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SEACOR Holdings Announces Results for Its Second Quarter and Six Months Ended June 30, 2016


/EINPresswire.com/ -- FORT LAUDERDALE, FL -- (Marketwired) -- 08/01/16 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter and six months ended June 30, 2016.

For the quarter ended June 30, 2016, net loss attributable to SEACOR Holdings Inc. was $55.2 million ($3.26 per diluted share). For the six months ended June 30, 2016, net loss attributable to SEACOR Holdings Inc. was $82.3 million ($4.88 per diluted share). Results attributable to SEACOR Holdings Inc. for the six months ended June 30, 2016 included:

  • low utilization of equipment as a consequence of continuing difficult market conditions for Offshore Marine Services and, to a lesser extent, Inland River Services;
  • a net loss of $28.2 million ($1.67 per diluted share) as a result of a decline in the fair market value of the Company's marketable security position in Dorian LPG Ltd ("Dorian");
  • a net loss of $13.9 million ($0.82 per diluted share) as a result of Offshore Marine Services' impairment charges primarily associated with its liftboat fleet;
  • a net loss of $4.2 million ($0.25 per diluted share) to reserve for one of the Company's notes receivable from third parties following a decline in the underlying collateral value; and
  • a net loss of $3.0 million ($0.18 per diluted share) related to Offshore Marine Services' proportionate share of impairment charges associated with its joint ventured fleet.

For the preceding quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share). A comparison of results for the quarter ended June 30, 2016 with the preceding quarter ended March 31, 2016 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million ($0.04 per diluted share). For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million ($1.06 per diluted share).

Highlights for the Quarter

Offshore Marine Services - Operating loss was $34.5 million compared with $16.6 million in the preceding quarter. As a consequence of continuing difficult market conditions, the Company recognized impairment charges in the second quarter of $20.9 million primarily associated with its liftboat fleet. Operating income (loss) before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the segment information tables herein), excluding impairment charges, was $1.7 million on operating revenues of $57.3 million compared with $(1.3) million on operating revenues of $59.9 million in the preceding quarter.

Excluding wind farm utility vessels but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 52% to 50%. Average rates per day worked decreased by 2% from $10,545 to $10,354. Days available for charter during the second quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.6 million higher compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.4 million lower primarily due to weaker market conditions. Time charter revenues for other vessel classes were approximately the same as the preceding quarter. Operating expenses were $2.1 million lower compared with the preceding quarter, primarily due to savings from cold-stacking vessels. Utilization was unchanged at 17% on a total fleet basis including cold-stacked vessels. Average rates per day worked decreased by 20% from $21,341 to $17,109. As of June 30, 2016, the Company had 25 of 33 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 21 of 32 as of March 31, 2016. Of the 25 vessels cold-stacked, 13 were liftboats.

Operating results from international regions, excluding losses on asset dispositions and impairments, were $1.5 million higher compared with the preceding quarter primarily due to a reduction in drydocking expenses. Utilization declined from 71% to 68% on a total fleet basis excluding wind farm utility vessels but including cold-stacked vessels. Average rates per day worked increased by 3% from $9,109 to $9,413. As of June 30, 2016, the Company had four of 100 owned and leased-in vessels cold-stacked in international regions compared with five of 101 vessels as of March 31, 2016.

Derivative gains of $2.9 million in the first quarter were primarily due to unrealized gains on equity options.

Foreign currency losses of $0.8 million in the second quarter and $1.6 million in the preceding quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.

Equity in losses of 50% or less owned companies of $3.3 million in the second quarter were primarily due to losses of $3.0 million for the Company's proportionate share of impairment charges associated with its joint ventured fleet.

Inland River Services - Operating loss was $1.1 million compared with $0.9 million in the preceding quarter. OIBDA was $5.2 million on operating revenues of $33.8 million compared with $6.2 million on operating revenues of $39.6 million in the preceding quarter.

During the second quarter, the Company sold the owned equipment and the rights to leased-in equipment that comprised its liquid unit tow operation for net proceeds of $90.0 million and gains of $2.0 million, all of which were recognized currently. In addition the Company recognized previously deferred gains of $0.6 million.

Operating results, excluding gains on asset dispositions, were $2.1 million lower compared with the preceding quarter primarily due to lower seasonal activity levels for the dry-cargo barge pools and terminal operations. Lower export demand has reduced operating results in both the second and preceding quarter.

Foreign currency gains of $1.0 million in the second quarter and $1.4 million in the preceding quarter were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.

During the second quarter, the Company recognized $1.8 million of equity losses from its 50% owned company operating on the Parana-Paraguay River Waterway as a consequence of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million and deferred gains of $0.5 million on notes due from and equipment previously sold to this 50% or less owned company.

Shipping Services - Operating income was $10.6 million compared with $16.3 million in the preceding quarter. OIBDA was $18.0 million (of which $5.9 million was attributable to noncontrolling interests) on operating revenues of $55.6 million compared with $22.9 million (of which $8.0 million was attributable to noncontrolling interests) on operating revenues of $57.1 million in the preceding quarter.

Operating results were $5.7 million lower in the second quarter. Operating results were $2.8 million lower as a consequence of 45 out-of-service days for one U.S.-flag product tanker undergoing cargo tank modifications for chemical carriage, $1.6 million lower primarily due to a reduction in average yields for harbor towing resulting from changes in the mix of vessels calling at ports served, and $1.1 million lower as a result of a rate modification upon the Company's election to keep a U.S.-flag product tanker on charter with an existing client.

Illinois Corn Processing - Segment profit was $3.3 million (of which $1.0 million was attributable to noncontrolling interests) on operating revenues of $40.6 million compared with $1.4 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $49.6 million in the preceding quarter. Segment profit was $1.9 million higher primarily due to an improvement in industry-wide fuel ethanol margins.

Debt Extinguishment Gains - During the second quarter, the Company purchased $8.7 million in principal amount of its 7.375% Senior Notes for $8.4 million resulting in gains on debt extinguishment of $0.3 million and purchased $55.8 million in principal amount of its 2.5% Convertible Senior Notes for $54.9 million resulting in gains on debt extinguishment of $1.3 million.

Marketable Security Transactions. - Unrealized marketable security losses on the Company's investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG," were $21.6 million in the second quarter and $21.7 million in the preceding quarter. Dorian's closing share price was $11.77, $9.40, $7.05 and $5.83 as of December, 31, 2015, March 31, 2016, June 30, 2016 and August 1, 2016, respectively. The Company's cost basis in Dorian is $13.66 per share.

Other, net. - During the second quarter, other losses include a $6.7 million reserve for one of the Company's notes receivable from third parties following a decline in the underlying collateral value.

Capital Commitments - The Company's capital commitments as of June 30, 2016 by year of expected payment were as follows (in thousands):


                                 2016     2017     2018     2019     Total
                              --------- -------- -------- -------- ---------
Offshore Marine Services      $  33,033 $ 41,683 $ 41,603 $ 10,124 $ 126,443
Shipping Services                82,825   23,624       --       --   106,449
Inland River Services            24,723   28,022       --       --    52,745
Illinois Corn Processing          1,723       --       --       --     1,723
                              --------- -------- -------- -------- ---------
                              $ 142,304 $ 93,329 $ 41,603 $ 10,124 $ 287,360
                              ========= ======== ======== ======== =========

Offshore Marine Services' capital commitments included nine fast support vessels, four supply vessels and one wind farm utility vessel. These commitments included $14.2 million for one supply vessel that may be assumed by a third party at their option. Shipping Services' capital commitments included two U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge, two U.S.-flag harbor tugs and other equipment and upgrades. Inland River Services' capital commitments included 50 dry-cargo barges, three inland river towboats and other equipment and improvements.

Liquidity and Debt - As of June 30, 2016, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $809.2 million and its total outstanding debt was $1,039.0 million. In addition, the Company had $90.8 million of borrowing capacity under its subsidiary credit facilities. Subsequent to June 30, 2016, the Company's subsidiaries borrowed $27.9 million under these credit facilities to fund their capital commitments.

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 a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, as well as an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, including as a result of the recent vote in the U.K. to leave the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K and other reports filed by the Company with the SEC. 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). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.



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

                            Three Months Ended         Six Months Ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2016         2015         2016         2015
                         -----------  -----------  -----------  -----------
Operating Revenues       $   197,038  $   281,609  $   410,966  $   542,253
                         -----------  -----------  -----------  -----------
Costs and Expenses:
  Operating                  143,882      207,743      301,350      406,891
  Administrative and
   general                    34,175       38,674       69,879       77,561
  Depreciation and
   amortization               31,361       32,079       62,350       63,509
                         -----------  -----------  -----------  -----------
                             209,418      278,496      433,579      547,961
                         -----------  -----------  -----------  -----------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net            (17,771)       4,386      (17,554)        (460)
                         -----------  -----------  -----------  -----------
Operating Income (Loss)      (30,151)       7,499      (40,167)      (6,168)
                         -----------  -----------  -----------  -----------
Other Income (Expense):
  Interest income              5,020        4,474       10,613        9,053
  Interest expense           (12,834)     (10,391)     (24,769)     (20,903)
  Debt extinguishment
   gains (losses), net         1,615      (29,536)       4,838      (29,536)
  Marketable security
   gains (losses), net       (23,951)      10,249      (49,047)       1,128
  Derivative gains
   (losses), net              (1,555)       1,426        1,065       (1,570)
  Foreign currency gains
   (losses), net                 (22)       2,436           15          443
  Other, net                  (7,652)       4,433       (7,384)       4,389
                         -----------  -----------  -----------  -----------
                             (39,379)     (16,909)     (64,669)     (36,996)
                         -----------  -----------  -----------  -----------
Loss Before Income Tax
 Expense (Benefit) and
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies             (69,530)      (9,410)    (104,836)     (43,164)
Income Tax Expense
 (Benefit)                   (25,759)         155      (40,590)     (11,799)
                         -----------  -----------  -----------  -----------
Loss Before Equity in
 Earnings (Losses) of
 50% or Less Owned
 Companies                   (43,771)      (9,565)     (64,246)     (31,365)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          (7,162)       1,064       (7,211)       4,963
                         -----------  -----------  -----------  -----------
Net Loss                     (50,933)      (8,501)     (71,457)     (26,402)
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries                  4,226       (9,188)      10,888       (7,520)
                         -----------  -----------  -----------  -----------
Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.           $   (55,159) $       687  $   (82,345) $   (18,882)
                         ===========  ===========  ===========  ===========

Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.    $     (3.26) $      0.04  $     (4.88) $     (1.06)

Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.    $     (3.26) $      0.04  $     (4.88) $     (1.06)

Weighted Average Common
 Shares Outstanding:
  Basic                   16,928,722   17,780,759   16,873,045   17,779,250
  Diluted                 16,928,722   18,082,464   16,873,045   17,779,250



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

                                          Three Months Ended
                           ------------------------------------------------
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                             2016      2016      2015      2015      2015
                           --------  --------  --------  --------  --------
Operating Revenues         $197,038  $213,928  $250,631  $261,852  $281,609
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 143,882   157,468   165,729   175,985   207,743
  Administrative and
   general                   34,175    35,704    41,158    37,892    38,674
  Depreciation and
   amortization              31,361    30,989    31,460    31,018    32,079
                           --------  --------  --------  --------  --------
                            209,418   224,161   238,347   244,895   278,496
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net           (17,771)      217   (13,212)   11,264     4,386
                           --------  --------  --------  --------  --------
Operating Income (Loss)     (30,151)  (10,016)     (928)   28,221     7,499
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Interest income             5,020     5,593     5,902     5,065     4,474
  Interest expense          (12,834)  (11,935)  (11,500)  (10,894)  (10,391)
  Debt extinguishment
   gains (losses), net        1,615     3,223     1,473      (434)  (29,536)
  Marketable security
   gains (losses), net      (23,951)  (25,096)    3,402    (4,604)   10,249
  Derivative gains
   (losses), net             (1,555)    2,620       199      (725)    1,426
  Foreign currency gains
   (losses), net                (22)       37    (1,138)   (4,057)    2,436
  Other, net                 (7,652)      268       611     1,773     4,433
                           --------  --------  --------  --------  --------
                            (39,379)  (25,290)   (1,051)  (13,876)  (16,909)
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Income Tax Expense
 (Benefit) and Equity in
 Earnings (Losses) of 50%
 or Less Owned Companies    (69,530)  (35,306)   (1,979)   14,345    (9,410)
Income Tax Expense
 (Benefit)                  (25,759)  (14,831)   (2,626)    3,063       155
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies            (43,771)  (20,475)      647    11,282    (9,565)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                         (7,162)      (49)  (50,500)    5,123     1,064
                           --------  --------  --------  --------  --------
Net Income (Loss)           (50,933)  (20,524)  (49,853)   16,405    (8,501)
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries              4,226     6,662     7,012     9,440    (9,188)
                           --------  --------  --------  --------  --------
Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.             $(55,159) $(27,186) $(56,865) $  6,965  $    687
                           ========  ========  ========  ========  ========

Basic Earnings (Loss) Per
 Common Share of SEACOR
 Holdings Inc.             $  (3.26) $  (1.62) $  (3.36) $   0.40  $   0.04

Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.      $  (3.26) $  (1.62) $  (3.36) $   0.40  $   0.04

Weighted Average Common
 Shares of Outstanding:
  Basic                      16,929    16,817    16,942    17,295    17,781
  Diluted                    16,929    16,817    16,942    17,561    18,082
Common Shares Outstanding
 at Period End               17,321    17,295    17,155    17,354    18,012



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

                                          Three Months Ended
                           ------------------------------------------------
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                             2016      2016      2015      2015      2015
                           --------  --------  --------  --------  --------
Offshore Marine Services
Operating Revenues         $ 57,271  $ 59,879  $ 83,166  $ 95,531  $ 96,715
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  44,245    48,850    59,223    70,221    72,173
  Administrative and
   general                   11,929    12,398    14,118    12,753    12,655
  Depreciation and
   amortization              15,254    14,838    15,419    15,252    15,692
                           --------  --------  --------  --------  --------
                             71,428    76,086    88,760    98,226   100,520
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net           (20,357)     (380)  (13,577)     (246)    3,455
                           --------  --------  --------  --------  --------
Operating Loss              (34,514)  (16,587)  (19,171)   (2,941)     (350)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                163     2,898    (2,751)      (10)        4
  Foreign currency gains
   (losses), net               (819)   (1,560)     (350)   (1,567)    1,907
  Other, net                     --       265       373        (9)       43
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                         (3,315)    2,161     1,248     1,708     2,826
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $(38,485) $(12,823) $(20,651) $ (2,819) $  4,430
                           ========  ========  ========  ========  ========

OIBDA(2)                   $(19,260) $ (1,749) $ (3,752) $ 12,311  $ 15,342
                           ========  ========  ========  ========  ========
Drydocking expenditures
 (included in operating
 costs and expenses)       $  1,964  $  3,703  $  3,485  $  1,483  $  5,932
                           ========  ========  ========  ========  ========
Out-of-service days for
 drydockings                    191       131       246        87       315
                           ========  ========  ========  ========  ========

Inland River Services
Operating Revenues         $ 33,814  $ 39,614  $ 58,415  $ 54,310  $ 61,150
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  27,446    30,118    38,459    39,487    48,556
  Administrative and
   general                    3,777     3,912     4,011     3,907     3,765
  Depreciation and
   amortization               6,254     7,137     7,113     7,268     7,362
                           --------  --------  --------  --------  --------
                             37,477    41,167    49,583    50,662    59,683
                           --------  --------  --------  --------  --------
Gains on Asset
 Dispositions                 2,580       605       389    11,510     1,166
                           --------  --------  --------  --------  --------
Operating Income (Loss)      (1,083)     (948)    9,221    15,158     2,633
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                 --        --       (15)       50       177
  Foreign currency gains
   (losses), net              1,018     1,437      (640)   (2,173)      208
  Other, net                     (4)       --        --        --        --
Equity in Losses of 50% or
 Less Owned Companies, Net
 of Tax                      (1,677)   (2,778)  (25,092)   (2,117)   (3,717)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $ (1,746) $ (2,289) $(16,526) $ 10,918  $   (699)
                           ========  ========  ========  ========  ========

OIBDA(2)                   $  5,171  $  6,189  $ 16,334  $ 22,426  $  9,995
                           ========  ========  ========  ========  ========



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

                                           Three Months Ended
                           -------------------------------------------------
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,   Jun. 30,
                             2016      2016      2015      2015       2015
                           --------  --------  --------  --------  ---------
Shipping Services
Operating Revenues         $ 55,620  $ 57,055  $ 61,388  $ 58,673  $  55,674
                           --------  --------  --------  --------  ---------
Costs and Expenses:
  Operating                  30,269    27,234    28,118    27,666     36,124
  Administrative and
   general                    7,337     6,918     7,014     6,236      6,676
  Depreciation and
   amortization               7,415     6,562     6,474     6,476      6,611
                           --------  --------  --------  --------  ---------
                             45,021    40,714    41,606    40,378     49,411
                           --------  --------  --------  --------  ---------
Gains (Losses) on Asset
 Dispositions                     6        (6)       --        --         --
                           --------  --------  --------  --------  ---------
Operating Income             10,605    16,335    19,782    18,295      6,263
                           --------  --------  --------  --------  ---------
Other Income (Expense):
  Foreign currency gains
   (losses), net                 (6)       (3)      (18)       (9)         9
  Other, net                   (928)        1         1     1,836        187
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                         (1,591)       26   (27,578)    5,292      2,363
                           --------  --------  --------  --------  ---------
Segment Profit (Loss)(1)   $  8,080  $ 16,359  $ (7,813) $ 25,414  $   8,822
                           ========  ========  ========  ========  =========

OIBDA(2)                   $ 18,020  $ 22,897  $ 26,256  $ 24,771  $  12,874
                           ========  ========  ========  ========  =========
Drydocking expenditures
 for U.S.-flag product
 tankers(included in
 operating costs and
 expenses)                 $     62  $    (73) $    207  $     66  $   7,171
                           ========  ========  ========  ========  =========
Out-of-service days for
 drydockings of U.S.-flag
 product tankers                 --        --        --        --         38
                           ========  ========  ========  ========  =========

Illinois Corn Processing
Operating Revenues         $ 40,576  $ 49,609  $ 38,654  $ 40,282  $  48,371
                           --------  --------  --------  --------  ---------
Costs and Expenses:
  Operating                  36,153    46,289    36,747    33,514     40,588
  Administrative and
   general                      912       656       693       543        509
  Depreciation and
   amortization               1,064     1,053       964       979        979
                           --------  --------  --------  --------  ---------
                             38,129    47,998    38,404    35,036     42,076
                           --------  --------  --------  --------  ---------
Operating Income              2,447     1,611       250     5,246      6,295
                           --------  --------  --------  --------  ---------
Other Income (Expense):
  Derivative gains
   (losses), net                856      (187)     (137)     (336)        50
  Other, net                     --        --        --        --      4,112
                           --------  --------  --------  --------  ---------
Segment Profit(1)          $  3,303  $  1,424  $    113  $  4,910  $  10,457
                           ========  ========  ========  ========  =========



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

                                          Three Months Ended
                           ------------------------------------------------
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                             2016      2016      2015      2015      2015
                           --------  --------  --------  --------  --------
Other
Operating Revenues         $ 10,261  $  8,419  $  9,922  $ 13,779  $ 20,337
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                   6,427     5,805     4,166     5,854    11,103
  Administrative and
   general                    3,649     4,223     6,231     6,658     6,617
  Depreciation and
   amortization                 448       455       575       152       489
                           --------  --------  --------  --------  --------
                             10,524    10,483    10,972    12,664    18,209
                           --------  --------  --------  --------  --------
Losses on Asset
 Dispositions                    --        (2)      (24)       --      (235)
                           --------  --------  --------  --------  --------
Operating Income (Loss)        (263)   (2,066)   (1,074)    1,115     1,893
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains, net          --        --        --        --       304
  Foreign currency gains
   (losses), net                (73)      (27)       21       (64)       36
  Other, net                 (6,723)       --         5        (1)       40
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                           (579)      542       922       240      (408)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $ (7,638) $ (1,551) $   (126) $  1,290  $  1,865
                           ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues         $   (504) $   (648) $   (914) $   (723) $   (638)
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                    (658)     (828)     (984)     (757)     (801)
  Administrative and
   general                    6,571     7,597     9,091     7,795     8,452
  Depreciation and
   amortization                 926       944       915       891       946
                           --------  --------  --------  --------  --------
                              6,839     7,713     9,022     7,929     8,597
                           --------  --------  --------  --------  --------
Operating Loss             $ (7,343) $ (8,361) $ (9,936) $ (8,652) $ (9,235)
                           ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative gains
   (losses), net           $ (2,574) $    (91) $  3,102  $   (429) $    891
  Foreign currency gains
   (losses), net               (142)      190      (151)     (244)      276
  Other, net                      3         2       232       (53)       51

(1) Includes amounts attributable to both SEACOR and noncontrolling
    interests.
(2) Non-GAAP Financial Measure. The Company, from time to time, discloses
    and discusses OIBDA, a non-GAAP financial measure, for certain of its
    operating segments in its public releases and other filings with the
    Securities and Exchange Commission. The Company defines OIBDA as
    operating income (loss) for the applicable segment plus depreciation and
    amortization. The Company's measure of OIBDA may not be comparable to
    similarly titled measures presented by other companies. Other companies
    may calculate OIBDA differently than the Company, which may limit its
    usefulness as a comparative measure. In addition, this measurement does
    not necessarily represent funds available for discretionary use and is
    not a measure of its ability to fund its cash needs. OIBDA is a
    financial metric used by management (i) as a supplemental internal
    measure for planning and forecasting overall expectations and for
    evaluating actual results against such expectations; (ii) as a criteria
    for annual incentive bonuses paid to the Company officers and other
    shore-based employees; and (iii) to compare to the OIBDA of other
    companies when evaluating potential acquisitions.



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

                                          Three Months Ended
                           ------------------------------------------------
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                             2016      2016      2015      2015      2015
                           --------  --------  --------  --------  --------
Rates Per Day Worked:
  Anchor handling towing
   supply                  $ 20,828  $ 21,719  $ 30,871  $ 29,978  $ 28,463
  Fast support                7,636     7,587     8,014     8,853     9,795
  Mini-supply                 5,592     5,689     5,345     5,858     5,861
  Standby safety              9,632     9,564    10,229    10,487    10,303
  Supply                      7,151     9,010    14,375    14,459    15,112
  Towing supply               4,171     7,200     8,872     7,912     8,579
  Specialty                  18,642    12,403    23,107    25,517    20,749
  Liftboats                  11,852    15,150    25,191    17,124    20,675
  Overall Average Rates Per
   Day Worked(excluding
   wind farm utility)        10,354    10,545    13,495    14,029    13,955
  Wind farm utility           2,394     2,419     2,506     2,446     2,414
  Overall Average Rates Per
   Day Worked                 7,352     7,915    10,299    10,003     9,993

Utilization:
  Anchor handling towing
   supply                        33%       47%       51%       59%       57%
  Fast support                   69%       68%       58%       64%       67%
  Mini-supply                    70%       79%       97%       97%      100%
  Standby safety                 77%       79%       85%       84%       84%
  Supply                          6%       11%       43%       41%       44%
  Towing supply                   9%       45%       97%       68%       99%
  Specialty                      81%       45%       80%       88%       45%
  Liftboats                       6%        5%       13%       31%       42%
  Overall Fleet Utilization
   (excluding wind farm
   utility)                      50%       52%       59%       63%       65%
  Wind farm utility              77%       65%       65%       90%       96%
  Overall Fleet Utilization      57%       56%       60%       70%       73%

Available Days:
  Anchor handling towing
   supply                     1,365     1,365     1,380     1,380     1,365
  Fast support                2,174     2,093     2,173     2,072     2,086
  Mini-supply                   364       364       368       368       364
  Standby safety              2,104     2,184     2,208     2,208     2,184
  Supply                        594       633       736       920       953
  Towing supply                 182       182       184       184       182
  Specialty                     273       273       276       276       273
  Liftboats                   1,365     1,365     1,380     1,380     1,365
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days(excluding wind farm
   utility)                   8,421     8,459     8,705     8,788     8,772
  Wind farm utility           3,276     3,245     3,222     3,262     3,094
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days                      11,697    11,704    11,927    12,050    11,866
                           ========  ========  ========  ========  ========



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

                  Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,
                    2016        2016        2015        2015        2015
                ----------- ----------- ----------- ----------- -----------
     ASSETS
Current Assets:
 Cash and cash
  equivalents   $   552,840 $   496,473 $   530,009 $   456,805 $   433,827
 Restricted cash      1,742          --          --          --          --
 Marketable
  securities         87,701     110,894     138,200      31,632      29,411
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts         125,987     130,731     159,076     175,968     181,733
  Other              34,319      31,440      27,217      39,696      48,627
 Inventories         16,798      18,431      24,768      23,274      19,736
 Prepaid
  expenses and
  other              10,157       9,615       8,627      10,755      11,411
                ----------- ----------- ----------- ----------- -----------
  Total current
   assets           829,544     797,584     887,897     738,130     724,745
                ----------- ----------- ----------- ----------- -----------
Property and
 Equipment:
  Historical
   cost           2,158,826   2,015,205   2,123,201   2,099,483   2,100,309
  Accumulated
   depreciation    (997,214)   (986,048)   (994,181)   (967,721)   (954,931)
                ----------- ----------- ----------- ----------- -----------
                  1,161,612   1,029,157   1,129,020   1,131,762   1,145,378
  Construction
   in progress      402,090     484,472     454,605     413,572     399,033
  Held for sale
   equipment             --      86,332          --          --          --
                ----------- ----------- ----------- ----------- -----------
  Net property
   and equipment  1,563,702   1,599,961   1,583,625   1,545,334   1,544,411
                ----------- ----------- ----------- ----------- -----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          325,386     334,370     331,103     490,818     482,302
Construction
 Reserve Funds      166,888     255,350     255,408     253,470     275,131
Goodwill             52,394      52,376      52,340      65,725      62,686
Intangible
 Assets, Net         24,116      25,750      26,392      27,179      30,742
Other Assets         39,287      46,496      48,654      46,371      44,850
                ----------- ----------- ----------- ----------- -----------
                $ 3,001,317 $ 3,111,887 $ 3,185,419 $ 3,167,027 $ 3,164,867
                =========== =========== =========== =========== ===========

 LIABILITIES AND
      EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt          $    24,409 $    35,688 $    35,531 $    35,452 $    35,270
 Accounts
  payable and
  accrued
  expenses           55,971      50,660      71,952      64,997      68,832
 Other current
  liabilities        98,706     107,811      92,677     113,271     108,100
                ----------- ----------- ----------- ----------- -----------
  Total current
   liabilities      179,086     194,159     200,160     213,720     212,202
                ----------- ----------- ----------- ----------- -----------
Long-Term Debt    1,014,632   1,018,331   1,034,859     914,220     876,710
Exchange Option
 Liability on
 Subsidiary
 Convertible
 Senior Notes         8,171       5,747       5,611          --          --
Deferred Income
 Taxes              330,375     374,476     389,988     418,776     430,761
Deferred Gains
 and Other
 Liabilities        155,859     153,051     163,862     170,850     172,018
                ----------- ----------- ----------- ----------- -----------
  Total
   liabilities    1,688,123   1,745,764   1,794,480   1,717,566   1,691,691
                ----------- ----------- ----------- ----------- -----------
Equity:
 SEACOR Holdings
  Inc.
  stockholders'
  equity:
  Preferred
   stock                 --          --          --          --          --
  Common stock          379         379         377         377         377
  Additional
   paid-in
   capital        1,510,623   1,508,981   1,505,942   1,503,794   1,499,904
  Retained
   earnings       1,044,275   1,099,434   1,126,620   1,183,485   1,176,520
  Shares held in
   treasury, at
   cost          (1,357,876) (1,357,809) (1,356,499) (1,346,371) (1,305,104)
  Accumulated
   other
   comprehensive
   loss, net of
   tax              (10,810)     (7,764)     (5,620)     (5,604)     (3,172)
                ----------- ----------- ----------- ----------- -----------
                  1,186,591   1,243,221   1,270,820   1,335,681   1,368,525
 Noncontrolling
  interests in
  subsidiaries      126,603     122,902     120,119     113,780     104,651
                ----------- ----------- ----------- ----------- -----------
  Total equity    1,313,194   1,366,123   1,390,939   1,449,461   1,473,176
                ----------- ----------- ----------- ----------- -----------
                $ 3,001,317 $ 3,111,887 $ 3,185,419 $ 3,167,027 $ 3,164,867
                =========== =========== =========== =========== ===========



                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
                                  2016     2016     2015     2015     2015
                                -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply         27       18       18       18       18
Fast support(1)                       39       38       38       38       37
Mini-supply                            6        7        7        7        7
Standby safety                        23       25       25       25       25
Supply                                24       23       24       26       26
Towing supply                          3        3        3        3        3
Specialty(1)                           7        5        5        5        5
Liftboats                             15       15       15       15       15
Wind farm utility                     39       39       38       39       37
                                -------- -------- -------- -------- --------
                                     183      173      173      176      173
                                ======== ======== ======== ======== ========

Inland River Services
Dry-cargo barges                   1,393    1,426    1,430    1,431    1,435
Liquid tank barges:
    10,000 barrel                     18       18       18       18       45
    30,000 barrel                     --       27       27       27       27
Specialty barges(2)                   11       11       11       11        7
Towboats:
    4,000 hp - 6,600 hp               17       17       17       17       17
    3,300 hp - 3,900 hp                1       --       --       --       --
    Less than 3,200 hp                 4       17       17       16       16
                                -------- -------- -------- -------- --------
                                   1,444    1,516    1,520    1,520    1,547
                                ======== ======== ======== ======== ========

Shipping Services
Petroleum Transportation:
    Product tankers - U.S.-flag        8        7        7        7        7
    Crude oil tanker - U.S.-flag      --        1        1        1        1
Harbor Towing and Bunkering:
    Harbor tugs - U.S.-flag           24       24       24       24       24
    Harbor tugs - Foreign-flag         4        4        4        4        4
    Offshore tug - U.S.-flag           1        1        1        1        1
    Ocean liquid tank barges -
     U.S.-flag                         5        5        5        5        5
Liner and Short-sea
 Transportation:
    RORO/deck barges - U.S.-flag       7        7        7        7        7
    Short-sea container/RORO -
     Foreign-flag                      7        7        7        7        7
Other:
    Dry bulk articulated tug-
     barge - U.S.-flag                 1        1        1        1        1
                                -------- -------- -------- -------- --------
                                      57       57       57       57       57
                                ======== ======== ======== ======== ========

(1) Four joint ventured catamaran vessels primarily used to move cargo and
    personnel to and from offshore drilling rigs, platforms and other
    installations were reclassified to the fast support vessel class. All
    prior periods were restated to reflect the change.
(2) Includes non-certificated 10,000 and 30,000 barrel inland river liquid
    tank barges.



                            SEACOR HOLDINGS INC.
                          EXPECTED FLEET DELIVERIES
                             AS OF JUNE 30, 2016
                                 (unaudited)

                         2016        2017            2018        2019
                       ------- --------------- --------------- -------
                        Q3  Q4  Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4  Q1  Q2 Total
                       --- --- --- --- --- --- --- --- --- --- --- --- -----
Offshore Marine
 Services
Fast support            --   2   1   2  --   1  --   1  --  --   1   1     9
Supply(1)                1  --  --  --  --  --   1  --   1  --   1  --     4
Wind farm utility        1  --  --  --  --  --  --  --  --  --  --  --     1

Shipping Services
Product tankers - U.S.-
 flag                   --   1   1  --  --  --  --  --  --  --  --  --     2
Articulated tug-barge -
 U.S.-flag              --   1  --  --  --  --  --  --  --  --  --  --     1
Harbor tugs - U.S.-flag --   1   1  --  --  --  --  --  --  --  --  --     2

Inland River Services
Dry-cargo barges        25  25  --  --  --  --  --  --  --  --  --  --    50
Towboats:
  4,000 hp - 6,600 hp   --  --   1  --   1   1  --  --  --  --  --  --     3

(1) Includes one vessel that may be assumed by a third party at their
    option.

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