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SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2013

FORT LAUDERDALE, FL -- (Marketwired) -- 03/03/14 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its year and fourth quarter ended December 31, 2013.

Highlights

  • For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2.32 per diluted share, compared with $25.3 million, or $1.22 per diluted share, from continuing operations in the preceding year.

  • For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $8.4 million, or $0.41 per diluted share, compared with $30.3 million, or $1.36 per diluted share, from continuing operations in the preceding quarter ended September 30, 2013. Fourth quarter results included a reduction in gains on equipment sales, costs and lost revenues associated with the drydocking of one of the Company's tankers, a seasonal reduction in liftboat fleet activities and equity losses relating to the structural failure of an Argentinian terminal facility. These reductions were partially offset by higher barge pool activity levels arising from the seasonal harvest. A detailed discussion of results by business segment is included below.

  • The Company made a determination to provide for income taxes relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. This provision resulted in an increase in the net loss from discontinued operations for the first quarter of 2013 of $10.1 million and will result in the restatement of the Company's Quarterly Reports on Form 10-Q for the first three fiscal quarters of 2013 to reflect the impact of the tax accrual on its quarterly and year-to-date earnings and balance sheet.

  • During the fourth quarter, the Company issued $230.0 million of its 3.0% Convertible Senior Notes due November 15, 2028.

  • As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million. Subsequent to December 31, 2013, the Company committed to purchase additional equipment for a total of $94.1 million.

  • As of December 31, 2013, the Company's total outstanding long-term debt was $879.4 million.

  • As of December 31, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $825.6 million.

Offshore Marine Services - Operating revenues for the fourth quarter were $148.4 million compared with $156.2 million in the preceding quarter. Income from operations for the fourth quarter was $18.8 million compared with $45.8 million in the preceding quarter, including gains on asset dispositions of $3.1 million in the fourth quarter and $15.3 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $6.1 million lower in the fourth quarter. Time charter revenues for the Company's liftboat fleet were $5.7 million lower primarily due to seasonal drydocking activity and a reduction of 163 available days following the disposal of two liftboats during the preceding quarter. In keeping with past practice, the Company normally plans for the drydocking of liftboats during the winter months as the demand for the liftboat fleet is typically stronger in the summer months. Time charter revenues for the Company's anchor handling towing supply vessels were $2.9 million lower due to weaker market conditions. Time charter revenues for other vessel classes were $2.9 million higher primarily due to a reduction in drydocking days and the repositioning of a vessel into the region. Utilization was 77.9% compared with 75.9% in the preceding quarter and average day rates decreased from $19,060 per day to $18,224 per day. As of December 31, 2013, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico.

In International regions, operating revenues were $1.7 million lower in the fourth quarter. In West Africa, time charter revenues were $2.3 million lower primarily due to an increase in out-of-service time for drydocking. In Europe, time charter revenues were $1.3 million higher primarily due to an increase in average day rates attributable to several contractual price escalators and a reduction in drydocking days. Excluding wind farm utility vessels, utilization was 85.1% compared with 88.7% in the preceding quarter and average day rates increased from $13,211 per day to $13,250 per day.

Operating expenses were $4.2 million higher in the fourth quarter. Repair and maintenance expenses were $1.6 million higher primarily due to increased expenditure in the U.S. Gulf of Mexico associated with the maintenance of the liftboat fleet. Drydocking expenses were $2.9 million higher primarily due to an increase in drydocking activity in the U.S. Gulf of Mexico and West Africa. Leased-in equipment expense was $2.0 million higher primarily due to higher bareboat charter-in costs in the Middle East. Personnel costs were $2.2 million lower primarily due to the recognition of a $2.7 million charge during the preceding quarter for the Company's share of a funding deficit arising from the March 2012 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund.

Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to an increase in management bonus awards and higher legal and professional fees.

In the fourth quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 318 days, or 3%, primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, decreased from 83.0% to 82.0%. Overall average day rates, excluding wind farm utility vessels, decreased by 2% from $15,677 per day to $15,355 per day. Time charter operating data by vessel class is presented in a table included herein.

During the fourth quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $56.7 million and gains of $14.8 million, of which $3.1 million was recognized and $11.7 million was deferred. During the preceding quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $42.2 million and gains of $15.3 million, all of which was recognized currently.

Equity in earnings of 50% or less owned companies, net of tax, were $1.5 million higher in the fourth quarter primarily due to improved earnings in the Company's Sea-Cat Crewzer joint ventures.

Inland River Services - Income from operations was $12.3 million on operating revenues of $65.4 million in the fourth quarter compared with operating income of $4.8 million on operating revenues of $52.7 million in the preceding quarter. Operating results from the dry cargo barge pool were $9.9 million higher primarily due to higher activity levels as a result of the seasonal harvest in the fourth quarter. The increase was partially offset by a $1.2 million reduction in operating results in the liquid unit tow and 10,000 barrel tank barge operations primarily due to out-of-service time and costs associated with regulatory inspections for liquid tank barges. Operating results from terminal operations were $0.8 million lower primarily due to lower throughput at Gateway Terminals.

Equity in earnings (losses) of 50% or less owned companies were lower in the fourth quarter primarily due to $4.4 million of losses relating to the structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Income from operations was $5.2 million on operating revenues of $51.4 million in the fourth quarter compared with operating income of $10.1 million on operating revenues of $48.2 million in the preceding quarter. Operating results for tanker operations were $6.4 million lower primarily due to lower operating revenues of $1.3 million for 26 out-of-service days and higher operating expenses of $4.8 million for drydocking. The Company has not scheduled any product tanker drydockings in 2014. Operating results for harbor towing and bunkering included an increase in harbor tug traffic of $1.8 million and lower drydocking expenses of $1.0 million, offset by reduced gains on asset dispositions of $3.1 million. Operating results for liner and short sea transportation were $1.3 million higher primarily due to a seasonal increase in cargo shipping demand.

Equity in earnings (losses) of 50% or less owned companies, net of tax, were $1.8 million higher in the fourth quarter primarily due to a $1.1 million gain, net of tax, on the accretion of the Company's investment in its Very Large Gas Carrier joint venture as a result of a secondary private placement equity offering.

Illinois Corn Processing - ICP reported a segment profit of $2.5 million on operating revenues of $46.9 million in the fourth quarter compared with a segment loss of $0.6 million on operating revenues of $52.6 million in the preceding quarter. The improvement in segment profit was primarily due to significantly higher fuel ethanol margins and increased sales of high quality alcohol.

Corporate and Eliminations - Administrative and general expenses were $3.5 million higher in the fourth quarter compared with the preceding quarter primarily due to higher management bonus accruals.

Marketable security gains (losses), net - Marketable security losses, net of $3.6 million during the fourth quarter consist of unrealized losses on the Company's long and short marketable security positions.

Capital Commitments - As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million and included: 16 offshore support vessels for $112.7 million; 80 inland river dry cargo barges for $40.2 million; six inland river tank barges for $4.7 million; five inland river towboats for $4.7 million; three U.S.-flag product tankers for $374.1 million and other equipment and improvements for $10.6 million. Of these commitments, $304.9 million is payable during 2014, $232.8 million is payable during 2015-2016, and $9.3 million is payable during 2017. Subsequent to December 31, 2013, the Company committed to purchase one U.S.-flag articulated tug-barge and additional equipment for a total of $94.1 million. Expected delivery by vessel class is presented in a table included herein.

Restatement - As noted above, the Company made a determination to provide for income taxes of $10.1 million relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. The Company has restated its results from discontinued operations for the quarter ended March 31, 2013 in the table included in this press release and the Company will file amended versions of its Quarterly Reports on Form 10-Q for each of the first three fiscal quarters of 2013 to restate its financial results for those periods, together with an explanation of the restatements, as soon as reasonably practicable.

For the quarter ended March 31, 2013, SEACOR Holdings Inc. now reports a net loss of $21.0 million, or $1.06 per diluted share, compared with a previously reported net loss of $10.9 million, or $0.55 per diluted share, and now reports a net loss from discontinued operations of $10.2 million, or $0.51 per diluted share, compared with a previously reported net loss from discontinued operations of $0.1 million. Net loss from continuing operations of $10.8 million, or $0.55 per diluted share, remains as previously reported.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river, storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards, and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the past provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the existence of a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).


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

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
Operating Revenues       $   327,861  $   362,368  $ 1,247,272  $ 1,308,297
                         -----------  -----------  -----------  -----------
Costs and Expenses:
    Operating                228,305      270,500      908,871      977,469
    Administrative and
     general                  39,522       55,942      141,348      166,743
    Depreciation and
     amortization             33,684       34,398      134,518      131,667
                         -----------  -----------  -----------  -----------
                             301,511      360,840    1,184,737    1,275,879
                         -----------  -----------  -----------  -----------
Gains on Asset
 Dispositions and
 Impairments, Net              3,957        7,804       37,507       23,987
                         -----------  -----------  -----------  -----------
Operating Income              30,307        9,332      100,042       56,405
                         -----------  -----------  -----------  -----------
Other Income (Expense):
  Interest income              4,802        3,435       15,467       17,360
  Interest expense           (11,310)      (7,816)     (42,592)     (37,891)
  Debt extinguishment
   losses, net                    --           --           --         (160)
  Marketable security
   gains (losses), net        (3,600)        (333)       5,803       12,891
  Derivative losses, net      (5,088)        (378)      (8,323)      (2,812)
  Foreign currency gains
   (losses), net                (654)         (34)      (3,351)       1,631
  Other, net                     (89)        (309)         586        7,148
                         -----------  -----------  -----------  -----------
                             (15,939)      (5,435)     (32,410)      (1,833)
                         -----------  -----------  -----------  -----------
Income from Continuing
 Operations Before
 Income Tax Expense and
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies              14,368        3,897       67,632       54,572
Income Tax Expense             5,441        3,769       26,747       24,181
                         -----------  -----------  -----------  -----------
Income from Continuing
 Operations Before
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies               8,927          128       40,885       30,391
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                             193      (12,423)       7,264       (5,764)
                         -----------  -----------  -----------  -----------
Income (Loss) from
 Continuing Operations         9,120      (12,295)      48,149       24,627
Income (Loss) from
 Discontinued
 Operations, Net of Tax           --        9,578      (10,325)      35,832
                         -----------  -----------  -----------  -----------
Net Income (Loss)              9,120       (2,717)      37,824       60,459
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries                    724          (93)         854         (756)
                         -----------  -----------  -----------  -----------
Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.           $     8,396  $    (2,624) $    36,970  $    61,215
                         ===========  ===========  ===========  ===========

Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.:
  Continuing operations  $     8,396  $   (12,242) $    47,195  $    25,343
  Discontinued
   operations                     --        9,618      (10,225)      35,872
                         -----------  -----------  -----------  -----------
                         $     8,396  $    (2,624) $    36,970  $    61,215
                         ===========  ===========  ===========  ===========
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations  $      0.42  $     (0.61) $      2.37  $      1.24
  Discontinued
   operations                     --         0.48        (0.51)        1.76
                         -----------  -----------  -----------  -----------
                         $      0.42  $     (0.13) $      1.86  $      3.00
                         ===========  ===========  ===========  ===========
Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations  $      0.41  $     (0.61) $      2.32  $      1.22
  Discontinued
   operations                     --         0.48        (0.50)        1.73
                         -----------  -----------  -----------  -----------
                         $      0.41  $     (0.13) $      1.82  $      2.95
                         ===========  ===========  ===========  ===========
Weighted Average Common
 Shares Outstanding:
  Basic                   20,042,846   20,172,582   19,893,954   20,426,770
  Diluted                 20,530,165   20,172,582   20,293,287   20,775,896



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

                                        Three Months Ended
                      -----------------------------------------------------
                       Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
                         2013       2013       2013       2013       2012
                      ---------  ---------  ---------  ---------  ---------
Operating Revenues    $ 327,861  $ 336,784  $ 315,563  $ 267,064  $ 362,368
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             228,305    239,540    240,113    200,913    270,500
  Administrative and
   general               39,522     31,463     34,718     35,645     55,942
  Depreciation and
   amortization          33,684     33,503     33,783     33,548     34,398
                      ---------  ---------  ---------  ---------  ---------
                        301,511    304,506    308,614    270,106    360,840
                      ---------  ---------  ---------  ---------  ---------
Gains on Asset
 Dispositions and
 Impairments, Net         3,957     19,230     12,305      2,015      7,804
                      ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                  30,307     51,508     19,254     (1,027)     9,332
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Interest income         4,802      4,280      3,218      3,167      3,435
  Interest expense      (11,310)   (10,520)    (7,922)   (12,840)    (7,816)
  Marketable security
   gains (losses),
   net                   (3,600)    (1,149)     6,557      3,995       (333)
  Derivative losses,
   net                   (5,088)      (303)      (825)    (2,107)      (378)
  Foreign currency
   gains (losses),
   net                     (654)     2,230       (916)    (4,011)       (34)
  Other, net                (89)       477        195          3       (309)
                      ---------  ---------  ---------  ---------  ---------
                        (15,939)    (4,985)       307    (11,793)    (5,435)
                      ---------  ---------  ---------  ---------  ---------
Income (Loss) from
 Continuing
 Operations Before
 Income Tax Expense
 (Benefit) and Equity
 In Earnings (Losses)
 of 50% or Less Owned
 Companies               14,368     46,523     19,561    (12,820)     3,897
Income Tax Expense
 (Benefit)                5,441     15,984      7,975     (2,653)     3,769
                      ---------  ---------  ---------  ---------  ---------
Income (Loss) from
 Continuing
 Operations Before
 Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies     8,927     30,539     11,586    (10,167)       128
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        193        230      7,710       (869)   (12,423)
                      ---------  ---------  ---------  ---------  ---------
Income (Loss) from
 Continuing
 Operations               9,120     30,769     19,296    (11,036)   (12,295)
Income (Loss) from
 Discontinued
 Operations, Net of
 Tax                         --         --         --    (10,325)     9,578
                      ---------  ---------  ---------  ---------  ---------
Net Income (Loss)         9,120     30,769     19,296    (21,361)    (2,717)
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries               724        478         25       (373)       (93)
                      ---------  ---------  ---------  ---------  ---------
Net Income (Loss)
 attributable to
 SEACOR Holdings Inc. $   8,396  $  30,291  $  19,271  $ (20,988) $  (2,624)
                      =========  =========  =========  =========  =========

Net Income (Loss)
 attributable to
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $   8,396  $  30,291  $  19,271  $ (10,763) $ (12,242)
  Discontinued
   operations                --         --         --    (10,225)     9,618
                      ---------  ---------  ---------  ---------  ---------
                      $   8,396  $  30,291  $  19,271  $ (20,988) $  (2,624)
                      =========  =========  =========  =========  =========
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $    0.42  $    1.52  $    0.97  $   (0.55) $   (0.61)
  Discontinued
   operations                --         --         --      (0.51)      0.48
                      ---------  ---------  ---------  ---------  ---------
                      $    0.42  $    1.52  $    0.97  $   (1.06) $   (0.13)
                      =========  =========  =========  =========  =========
Diluted Earnings
 (Loss) Per Common
 Share of SEACOR
 Holdings Inc.:
  Continuing
   operations         $    0.41  $    1.36  $    0.91  $   (0.55) $   (0.61)
  Discontinued
   operations                --         --         --      (0.51)      0.48
                      ---------  ---------  ---------  ---------  ---------
                      $    0.41  $    1.36  $    0.91  $   (1.06) $   (0.13)
                      =========  =========  =========  =========  =========
Weighted Average
 Common Shares of
 Outstanding:
  Basic                  20,043     19,965     19,825     19,739     20,173
  Diluted                20,530     24,602     24,392     19,739     20,173
Common Shares
 Outstanding at
 Period End              20,382     20,332     20,184     20,106     19,888
Special Cash Dividend
 Declared and Paid
 Per Common Share of
 SEACOR Holdings Inc. $      --  $      --  $      --  $      --  $    5.00



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

                                        Three Months Ended
                      -----------------------------------------------------
                       Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
                         2013       2013       2013       2013       2012
                      ---------  ---------  ---------  ---------  ---------
Offshore Marine
 Services
Operating Revenues    $ 148,371  $ 156,198  $ 138,678  $ 124,016  $ 141,133
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              99,320     95,113     97,581     90,031     91,414
  Administrative and
   general               17,085     14,132     14,235     14,827     19,456
  Depreciation and
   amortization          16,207     16,470     16,460     16,287     16,750
                      ---------  ---------  ---------  ---------  ---------
                        132,612    125,715    128,276    121,145    127,620
                      ---------  ---------  ---------  ---------  ---------
Gains on Asset
 Dispositions             3,087     15,343      7,895      2,339      5,822
                      ---------  ---------  ---------  ---------  ---------
Operating Income         18,846     45,826     18,297      5,210     19,335
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Derivative gains
   (losses), net           (274)        32        175        150       (243)
  Foreign currency
   gains (losses),
   net                      (49)     1,937       (833)    (3,264)      (409)
  Other, net                 (8)        --         11         --         (9)
Equity in Earnings of
 50% or Less Owned
 Companies, Net of
 Tax                      2,988      1,527      7,694      1,313      1,146
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $  21,503  $  49,322  $  25,344  $   3,409  $  19,820
                      =========  =========  =========  =========  =========

OIBDA(1)              $  35,053  $  62,296  $  34,757  $  21,497  $  36,085
                      =========  =========  =========  =========  =========
Drydocking
 expenditures
 (included in
 operating costs and
 expenses)            $  11,899  $   9,017  $  14,804  $  11,225  $   7,261
                      =========  =========  =========  =========  =========
Out-of-service days
 for drydockings            668        635        994        645        323
                      =========  =========  =========  =========  =========

Inland River Services
Operating Revenues    $  65,437  $  52,742  $  47,357  $  50,077  $  66,476
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              42,472     38,473     35,193     36,389     47,630
  Administrative and
   general                4,034      3,431      3,921      4,024      4,689
  Depreciation and
   amortization           7,430      6,869      7,078      7,084      6,684
                      ---------  ---------  ---------  ---------  ---------
                         53,936     48,773     46,192     47,497     59,003
                      ---------  ---------  ---------  ---------  ---------
Gains on Asset
 Dispositions               779        783      4,296        697      1,378
                      ---------  ---------  ---------  ---------  ---------
Operating Income         12,280      4,752      5,461      3,277      8,851
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                     (160)       (89)       219       (137)       144
  Other, net                 --         --         --         --         (1)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                     (5,320)        80          1     (2,387)    (1,772)
                      ---------  ---------  ---------  ---------  ---------
Segment Profit        $   6,800  $   4,743  $   5,681  $     753  $   7,222
                      =========  =========  =========  =========  =========

OIBDA(1)              $  19,710  $  11,621  $  12,539  $  10,361  $  15,535
                      =========  =========  =========  =========  =========



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

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2013      2013      2013      2013      2012
                           --------  --------  --------  --------  --------
Shipping Services
Operating Revenues         $ 51,405  $ 48,200  $ 48,103  $ 46,476  $ 46,322
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  32,900    28,215    29,554    26,614    28,250
  Administrative and
   general                    5,639     5,133     6,124     5,177     5,614
  Depreciation and
   amortization               7,754     7,841     7,907     7,797     7,880
                           --------  --------  --------  --------  --------
                             46,293    41,189    43,585    39,588    41,744
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net                91     3,104       114    (3,069)    1,123
                           --------  --------  --------  --------  --------
Operating Income              5,203    10,115     4,632     3,819     5,701
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                 (5)        6        (8)       (7)      (11)
  Other, net                     18       540       188        14        20
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            376    (1,413)     (403)   (1,505)   (2,606)
                           --------  --------  --------  --------  --------
Segment Profit             $  5,592  $  9,248  $  4,409  $  2,321  $  3,104
                           ========  ========  ========  ========  ========

OIBDA(1)                   $ 12,957  $ 17,956  $ 12,539  $ 11,616  $ 13,581
                           ========  ========  ========  ========  ========
Drydocking expenditures
 for U.S.-flag product
 tankers (included in
 operating costs and
 expenses)                 $  5,504  $    664  $  2,884  $     74  $  2,137
                           ========  ========  ========  ========  ========
Out-of-service days for
 drydockings of U.S.-flag
 product tankers                 26         5        34         1        27
                           ========  ========  ========  ========  ========

Illinois Corn Processing
Operating Revenues         $ 46,875  $ 52,580  $ 61,378  $ 32,849  $ 42,280
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  38,812    52,390    59,402    34,045    43,364
  Administrative and
   general                      465       428       477       661       516
  Depreciation and
   amortization               1,330     1,489     1,489     1,489     1,549
                           --------  --------  --------  --------  --------
                             40,607    54,307    61,368    36,195    45,429
                           --------  --------  --------  --------  --------
Operating Income (Loss)       6,268    (1,727)       10    (3,346)   (3,149)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net             (3,719)    1,129       473        39       900
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $  2,549  $   (598) $    483  $ (3,307) $ (2,249)
                           ========  ========  ========  ========  ========

OIBDA(1)                   $  7,598  $   (238) $  1,499  $ (1,857) $ (1,600)
                           ========  ========  ========  ========  ========



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

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2013      2013      2013      2013      2012
                           --------  --------  --------  --------  --------
Other
Operating Revenues         $ 16,675  $ 27,881  $ 20,652  $ 14,324  $ 68,394
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  15,665    26,141    18,960    14,488    62,027
  Administrative and
   general                    1,888     1,429     1,323     1,656     7,492
  Depreciation and
   amortization                  91        92        96        99       721
                           --------  --------  --------  --------  --------
                             17,644    27,662    20,379    16,243    70,240
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net                --        --        --     1,907      (363)
                           --------  --------  --------  --------  --------
Operating Income (Loss)        (969)      219       273       (12)   (2,209)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                198      (380)     (450)      842       649
  Foreign currency gains
   (losses), net                (21)       15      (169)     (167)       12
  Other, net                    (39)       (3)       --        54        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          2,149        36       418     1,710    (9,191)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $  1,318  $   (113) $     72  $  2,427  $(10,739)
                           ========  ========  ========  ========  ========

OIBDA(1)                   $   (878) $    311  $    369  $     87  $ (1,488)
                           ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues         $   (902) $   (817) $   (605) $   (678) $ (2,237)
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                    (864)     (792)     (577)     (654)   (2,185)
  Administrative and
   general                   10,411     6,910     8,638     9,300    18,175
  Depreciation and
   amortization                 872       742       753       792       814
                           --------  --------  --------  --------  --------
                             10,419     6,860     8,814     9,438    16,804
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions                    --        --        --       141      (156)
                           --------  --------  --------  --------  --------
Operating Loss             $(11,321) $ (7,677) $ (9,419) $ (9,975) $(19,197)
                           ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative losses, net   $ (1,293) $ (1,084) $ (1,023) $ (3,138) $ (1,684)
  Foreign currency gains
   (losses), net               (419)      361      (125)     (436)      230
  Other, net                    (60)      (60)       (4)      (65)     (319)

(1)  Non-GAAP Financial Measure. The Company, from time to time, discloses
     and discusses OIBDA, a non-GAAP financial measure, in its public
     releases and other filings with the Securities and Exchange Commission.
     The Company defines OIBDA as operating income (loss) plus depreciation
     and amortization. The Company's measure of OIBDA may not be comparable
     to similarly titled measures presented by other companies. Other
     companies may calculate OIBDA differently than the Company, which may
     limit its usefulness as a comparative measure. OIBDA is a financial
     metric used by management (i) as a supplemental internal measure for
     planning and forecasting overall expectations and for evaluating actual
     results against such expectations; (ii) as a criteria for annual
     incentive bonuses paid to the Company's executive officers and other
     shore-based employees; (iii) to compare to the OIBDA of other companies
     when evaluating potential acquisitions; and (iv) to assess the
     Company's ability to service existing fixed charges and incur
     additional indebtedness.



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

                  Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,
                    2013        2013        2013        2013        2012
                ----------- ----------- ----------- ----------- -----------
     ASSETS
Current Assets:
 Cash and cash
  equivalents   $   527,435 $   332,767 $   394,783 $   312,977 $   248,204
 Restricted cash     12,175      20,893      16,776      27,129      28,285
 Marketable
  securities         24,292      25,660      27,264      22,568      21,668
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts         215,768     211,853     188,128     172,889     224,944
  Other              48,181      39,774      37,204      41,139      45,334
 Inventories         27,615      25,442      22,955      31,966      25,787
 Deferred income
  taxes                 116       3,530       3,530       3,530       3,530
 Prepaid
  expenses and
  other               6,701      10,746      11,715       8,834      12,719
 Discontinued
  operations             --          --          --         384     108,153
                ----------- ----------- ----------- ----------- -----------
  Total current
   assets           862,283     670,665     702,355     621,416     718,624
                ----------- ----------- ----------- ----------- -----------
Property and
 Equipment:
  Historical
   cost           2,199,183   2,208,315   2,212,929   2,186,892   2,238,383
  Accumulated
   depreciation    (866,330)   (835,604)   (806,672)   (785,765)   (763,803)
                ----------- ----------- ----------- ----------- -----------
                  1,332,853   1,372,711   1,406,257   1,401,127   1,474,580
  Construction
   in progress      143,482     129,481     133,985     113,381     110,296
                ----------- ----------- ----------- ----------- -----------
  Net property
   and equipment  1,476,335   1,502,192   1,540,242   1,514,508   1,584,876
                ----------- ----------- ----------- ----------- -----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          440,853     365,891     293,793     299,778     272,535
Construction
 Reserve Funds &
 Title XI
 Reserve Funds      261,739     229,021     150,375     194,477     195,629
Goodwill             17,985      17,978      17,978      17,978      17,978
Intangible
 Assets, Net         12,423      13,583      14,594      15,754      15,305
Other Assets         44,615      52,394      48,996      51,576      55,123
Discontinued
 Operations              --          --          --          --     840,724
                ----------- ----------- ----------- ----------- -----------
                $ 3,116,233 $ 2,851,724 $ 2,768,333 $ 2,715,487 $ 3,700,794
                =========== =========== =========== =========== ===========

 LIABILITIES AND
      EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt          $    45,323 $    26,973 $    25,109 $    15,435 $    21,920
 Accounts
  payable and
  accrued
  expenses           85,477      73,063      73,185      69,008     107,892
 Other current
  liabilities       123,619     124,788     122,434     122,125      95,993
 Discontinued
  operations             --          --          --         300      39,836
                ----------- ----------- ----------- ----------- -----------
  Total current
   liabilities      254,419     224,824     220,728     206,868     265,641
                ----------- ----------- ----------- ----------- -----------
Long-Term Debt      834,118     675,206     674,444     655,384     655,309
Deferred Income
 Taxes              457,827     437,436     421,623     422,719     426,027
Deferred Gains
 and Other
 Liabilities        144,441     133,525     115,102     116,608     120,401
Discontinued
 Operations              --          --          --       2,599     490,741
                ----------- ----------- ----------- ----------- -----------
  Total
   liabilities    1,690,805   1,470,991   1,431,897   1,404,178   1,958,119
                ----------- ----------- ----------- ----------- -----------
Equity:
 SEACOR Holdings
  Inc.
  stockholders'
  equity:
  Preferred
   stock                 --          --          --          --          --
  Common stock          372         372         370         369         367
  Additional
   paid-in
   capital        1,394,621   1,358,273   1,347,909   1,340,875   1,330,324
  Retained
   earnings       1,095,270   1,086,874   1,056,583   1,037,312   1,473,509
  Shares held in
   treasury, at
   cost          (1,088,219) (1,088,219) (1,089,061) (1,089,064) (1,088,560)
  Accumulated
   other
   comprehensive
   loss, net of
   tax               (1,192)     (1,809)     (4,243)     (4,321)     (1,986)
                ----------- ----------- ----------- ----------- -----------
                  1,400,852   1,355,491   1,311,558   1,285,171   1,713,654
 Noncontrolling
  interests in
  subsidiaries       24,576      25,242      24,878      26,138      29,021
                ----------- ----------- ----------- ----------- -----------
  Total equity    1,425,428   1,380,733   1,336,436   1,311,309   1,742,675
                ----------- ----------- ----------- ----------- -----------
                $ 3,116,233 $ 2,851,724 $ 2,768,333 $ 2,715,487 $ 3,700,794
                =========== =========== =========== =========== ===========



                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                            Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                              2013      2013      2013      2013      2012
                           --------- --------- --------- --------- ---------
Offshore Marine Services
Anchor handling towing
 supply                           18        18        18        19        19
Crew                              42        43        45        47        47
Mini-supply                        8         8         8         9         9
Standby safety                    25        25        25        25        25
Supply                            27        26        26        26        26
Towing supply                      3         3         3         3         3
Specialty                         12        12        12        11        10
Liftboats                         15        15        17        20        20
Wind farm utility                 34        33        32        31        30
                           --------- --------- --------- --------- ---------
                                 184       183       186       191       189
                           ========= ========= ========= ========= =========

Inland River Services
Inland river dry-cargo
 barges                        1,405     1,409     1,413     1,434     1,444
Inland river liquid tank
 barges                           74        75        75        80        81
Inland river deck barges          20        20        20        20        20
Inland river towboats             32        31        31        31        31
Dry-cargo vessel                   1         1         1         1         1
                           --------- --------- --------- --------- ---------
                               1,532     1,536     1,540     1,566     1,577
                           ========= ========= ========= ========= =========

Shipping Services(1)
U.S.-flag:
  Product tankers                  7         7         7         7         7
  RORO/deck barges                 7         7         7         7         7
  Dry bulk articulated
   tug-barge                       1         1         1         1         1
  Harbor tugs                     24        24        24        22        22
  Ocean liquid tank barges         5         5         5         5         5
Foreign-flag:
  Harbor tugs                      4         4         4         4         4
  Very large gas carriers          3         3        --        --        --
  Short Sea Container/RORO         8         7         8         7         7
                           --------- --------- --------- --------- ---------
                                  59        58        56        53        53
                           ========= ========= ========= ========= =========

(1)  For each of the periods presented, the Company provided technical
     management services for two additional vessels.



                            SEACOR HOLDINGS INC.
                          EXPECTED FLEET DELIVERIES
                                 (unaudited)

                                 2014        2015        2016     2017
                             ----------- ----------- ----------- ----- -----
                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total
                             -- -- -- -- -- -- -- -- -- -- -- -- -- -- -----
Offshore Marine Services
Crew                          2  2  1 --  1  1  2  1  1 -- -- -- -- --    11
Supply(1)                    --  1  1 -- --  1 -- -- -- -- -- -- -- --     3
Wind farm utility             1  1 -- -- -- -- -- -- -- -- -- -- -- --     2

Inland River Services
Inland river dry-cargo
 barges                      -- 66 14 -- -- -- -- -- -- -- -- -- -- --    80
Inland river liquid tank
 barges                       4  1 --  1 -- -- -- -- -- -- -- -- -- --     6
Inland river towboats         1  1  1  1  1 -- -- -- -- -- -- -- -- --     5

Shipping Services
U.S.-flag product tankers    -- -- -- -- -- -- -- --  1 -- --  1  1 --     3
U.S.-flag articulated tug-
 barge                       -- -- -- -- -- -- -- -- --  1 -- -- -- --     1

(1)  To be sold to SEACOR OSV Partners I LP, a 50% or less owned company,
     upon delivery.



                            SEACOR HOLDINGS INC.
                          OFFSHORE MARINE SERVICES
                        TIME CHARTER OPERATING DATA
                                (unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2013      2013      2013      2013      2012
                           --------  --------  --------  --------  --------
Rates Per Day Worked:
  Anchor handling towing
   supply                  $ 26,773  $ 29,008  $ 23,635  $ 26,683  $ 25,059
  Crew                        8,627     8,553     7,719     7,664     7,231
  Mini-supply                 7,805     8,048     7,721     7,666     7,664
  Standby safety             10,584     9,922     9,621     9,642    10,001
  Supply                     16,906    17,541    16,864    14,915    16,599
  Towing supply               8,744    10,970     9,156     9,349     9,573
  Specialty                  31,856    37,121    24,822    12,950    20,635
  Liftboats                  26,072    25,001    22,062    18,573    20,673
  Overall Average Rates
   Per Day Worked
   (excluding wind farm
   utility)                  15,355    15,677    13,588    12,878    13,306
  Wind farm utility           2,427     2,315     2,302     2,142     2,653
  Overall Average Rates
   Per Day Worked            12,279    12,454    11,010    10,657    11,160

Utilization:
  Anchor handling towing
   supply                        74%       75%       74%       74%       63%
  Crew                           84%       88%       90%       91%       91%
  Mini-supply                    94%       96%       97%       74%       85%
  Standby safety                 88%       88%       86%       88%       87%
  Supply                         82%       75%       83%       72%       87%
  Towing supply                  84%       83%       79%      100%       94%
  Specialty                      81%       58%       54%       25%       57%
  Liftboats                      73%       82%       69%       64%       80%
  Overall Fleet
   Utilization (excluding
   wind farm utility)            82%       83%       82%       79%       83%
  Wind farm utility              90%       95%       93%       82%       88%
  Overall Fleet
   Utilization                   84%       86%       84%       79%       84%

Available Days:
  Anchor handling towing
   supply                     1,564     1,564     1,547     1,530     1,632
  Crew                        2,740     2,844     3,057     3,060     3,220
  Mini-supply                   552       552       565       630       644
  Standby safety              2,208     2,208     2,184     2,160     2,208
  Supply                      1,564     1,564     1,538     1,581     1,656
  Towing supply                 184       184       182       180       184
  Specialty                     276       327       364       360       329
  Liftboats                   1,380     1,543     1,614     1,620     1,656
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days(excluding wind
   farm utility)             10,468    10,786    11,051    11,121    11,529
  Wind farm utility           2,959     2,978     2,889     2,790     2,760
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days                      13,427    13,764    13,940    13,911    14,289
                           ========  ========  ========  ========  ========

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

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