EX-99.1

FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the first quarter ended March 31, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2012 was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. During the first quarter, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million. Operating results for all periods presented have been restated to reflect results for the part of the business that was sold as income (loss) from discontinued operations, net of tax.

For the preceding quarter ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per diluted share, including net income from discontinued operations of $9.7 million, or $0.45 per diluted share. A comparison of results for the quarter ended March 31, 2012 with the preceding quarter ended December 31, 2011 is included in the “Highlights for the Quarter” discussion below.

For the quarter ended March 31, 2011, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.52 per diluted share, including a net loss from discontinued operations of $1.2 million, or $0.06 per diluted share.

Offshore Marine Services – Operating income was $22.9 million on operating revenues of $121.1 million compared with operating income of $16.1 million on operating revenues of $109.8 million in the preceding quarter. First quarter results included $1.8 million in gains on asset dispositions compared with $1.4 million in gains in the preceding quarter. First quarter results also included the contribution of the Company’s fleet of wind farm utility vessels acquired in December 2011. During the first quarter, these vessels contributed operating revenues of $6.0 million with an average day rate of $2,431 per day and a utilization rate of 86.0%.

In the first quarter, excluding the contribution of wind farm utility vessels, the total number of days available for charter decreased by 259 days, or 2.5%; utilization increased from 79.7% to 80.6%; and average day rates increased by 8.1% from $12,187 per day to $13,174 per day.

In the U.S. Gulf of Mexico, operating income was $8.4 million higher in the first quarter primarily due to an increase in revenues from rig moving activity. Utilization was 73.1% compared with 70.3% in the preceding quarter and average day rates increased from $12,523 per day to $14,964 per day. As of March 31, 2012, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico, the same as of December 31, 2011.

In international regions, excluding the wind farm utility vessels, operating income was $1.8 million lower in the first quarter. Time charter revenues were $0.6 million lower primarily due to fewer days available and a decrease in utilization, which was 85.6% compared with 86.2% in the preceding quarter. Average day rates increased from $11,999 per day to $12,149 per day. Other revenues were $1.8 million lower primarily due a decrease in mobilization and other marine services. Operating expenses were $1.2 million higher primarily due to increased drydocking activity.

Administrative and general expenses were $1.8 million lower in the first quarter primarily due to lower wage and benefit costs and a reduction in legal expenses.

Equity in earnings increased by $2.3 million in the first quarter primarily due to the commencement of a long-term charter for a vessel in one of Offshore Marine Services’ joint ventures in November 2011.

Aviation Services – Operating income was $3.8 million on operating revenues of $61.1 million compared with operating income of $1.5 million on operating revenues of $61.7 million in the preceding quarter. During the first quarter, Aviation Services deferred $2.8 million of contract-leasing revenues from its Brazilian joint venture and recognized an impairment charge of $5.9 million, net of tax, on its investment. These adjustments resulted from difficulties experienced by the joint venture following one of its customers’ cancellation of certain contracts for a number of AW139 aircraft under contract-lease from Aviation Services.

In the U.S. Gulf of Mexico, operating revenues were $3.2 million higher primarily due to contracts for newly delivered aircraft, an increase in activity with existing customers and additional charter activity. This increase was offset by $1.1 million of revenue reductions in Alaska following the conclusion of seasonal firefighting contracts and the temporary postponement of a contract that is scheduled to resume later in 2012.

Operating expenses were $1.4 million lower in the first quarter primarily due to the recognition of vendor credits, partially offset by higher insurance premiums due to the addition of new aircraft, increased activity and additional maintenance expense due to the timing of repairs.

Administrative and general expenses were $2.1 million lower in the first quarter primarily due to severance costs associated with a change in executive management in the preceding quarter, partially offset by the recognition in the first quarter of previously deferred legal and professional expenses.

Inland River Services - Operating income was $9.2 million on operating revenues of $53.5 million compared with operating income of $12.3 million on operating revenues of $51.9 million in the preceding quarter. Results for the first quarter included the contribution of Lewis & Clark, acquired in December 2011, which contributed operating revenues of $8.5 million. Operating results for the pooled hopper barge fleet were lower in the first quarter primarily due to poor river conditions and weak demand for barge freight resulting in idling a portion of the fleet.

Marine Transportation Services – Operating income was $2.4 million on operating revenues of $26.3 million compared with operating income of $3.7 million on operating revenues of $26.7 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of the Seabulk America. Operating results for Marine Transportation Services’ U.S.-flag product tanker fleet were lower primarily due to increases in insurance deductibles and higher repair and maintenance costs. Operating results for its foreign flag Roll-on/Roll-off vessels were higher primarily due to reduced legal fees.

Emergency and Crisis Services – As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $0.4 million on operating revenues of $10.2 million compared with operating income of $3.1 million on operating revenues of $16.8 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in debris activity, continuing reduction in activity associated with the Deepwater Horizon incident and seasonal reductions in professional services.

Commodity Trading and Logistics – Segment profit was $5.6 million on operating revenues of $209.7 million compared with segment profit of $1.4 million on operating revenues of $237.2 million in the preceding quarter. Segment results improved primarily due to the recognition of a gain of $6.0 million, net of tax, arising from Company’s acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012.

Other – Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.2 million on operating revenues of $19.9 million compared with operating income of $1.7 million on operating revenues of $17.7 million in the preceding quarter. The increase in operating income was primarily due to increased traffic and the addition of bareboat charter revenues for one tug contracted to a third party in Port Arthur, a decrease in charter-in expenses at the Company’s terminal operation in St. Eustatius, and lower wage and benefit costs and professional fees.
Corporate and Eliminations – Administrative and general expenses were $9.0 million compared with $10.5 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals and reduced professional fees.

Interest Expense – In the first quarter, interest expense was $12.0 million compared with $10.0 million in the preceding quarter. The increase was primarily due to interest expense on borrowings from Era Group Inc.’s $350.0 million senior secured revolving credit facility entered into on December 22, 2011.

Debt Repurchases – During the first quarter, the Company purchased $5.5 million, in principal amount, of its 5.875% Senior Notes due 2012 for $5.7 million, resulting in debt extinguishment losses of $0.2 million.

Capital Commitments – The Company’s unfunded capital commitments as of March 31, 2012 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $343.0 million, of which $157.7 million is payable during 2012 with the balance payable through 2016. Of the total unfunded capital commitments, $44.9 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. As of March 31, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $636.4 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; emergency and crisis; 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, 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 Emergency and Crisis Services’ ability to comply with such regulation and other governmental regulation, 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,
	2012			2011
Operating Revenues	$	497,885		$	438,011

Costs and Expenses:
Operating		384,112			341,743
Administrative and general		46,178			41,654
Depreciation and amortization		39,327			38,330

		469,617			421,727

Gains on Asset Dispositions and Impairments, Net		5,542			7,255

Operating Income		33,810			23,539

Other Income (Expense):
Interest income		2,976			3,732
Interest expense		(12,024	)		(10,040	)
Debt extinguishment losses, net		(160	)		(48	)
Marketable security gains, net		3,358			1,534
Derivative losses, net		(4,119	)		(3,318	)
Foreign currency gains, net		2,552			5,059
Other, net		(54	)		(178	)

		(7,471	)		(3,259	)

Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		26,339			20,280
Income Tax Expense		10,608			7,673

Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		15,731			12,607
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		1,242			42

Income from Continuing Operations		16,973			12,649
Income (Loss) from Discontinued Operations, Net of Tax		19,400			(1,180	)

Net Income		36,373			11,469
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		(115	)		299

Net Income attributable to SEACOR Holdings Inc.	$	36,488		$	11,170

Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations	$	17,088		$	12,350
Discontinued operations		19,400			(1,180	)

	$	36,488		$	11,170

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.83		$	0.59
Discontinued operations		0.95			(0.06	)

	$	1.78		$	0.53

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.82		$	0.58
Discontinued operations		0.93			(0.06	)

	$	1.75		$	0.52

Weighted Average Common Shares Outstanding:
Basic		20,519,660			21,104,739
Diluted		20,893,210			21,439,424

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


	Three Months Ended
	Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011
Operating Revenues	$	497,885		$	518,954		$	545,089		$	509,283					$	438,011

Costs and Expenses:
Operating		384,112			412,042			455,442			409,365						341,743
Administrative and general		46,178			50,731			35,387			39,170						41,654
Depreciation and amortization		39,327			35,395			36,437			39,330						38,330

		469,617			498,168			527,266			487,865						421,727

Gains on Asset Dispositions and Impairments, Net		5,542			5,469			10,986			10,301						7,255

Operating Income		33,810			26,255			28,809			31,719						23,539

Other Income (Expense):
Interest income		2,976			1,127			5,462			3,297						3,732
Interest expense		(12,024	)		(10,027	)		(10,711	)		(10,465	)					(10,040	)
Debt extinguishment losses, net		(160	)		—			(51	)		—						(48	)
Marketable security gains (losses), net		3,358			(4,803	)		130			(4,754	)					1,534
Derivative losses, net		(4,119	)		(262	)		(25,954	)		(6,601	)					(3,318	)
Foreign currency gains (losses), net		2,552			(2,600	)		(3,126	)		1,416						5,059
Other, net		(54	)		1,133			(39	)		(56	)					(178	)

		(7,471	)		(15,432	)		(34,289	)		(17,163	)					(3,259	)

Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies		26,339			10,823			(5,480	)		14,556						20,280
Income Tax Expense (Benefit)		10,608			2,645			(669	)		5,877						7,673

Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies		15,731			8,178			(4,811	)		8,679						12,607
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		1,242			(579	)		9,655			872						42

Income from Continuing Operations		16,973			7,599			4,844			9,551						12,649
Income (Loss) from Discontinued Operations, Net of Tax		19,400			9,653			(782	)		(184	)					(1,180	)

Net Income		36,373			17,252			4,062			9,367						11,469
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		(115	)		212			247			336			299

Net Income attributable to SEACOR Holdings Inc.	$	36,488		$	17,040		$	3,815		$	9,031					$	11,170

Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations	$	17,088		$	7,387		$	4,597		$	9,215		$	12,350
Discontinued operations		19,400			9,653			(782	)		(184	)		(1,180	)

	$	36,488		$	17,040		$	3,815		$	9,031		$	11,170

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.83		$	0.35		$	0.22		$	0.44					$	0.59
Discontinued operations		0.95			0.46			(0.04	)		(0.01	)					(0.06	)

	$	1.78		$	0.81		$	0.18		$	0.43					$	0.53

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.82		$	0.35		$	0.21		$	0.43					$	0.58
Discontinued operations		0.93			0.45			(0.03	)		(0.01	)					(0.06	)

	$	1.75		$	0.80		$	0.18		$	0.42					$	0.52

Weighted Average Common Shares of Outstanding:
Basic		20,520			21,005			21,202			21,166						21,105
Diluted		20,893			21,354			21,565			21,518						21,439
Common Shares Outstanding at Period End		21,114			20,933			21,715			21,679						21,652


	Three Months Ended
	Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011
Offshore Marine Services

Operating Revenues	$	121,086		$	109,781		$	93,277		$	93,386		$	80,344

Costs and Expenses:
Operating		75,340			69,484			68,457			68,242			63,020
Administrative and general		11,856			13,666			10,687			11,078			11,770
Depreciation and amortization		12,882			11,954			11,785			12,205			12,533

		100,078			95,104			90,929			91,525			87,323

Gains on Asset Dispositions		1,845			1,449			5,241			3,607			4,364

Operating Income (Loss)		22,853			16,126			7,589			5,468			(2,615	)

Other Income (Expense):
Foreign currency gains (losses), net		1,123			(1,290	)		(2,129	)		(408	)		725
Other, net		—			272			6			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		1,829			(500	)		8,754			200			735

Segment Profit (Loss)	$	25,805		$	14,608		$	14,220		$	5,260		$	(1,155	)

Aviation Services

Operating Revenues	$	61,052		$	61,696		$	71,804		$	68,493		$	56,155

Costs and Expenses:
Operating		39,676			41,084			45,701			42,457			33,465
Administrative and general		9,677			11,803			6,841			6,229			7,020
Depreciation and amortization		9,630			9,210			9,093			12,390			11,919

		58,983			62,097			61,635			61,076			52,404

Gains on Asset Dispositions and Impairments, Net		1,765			1,912			4,894			6,172			2,194

Operating Income		3,834			1,511			15,063			13,589			5,945

Other Income (Expense):
Derivative gains (losses), net		(124	)		(18	)		(807	)		(811	)		310
Foreign currency gains (losses), net		917			(80	)		(95	)		338			353
Other, net		30			9			—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(6,419	)		(979	)		106			1,054			(99	)

Segment Profit (Loss)	$	(1,762	)	$	443		$	14,267		$	14,170		$	6,509

Inland River Services

Operating Revenues	$	53,490		$	51,871		$	47,875		$	41,442		$	46,469

Costs and Expenses:
Operating		35,183			31,702			31,196			28,717			27,884
Administrative and general		3,982			3,270			2,206			3,166			2,697
Depreciation and amortization		7,007			5,617			6,464			5,791			5,622

		46,172			40,589			39,866			37,674			36,203

Gains (Losses) on Asset Dispositions		1,927			986			1,303			(22	)		697

Operating Income		9,245			12,268			9,312			3,746			10,963

Other Income (Expense):
Foreign currency losses, net		(22	)		—			—			—			—
Other, net		—			—			—			3			1
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		250			955			2,771			666			(256	)

Segment Profit	$	9,473		$	13,223		$	12,083		$	4,415		$	10,708


	Three Months Ended
	Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Jun. 30, 2011			Mar. 31, 2011
Marine Transportation Services

Operating Revenues	$	26,283		$	26,705		$	24,783		$	24,336		$	17,312

Costs and Expenses:
Operating		15,758			15,338			15,194			13,584			8,979
Administrative and general		2,475			3,257			2,044			2,146			1,417
Depreciation and amortization		5,651			5,540			5,833			5,728			4,978

		23,884			24,135			23,071			21,458			15,374

Gains on Asset Dispositions		—			1,125			—			—			—

Operating Income		2,399			3,695			1,712			2,878			1,938

Other Income (Expense):
Foreign currency gains (losses), net		9			(15	)		(18	)		6			16
Other, net		30			87			131			56			—
Equity in Losses of 50% or Less Owned Companies, Net of Tax		(217	)		(74	)		—			—			—

Segment Profit	$	2,221		$	3,693		$	1,825		$	2,940		$	1,954

Emergency and Crisis Services

Operating Revenues	$	10,215		$	16,763		$	14,080		$	21,275		$	28,833

Costs and Expenses:
Operating		6,873			10,145			9,141			12,328			14,776
Administrative and general		3,254			3,030			2,961			3,555			2,811
Depreciation and amortization		484			486			655			498			502

		10,611			13,661			12,757			16,381			18,089

Gains on Asset Dispositions		5			—			7			—			—

Operating Income (Loss)		(391	)		3,102			1,330			4,894			10,744

Other Income (Expense):
Foreign currency gains (losses), net		14			(14	)		17			(7	)		(51	)
Other, net		—			—			—			2			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		67			(4	)		—			—			—

Segment Profit (Loss)	$	(310	)	$	3,084		$	1,347		$	4,889		$	10,693

Commodity Trading and Logistics

Operating Revenues	$	209,696		$	237,177		$	279,178		$	245,321		$	194,012

Costs and Expenses:
Operating		203,233			236,664			279,180			237,644			187,018
Administrative and general		3,141			1,598			1,944			2,202			2,660
Depreciation and amortization		1,060			20			12			12			13

		207,434			238,282			281,136			239,858			189,691

Operating Income (Loss)		2,262			(1,105	)		(1,958	)		5,463			4,321

Other Income (Expense):
Derivative gains (losses), net		(2,939	)		1,251			(3,063	)		828			(4,750	)
Foreign currency gains (losses), net		79			(28	)		153			(16	)		(5	)
Other, net		—			(167	)		—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		6,154			1,452			(2,267	)		(1,051	)		51

Segment Profit (Loss)	$	5,556		$	1,403		$	(7,135	)	$	5,224		$	(383	)


	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2012			2011			2011			2011			2011
Other

Operating Revenues	$	19,944		$	17,730		$	16,741		$	17,921		$	17,536

Costs and Expenses:
Operating		11,814			10,274			9,117			9,158			9,142
Administrative and general		2,817			3,589			2,523			3,210			2,620
Depreciation and amortization		2,158			2,119			2,129			2,237			2,289

		16,789			15,982			13,769			14,605			14,051

Gains (Losses) on Asset Dispositions		—			(3	)		(315	)		544			—

Operating Income		3,155			1,745			2,657			3,860			3,485

Other Income (Expense):
Foreign currency gains (losses), net		(16	)		—			(75	)		(24	)		1
Other, net		—			983			(1	)		—			(1	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(422	)		(1,429	)		291			3			(389	)

Segment Profit	$	2,717		$	1,299		$	2,872		$	3,839		$	3,096

Corporate and Eliminations

Operating Revenues	$	(3,881	)	$	(2,769	)	$	(2,649	)	$	(2,891	)	$	(2,650	)

Costs and Expenses:
Operating		(3,765	)		(2,649	)		(2,544	)		(2,765	)		(2,541	)
Administrative and general		8,976			10,518			6,181			7,584			10,659
Depreciation and amortization		455			449			466			469			474

		5,666			8,318			4,103			5,288			8,592

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

Operating Loss	$	(9,547	)	$	(11,087	)	$	(6,896	)	$	(8,179	)	$	(11,242	)

Other Income (Expense):
Derivative gains (losses), net	$	(1,056	)	$	(1,495	)	$	(22,084	)	$	(6,618	)	$	1,122
Foreign currency gains (losses), net		448			(1,173	)		(979	)		1,527			4,020
Other, net		(114	)		(51	)		(175	)		(117	)		(178	)

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


	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2012			2011			2011			2011			2011
ASSETS
Current Assets:
Cash and cash equivalents	$	281,977		$	462,188		$	301,603		$	362,825		$	405,818
Restricted cash		25,958			21,281			19,474			12,976			19,545
Marketable securities		68,586			66,898			82,978			105,608			149,026
Receivables:
Trade, net of allowance for doubtful accounts		299,484			303,843			280,434			277,301			227,639
Other		41,699			51,793			51,318			47,852			54,669
Inventories		94,329			69,109			70,623			83,119			92,523
Deferred income taxes		11,123			11,123			5,136			5,136			5,136
Prepaid expenses and other		11,384			9,323			13,704			23,461			21,355
Discontinued operations		4,019			44,989			48,984			54,740			107,910

Total current assets		838,559			1,040,547			874,254			973,018			1,083,621

Property and Equipment		3,314,759			3,018,145			2,900,843			2,859,773			2,781,655
Accumulated depreciation		(905,362	)		(867,914	)		(868,986	)		(852,648	)		(828,295	)

Net property and equipment		2,409,397			2,150,231			2,031,857			2,007,125			1,953,360

Investments, at Equity, and Advances to 50% or Less Owned Companies		220,772			249,753			243,678			208,021			188,325
Construction Reserve Funds & Title XI Reserve Funds		259,926			259,974			298,345			314,679			331,689
Goodwill		57,054			57,054			54,410			54,454			53,851
Intangible Assets		22,132			21,528			16,055			17,396			18,572
Other Assets, net of allowance for doubtful accounts		99,113			102,348			97,724			84,588			59,387
Discontinued Operations		—			46,699			45,995			46,479			45,893

	$	3,906,953		$	3,928,134		$	3,662,318		$	3,705,760		$	3,734,698

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	22,078		$	41,091		$	23,138		$	20,568		$	18,106
Current portion of capital lease obligations		2,289			2,368			1,081			1,064			1,047
Accounts payable and accrued expenses		142,410			185,156			170,680			164,359			189,392
Other current liabilities		176,558			150,864			191,475			216,031			191,967
Discontinued operations		650			22,047			55,093			64,276			100,178

Total current liabilities		343,985			401,526			441,467			466,298			500,690

Long-Term Debt		976,872			995,450			669,573			690,774			694,872
Capital Lease Obligations		2,848			3,068			4,598			4,901			5,200
Deferred Income Taxes		576,195			566,920			560,484			557,013			558,134
Deferred Gains and Other Liabilities		135,695			143,390			137,783			145,815			149,211
Discontinued Operations		—			9,717			5,780			5,502			6,271

Total liabilities		2,035,595			2,120,071			1,819,685			1,870,303			1,914,378

Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		366			364			364			363			363
Additional paid-in capital		1,265,708			1,256,209			1,245,436			1,239,502			1,233,250
Retained earnings		1,549,167			1,512,679			1,495,639			1,491,824			1,482,793
Shares held in treasury, at cost		(970,023	)		(971,687	)		(900,225	)		(901,460	)		(901,386	)
Accumulated other comprehensive loss		(5,369	)		(7,958	)		(9,644	)		(6,843	)		(5,724	)

		1,839,849			1,789,607			1,831,570			1,823,386			1,809,296
Noncontrolling interests in subsidiaries		31,509			18,456			11,063			12,071			11,024

Total equity		1,871,358			1,808,063			1,842,633			1,835,457			1,820,320

	$	3,906,953		$	3,928,134		$	3,662,318		$	3,705,760		$	3,734,698


	Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Jun. 30, 2011		Mar. 31, 2011

Offshore Marine Services

Anchor handling towing supply		19		19		19		19		19
Crew		48		49		50		52		52
Mini-supply		9		8		8		8		9
Standby safety		26		26		27		26		26
Supply		28		30		29		28		26
Towing supply		5		5		5		6		7
Liftboats		20		2		2		2		2
Specialty		9		9		9		9		10
Wind farm utility		30		29		—		—		—
		194		177		149		150		151

Aviation Services

Light helicopters – single engine		58		58		60		61		61
Light helicopters – twin engine		46		45		45		44		44
Medium helicopters		66		65		65		65		63
Heavy helicopters		8		7		7		7		9

		178		175		177		177		177

Inland River Services

Inland river dry-cargo barges		1,479		1,496		1,489		1,492		1,497
Inland river liquid tank barges		77		77		79		80		80
Inland river deck barges		20		20		20		26		26
Inland river towboats		30		31		31		31		32
Dry-cargo vessel		1		1		1		1		1

		1,607		1,625		1,620		1,630		1,636

Marine Transportation Services

U.S.-flag product tankers		7		7		8		8		8
RORO vessels		8		8		8		8		—

		15		15		16		16		8

Other

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

		33		33		33		33		34