979	)		(875,140	)		(835,032	)		(850,428	)

Net property and equipment		2,066,669			2,041,658			1,987,246			1,968,722			2,048,722

Investments, at Equity, and Advances to 50% or Less Owned Companies		245,885			210,372			190,472			182,387			148,334
Construction Reserve Funds & Title XI Reserve Funds		298,345			314,679			331,689			323,885			272,259
Goodwill		62,424			62,467			61,864			61,779			54,764
Intangible Assets		16,427			18,448			19,810			21,169			21,627
Other Assets, net of allowance for doubtful accounts		98,314			85,118			59,996			57,645			52,846

	$	3,662,318		$	3,705,760		$	3,734,698		$	3,760,389		$	4,022,432

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	23,138		$	20,568		$	18,106		$	14,618		$	13,809
Current portion of capital lease obligations		1,081			1,064			1,047			1,030			1,014
Accounts payable and accrued expenses		208,432			212,357			275,991			322,785			336,968
Other current liabilities		208,816			232,309			205,546			197,080			237,738

Total current liabilities		441,467			466,298			500,690			535,513			589,529

Long-Term Debt		669,573			690,774			694,872			697,427			681,268
Capital Lease Obligations		4,598			4,901			5,200			5,493			5,783
Deferred Income Taxes		565,078			561,477			563,023			567,880			586,466
Deferred Gains and Other Liabilities		138,969			146,853			150,593			156,711			88,130

Total liabilities		1,819,685			1,870,303			1,914,378			1,963,024			1,951,176

Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		364			363			363			361			358
Additional paid-in capital		1,245,436			1,239,502			1,233,250			1,225,296			1,196,445
Retained earnings		1,495,639			1,491,824			1,482,793			1,471,623			1,764,202
Shares held in treasury, at cost		(900,225	)		(901,460	)		(901,386	)		(903,004	)		(891,887	)
Accumulated other comprehensive loss		(9,644	)		(6,843	)		(5,724	)		(7,039	)		(7,568	)

		1,831,570			1,823,386			1,809,296			1,787,237			2,061,550
Noncontrolling interests in subsidiaries		11,063			12,071			11,024			10,128			9,706

Total equity		1,842,633			1,835,457			1,820,320			1,797,365			2,071,256

	$	3,662,318		$	3,705,760		$	3,734,698		$	3,760,389		$	4,022,432


	Sep. 30, 2011		Jun. 30, 2011		Mar. 31, 2011		Dec. 31, 2010		Sep. 30, 2010

Offshore Marine Services

Anchor handling towing supply		19		19		19		20		20
Crew		50		52		52		52		54
Mini-supply		8		8		9		9		12
Standby safety		27		26		26		26		26
Supply		29		28		26		27		27
Towing supply		5		6		7		8		8
Specialty		11		11		12		12		12

		149		150		151		154		159

Aviation Services

Light helicopters – single engine		60		61		61		60		60
Light helicopters – twin engine		45		44		44		45		45
Medium helicopters		65		65		63		62		59
Heavy helicopters		7		7		9		9		9

		177		177		177		176		173

Inland River Services

Inland river dry-cargo barges		1,489		1,492		1,497		1,388		1,394
Inland river liquid tank barges		79		80		80		80		86
Inland river deck barges		20		26		26		26		26
Inland river towboats		31		31		32		32		32
Dry-cargo vessel		1		1		1		1		1

		1,620		1,630		1,636		1,527		1,539

Marine Transportation Services

U.S.-flag product tankers		8		8		8		8		8
RORO vessels		8		8		—		—		—

		16		16		8		8		8

Other

Harbor and offshore tugs		28		28		29		30		31
Ocean liquid tank barges		5		5		5		5		5

		33		33		34		35		36

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Delaware	1-12289	13-3542736
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

2200 Eller Drive, Fort Lauderdale, Florida		33316
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


Exhibit No.		Description
	99.1	Press release issued on April 20, 2011
	99.2	Press release issued on October 20, 2011


	SEACOR Holdings Inc.

January 20, 2012	By:	Richard J. Ryan

		Name: Richard J. Ryan
		Title: Senior Vice President and Chief Financial Officer


Exhibit No.		Description

99.1		Press release issued on April 20, 2011
99.2		Press release issued on October 20, 2011


Date of Report (Date of Earliest Event Reported):		April 20, 2011


Registrant’s telephone number, including area code:		(954) 523-2200