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SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2016


/EINPresswire.com/ -- FORT LAUDERDALE, FL -- (Marketwired) -- 04/26/16 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2016.

For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million, or $1.62 per diluted share. For the preceding quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. A comparison of results for the quarter ended March 31, 2016 with the preceding quarter ended December 31, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating loss was $16.6 million in the first quarter compared with $19.2 million in the preceding quarter. During the preceding quarter, the Company recorded an impairment charge of $13.4 million for the goodwill associated with its Offshore Marine Services business segment as a consequence of continuing difficult market conditions. Operating income (loss) before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the segment information tables herein) was $(1.7) million on operating revenues of $59.9 million in the first quarter compared with $9.6 million, excluding the goodwill impairment charge, on operating revenues of $83.2 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 59% to 52%, and average rates per day worked decreased by 22% from $13,495 to $10,545. Days available for time charter during the first quarter decreased by 3%. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating results, excluding the goodwill impairment charge of $13.4 million noted above, were $6.8 million lower in the first quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $7.8 million lower due to a reduction in offshore construction activity. Time charter revenues for the liftboat fleet were $3.4 million lower primarily due to weaker market conditions and seasonality. Operating expenses were $3.6 million lower in the first quarter compared with the preceding quarter primarily as a consequence of cold-stacking vessels. On a total fleet basis, including cold-stacked vessels, utilization dropped from 22% to 17%, and average rates per day worked decreased from $32,054 to $21,341. As of March 31, 2016, the Company had 21 of 32 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 22 of 33 as of December 31, 2015. Of the 21 vessels cold-stacked, eleven were liftboats.

Operating results from international regions were $4.0 million lower in the first quarter compared with the preceding quarter primarily due to the seasonal conclusion of a term charter in Sakhalin. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization declined from 79% to 71%, and average day rates per day worked decreased from $10,553 to $9,109. As of March 31, 2016, the Company had five of 101 owned and leased-in vessels cold-stacked in international regions compared with four of 100 as of December 31, 2015.

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

Foreign currency losses, net of $1.6 million in the first quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.

Inland River Services - Operating loss was $0.9 million in the first quarter compared with operating income of $9.2 million in the preceding quarter. OIBDA was $6.2 million on operating revenues of $39.6 million in the first quarter compared with $16.3 million on operating revenues of $58.4 million in the preceding quarter.

Operating results were $10.2 million lower in the first quarter compared with the preceding quarter primarily due to reduced activity levels for the dry-cargo barge pools following the seasonal harvest and poor operating conditions as a consequence of flooding during most of the first quarter. On April 15, 2016, the Company sold the assets used in its liquid unit tow operation for $90.0 million.

Foreign currency gains, net of $1.4 million in the first 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 first quarter, the Company recognized $2.8 million of equity losses in its 50% owned joint venture operating on the Parana-Paraguay River Waterway. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million during the first quarter on notes due from this joint venture.

Shipping Services - Operating income was $16.3 million in the first quarter compared with $19.8 million in the preceding quarter. OIBDA was $22.9 million (of which $8.0 million is attributable to noncontrolling interests) on operating revenues of $57.1 million in the first quarter compared with $26.3 million (of which $8.6 million is attributable to noncontrolling interests) on operating revenues of $61.4 million in the preceding quarter.

Operating results were $3.4 million lower in the first quarter primarily due to lower charter hire revenue for one U.S. flag product tanker and lower short-sea cargo shipping demand.

Illinois Corn Processing - Segment profit was $1.4 million (of which $0.4 million is attributable to noncontrolling interests) on operating revenues of $49.6 million in the first quarter compared with $0.1 million on operating revenues of $38.7 million in the preceding quarter. Segment profit was $1.3 million higher primarily due to an improvement in industry-wide fuel ethanol margins and lower operating costs as a consequence of increased production rates.

Debt Extinguishment Gains - During the first quarter, the Company purchased $13.9 million in principal amount of its 7.375% Senior Notes for $11.9 million resulting in gains on debt extinguishment of $1.8 million and purchased $20.2 million in principal amount of its 2.5% Convertible Senior Notes for $18.9 million resulting in gains on debt extinguishment of $1.4 million.

Marketable Security Transactions. - Marketable security losses, net included $21.7 million of unrealized losses on the Company's investment in 9,177,135 shares of Dorian LPG Ltd ("Dorian"), a publicly traded company on the New York Stock Exchange trading under the symbol "LPG." Dorian's closing share price was $11.77, $9.40 and $10.51 as of December 31, 2015, March 31, 2016 and April 26, 2016, respectively.

Share Repurchases - During the first quarter, the Company acquired for treasury 47,455 shares of its common stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $2.4 million. These shares were purchased in accordance with the terms of the Company's Share Incentive Plans and not pursuant to the repurchase authorizations granted by SEACOR's Board of Directors. As of March 31, 2016, the Company had 17,294,810 of common shares outstanding.

Capital Commitments - The Company's capital commitments as of March 31, 2016 by year of expected payment were as follows (in thousands):


                                 2016     2017     2018     2019     Total
                              --------- -------- -------- -------- ---------
Shipping Services             $ 150,476 $ 22,630 $     -- $     -- $ 173,106
Offshore Marine Services         55,545   38,847   29,199   10,123 $ 133,714
Inland River Services            29,060   28,510       --       -- $  57,570
Illinois Corn Processing          3,399       --       --       -- $   3,399
Other                                 3       --       --       -- $       3
                              --------- -------- -------- -------- ---------
                              $ 238,483 $ 89,987 $ 29,199 $ 10,123 $ 367,792
                              ========= ======== ======== ======== =========

Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included eight fast support vessels, four supply vessels, two specialty offshore support vessels and one wind farm utility vessel. Inland River Services' capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats.

Liquidity and Debt - As of March 31, 2016, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $862.7 million and its total outstanding debt was $1,054.0 million. In addition, the Company had $97.5 million of borrowing capacity under its subsidiary credit facilities.

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, 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. 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 LOSS
                (in thousands, except share data, unaudited)

                                                    Three Months Ended
                                                         March 31,
                                               ----------------------------
                                                    2016           2015
                                               -------------  -------------
Operating Revenues                             $     213,928  $     260,644
                                               -------------  -------------
Costs and Expenses:
  Operating                                          157,468        199,148
  Administrative and general                          35,704         38,887
  Depreciation and amortization                       30,989         31,430
                                               -------------  -------------
                                                     224,161        269,465
                                               -------------  -------------
Gains (Losses) on Asset Dispositions and
 Impairments, Net                                        217         (4,846)
                                               -------------  -------------
Operating Loss                                       (10,016)       (13,667)
                                               -------------  -------------
Other Income (Expense):
  Interest income                                      5,593          4,579
  Interest expense                                   (11,935)       (10,512)
  Debt extinguishment gains, net                       3,223             --
  Marketable security losses, net                    (25,096)        (9,121)
  Derivative gains (losses), net                       2,620         (2,996)
  Foreign currency gains (losses), net                    37         (1,993)
  Other, net                                             268            (44)
                                               -------------  -------------
                                                     (25,290)       (20,087)
                                               -------------  -------------
Loss Before Income Tax Benefit and Equity in
 Earnings (Losses) of 50% or Less Owned
 Companies                                           (35,306)       (33,754)
Income Tax Benefit                                   (14,831)       (11,954)
                                               -------------  -------------
Loss Before Equity in Earnings (Losses) of 50%
 or Less Owned Companies                             (20,475)       (21,800)
Equity in Earnings (Losses) of 50% or Less
 Owned Companies, Net of Tax                             (49)         3,899
                                               -------------  -------------
Net Loss                                             (20,524)       (17,901)
Net Income attributable to Noncontrolling
 Interests in Subsidiaries                             6,662          1,668
                                               -------------  -------------
Net Loss attributable to SEACOR Holdings Inc.  $     (27,186) $     (19,569)
                                               =============  =============

Basic Loss Per Common Share of SEACOR Holdings
 Inc.                                          $       (1.62) $       (1.10)

Diluted Loss Per Common Share of SEACOR
 Holdings Inc.                                 $       (1.62) $       (1.10)

Weighted Average Common Shares Outstanding:
  Basic                                           16,817,368     17,777,725
  Diluted                                         16,817,368     17,777,725



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

                                          Three Months Ended
                           ------------------------------------------------
                           Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
                             2016      2015      2015      2015      2015
                           --------  --------  --------  --------  --------
Operating Revenues         $213,928  $250,631  $261,852  $281,609  $260,644
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 157,468   165,729   175,985   207,743   199,148
  Administrative and
   general                   35,704    41,158    37,892    38,674    38,887
  Depreciation and
   amortization              30,989    31,460    31,018    32,079    31,430
                           --------  --------  --------  --------  --------
                            224,161   238,347   244,895   278,496   269,465
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net               217   (13,212)   11,264     4,386    (4,846)
                           --------  --------  --------  --------  --------
Operating Income (Loss)     (10,016)     (928)   28,221     7,499   (13,667)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Interest income             5,593     5,902     5,065     4,474     4,579
  Interest expense          (11,935)  (11,500)  (10,894)  (10,391)  (10,512)
  Debt extinguishment gains
   (losses), net              3,223     1,473      (434)  (29,536)       --
  Marketable security gains
   (losses), net            (25,096)    3,402    (4,604)   10,249    (9,121)
  Derivative gains
   (losses), net              2,620       199      (725)    1,426    (2,996)
  Foreign currency gains
   (losses), net                 37    (1,138)   (4,057)    2,436    (1,993)
  Other, net                    268       611     1,773     4,433       (44)
                           --------  --------  --------  --------  --------
                            (25,290)   (1,051)  (13,876)  (16,909)  (20,087)
                           --------  --------  --------  --------  --------
Income (Loss) Before Income
 Tax Expense (Benefit) and
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies            (35,306)   (1,979)   14,345    (9,410)  (33,754)
Income Tax Expense
 (Benefit)                  (14,831)   (2,626)    3,063       155   (11,954)
                           --------  --------  --------  --------  --------
Income (Loss) Before Equity
 in Earnings (Losses) of
 50% or Less Owned
 Companies                  (20,475)      647    11,282    (9,565)  (21,800)
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax          (49)  (50,500)    5,123     1,064     3,899
                           --------  --------  --------  --------  --------
Net Income (Loss)           (20,524)  (49,853)   16,405    (8,501)  (17,901)
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries              6,662     7,012     9,440    (9,188)    1,668
                           --------  --------  --------  --------  --------
Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.             $(27,186) $(56,865) $  6,965  $    687  $(19,569)
                           ========  ========  ========  ========  ========

Basic Earnings (Loss) Per
 Common Share of SEACOR
 Holdings Inc.             $  (1.62) $  (3.36) $   0.40  $   0.04  $  (1.10)

Diluted Earnings (Loss) Per
 Common Share of SEACOR
 Holdings Inc.             $  (1.62) $  (3.36) $   0.40  $   0.04  $  (1.10)

Weighted Average Common
 Shares of Outstanding:
  Basic                      16,817    16,942    17,295    17,781    17,778
  Diluted                    16,817    16,942    17,561    18,082    17,778
Common Shares Outstanding
 at Period End               17,295    17,155    17,354    18,012    18,241



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

                                          Three Months Ended
                           ------------------------------------------------
                           Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
                             2016      2015      2015      2015      2015
                           --------  --------  --------  --------  --------
Offshore Marine Services
Operating Revenues         $ 59,879  $ 83,166  $ 95,531  $ 96,715  $ 93,456
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  48,850    59,223    70,221    72,173    74,355
  Administrative and
   general                   12,398    14,118    12,753    12,655    13,559
  Depreciation and
   amortization              14,838    15,419    15,252    15,692    15,366
                           --------  --------  --------  --------  --------
                             76,086    88,760    98,226   100,520   103,280
                           --------  --------  --------  --------  --------
Gains (Losses) on Asset
 Dispositions and
 Impairments, Net              (380)  (13,577)     (246)    3,455    (6,649)
                           --------  --------  --------  --------  --------
Operating Loss              (16,587)  (19,171)   (2,941)     (350)  (16,473)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net              2,898    (2,751)      (10)        4        (9)
  Foreign currency gains
   (losses), net             (1,560)     (350)   (1,567)    1,907       (17)
  Other, net                    265       373        (9)       43      (146)
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                   2,161     1,248     1,708     2,826     2,975
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $(12,823) $(20,651) $ (2,819) $  4,430  $(13,670)
                           ========  ========  ========  ========  ========

OIBDA(2)                   $ (1,749) $ (3,752) $ 12,311  $ 15,342  $ (1,107)
                           ========  ========  ========  ========  ========
Drydocking expenditures
 (included in operating
 costs and expenses)       $  3,703  $  3,485  $  1,483  $  5,932  $  6,881
                           ========  ========  ========  ========  ========
Out-of-service days for
 drydockings                    131       246        87       315       294
                           ========  ========  ========  ========  ========

Inland River Services
Operating Revenues         $ 39,614  $ 58,415  $ 54,310  $ 61,150  $ 56,607
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  30,118    38,459    39,487    48,556    41,513
  Administrative and
   general                    3,912     4,011     3,907     3,765     3,884
  Depreciation and
   amortization               7,137     7,113     7,268     7,362     6,889
                           --------  --------  --------  --------  --------
                             41,167    49,583    50,662    59,683    52,286
                           --------  --------  --------  --------  --------
Gains on Asset Dispositions     605       389    11,510     1,166     1,803
                           --------  --------  --------  --------  --------
Operating Income (Loss)        (948)    9,221    15,158     2,633     6,124
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                 --       (15)       50       177        82
  Foreign currency gains
   (losses), net              1,437      (640)   (2,173)      208    (1,121)
Equity in Losses of 50% or
 Less Owned Companies, Net
 of Tax                      (2,778)  (25,092)   (2,117)   (3,717)     (274)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $ (2,289) $(16,526) $ 10,918  $   (699) $  4,811
                           ========  ========  ========  ========  ========

OIBDA(2)                   $  6,189  $ 16,334  $ 22,426  $  9,995  $ 13,013
                           ========  ========  ========  ========  ========



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

                                          Three Months Ended
                           ------------------------------------------------
                           Mar. 31,  Dec. 31,  Sep. 30,   Jun. 30, Mar. 31,
                             2016      2015      2015       2015     2015
                           --------  --------  --------  --------- --------
Shipping Services
Operating Revenues         $ 57,055  $ 61,388  $ 58,673  $  55,674 $ 51,407
                           --------  --------  --------  --------- --------
Costs and Expenses:
  Operating                  27,234    28,118    27,666     36,124   37,131
  Administrative and
   general                    6,918     7,014     6,236      6,676    6,289
  Depreciation and
   amortization               6,562     6,474     6,476      6,611    6,735
                           --------  --------  --------  --------- --------
                             40,714    41,606    40,378     49,411   50,155
                           --------  --------  --------  --------- --------
Losses on Asset
 Dispositions                    (6)       --        --         --       --
                           --------  --------  --------  --------- --------
Operating Income             16,335    19,782    18,295      6,263    1,252
                           --------  --------  --------  --------- --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                 (3)      (18)       (9)         9      (12)
  Other, net                      1         1     1,836        187       29
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax           26   (27,578)    5,292      2,363    1,141
                           --------  --------  --------  --------- --------
Segment Profit (Loss)(1)   $ 16,359  $ (7,813) $ 25,414  $   8,822 $  2,410
                           ========  ========  ========  ========= ========

OIBDA(2)                   $ 22,897  $ 26,256  $ 24,771  $  12,874 $  7,987
                           ========  ========  ========  ========= ========
Drydocking expenditures for
 U.S.-flag product
 tankers(included in
 operating costs and
 expenses)                 $    (73) $    207  $     66  $   7,171 $  8,083
                           ========  ========  ========  ========= ========
Out-of-service days for
 drydockings of U.S.-flag
 product tankers                 --        --        --         38       71
                           ========  ========  ========  ========= ========

Illinois Corn Processing
Operating Revenues         $ 49,609  $ 38,654  $ 40,282  $  48,371 $ 39,598
                           --------  --------  --------  --------- --------
Costs and Expenses:
  Operating                  46,289    36,747    33,514     40,588   33,118
  Administrative and
   general                      656       693       543        509      562
  Depreciation and
   amortization               1,053       964       979        979      980
                           --------  --------  --------  --------- --------
                             47,998    38,404    35,036     42,076   34,660
                           --------  --------  --------  --------- --------
Operating Income              1,611       250     5,246      6,295    4,938
                           --------  --------  --------  --------- --------
Other Income (Expense):
  Derivative gains
   (losses), net               (187)     (137)     (336)        50     (828)
  Other, net                     --        --        --      4,112       --
                           --------  --------  --------  --------- --------
Segment Profit(1)          $  1,424  $    113  $  4,910  $  10,457 $  4,110
                           ========  ========  ========  ========= ========



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

                                          Three Months Ended
                           ------------------------------------------------
                           Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
                             2016      2015      2015      2015      2015
                           --------  --------  --------  --------  --------
Other
Operating Revenues         $  8,419  $  9,922  $ 13,779  $ 20,337  $ 20,452
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                   5,805     4,166     5,854    11,103    13,830
  Administrative and
   general                    4,223     6,231     6,658     6,617     7,136
  Depreciation and
   amortization                 455       575       152       489       500
                           --------  --------  --------  --------  --------
                             10,483    10,972    12,664    18,209    21,466
                           --------  --------  --------  --------  --------
Losses on Asset
 Dispositions                    (2)      (24)       --      (235)       --
                           --------  --------  --------  --------  --------
Operating Income (Loss)      (2,066)   (1,074)    1,115     1,893    (1,014)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                 --        --        --       304      (776)
  Foreign currency gains
   (losses), net                (27)       21       (64)       36       (40)
  Other, net                     --         5        (1)       40         8
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax          542       922       240      (408)       57
                           --------  --------  --------  --------  --------
Segment Profit (Loss)(1)   $ (1,551) $   (126) $  1,290  $  1,865  $ (1,765)
                           ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues         $   (648) $   (914) $   (723) $   (638) $   (876)
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                    (828)     (984)     (757)     (801)     (799)
  Administrative and
   general                    7,597     9,091     7,795     8,452     7,457
  Depreciation and
   amortization                 944       915       891       946       960
                           --------  --------  --------  --------  --------
                              7,713     9,022     7,929     8,597     7,618
                           --------  --------  --------  --------  --------
Operating Loss             $ (8,361) $ (9,936) $ (8,652) $ (9,235) $ (8,494)
                           ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative gains
   (losses), net           $    (91) $  3,102  $   (429) $    891  $ (1,465)
  Foreign currency gains
   (losses), net                190      (151)     (244)      276      (803)
  Other, net                      2       232       (53)       51        65

(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
                           ------------------------------------------------
                           Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
                             2016      2015      2015      2015      2015
                           --------  --------  --------  --------  --------
Rates Per Day Worked:
  Anchor handling towing
   supply                  $ 21,719  $ 30,871  $ 29,978  $ 28,463  $ 22,792
  Fast support                7,587     8,014     8,853     9,795     9,426
  Mini-supply                 5,689     5,345     5,858     5,861     5,778
  Standby safety              9,564    10,229    10,487    10,303    10,147
  Supply                      9,010    14,375    14,459    15,112    17,047
  Towing supply               7,200     8,872     7,912     8,579     8,728
  Specialty                  12,403    23,107    25,517    20,749    14,537
  Liftboats                  15,150    25,191    17,124    20,675    21,951
  Overall Average Rates Per
   Day Worked(excluding
   wind farm utility)        10,545    13,495    14,029    13,955    13,178
  Wind farm utility           2,419     2,506     2,446     2,414     2,584
  Overall Average Rates Per
   Day Worked                 7,915    10,299    10,003     9,993    10,057

Utilization:
  Anchor handling towing
   supply                        47%       51%       59%       57%       68%
  Fast support                   68%       58%       64%       67%       80%
  Mini-supply                    79%       97%       97%      100%       85%
  Standby safety                 79%       85%       84%       84%       83%
  Supply                         11%       43%       41%       44%       67%
  Towing supply                  45%       97%       68%       99%       95%
  Specialty                      45%       80%       88%       45%       27%
  Liftboats                       5%       13%       31%       42%       28%
  Overall Fleet Utilization
   (excluding wind farm
   utility)                      52%       59%       63%       65%       68%
  Wind farm utility              65%       65%       90%       96%       84%
  Overall Fleet Utilization      56%       60%       70%       73%       72%

Available Days:
  Anchor handling towing
   supply                     1,365     1,380     1,380     1,365     1,350
  Fast support                2,093     2,173     2,072     2,086     2,129
  Mini-supply                   364       368       368       364       360
  Standby safety              2,184     2,208     2,208     2,184     2,160
  Supply                        633       736       920       953     1,022
  Towing supply                 182       184       184       182       180
  Specialty                     273       276       276       273       270
  Liftboats                   1,365     1,380     1,380     1,365     1,350
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days(excluding wind farm
   utility)                   8,459     8,705     8,788     8,772     8,821
  Wind farm utility           3,245     3,222     3,262     3,094     2,997
                           --------  --------  --------  --------  --------
  Overall Fleet Available
   Days                      11,704    11,927    12,050    11,866    11,818
                           ========  ========  ========  ========  ========



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

                                       Mar. 31,     Dec. 31,     Sep. 30,
                                         2016         2015         2015
                                     ------------ ------------ ------------
                ASSETS
Current Assets:
  Cash and cash equivalents          $    496,473 $    530,009 $    456,805
  Restricted cash                              --           --           --
  Marketable securities                   110,894      138,200       31,632
  Receivables:
    Trade, net of allowance for
     doubtful accounts                    130,731      159,076      175,968
    Other                                  31,440       27,217       39,696
  Inventories                              18,431       24,768       23,274
  Prepaid expenses and other                9,615        8,627       10,755
                                     ------------ ------------ ------------
    Total current assets                  797,584      887,897      738,130
                                     ------------ ------------ ------------
Property and Equipment:
    Historical cost                     2,015,205    2,123,201    2,099,483
    Accumulated depreciation            (986,048)    (994,181)    (967,721)
                                     ------------ ------------ ------------
                                        1,029,157    1,129,020    1,131,762
    Construction in progress              484,472      454,605      413,572
    Held for sale equipment                86,332           --           --
                                     ------------ ------------ ------------
    Net property and equipment          1,599,961    1,583,625    1,545,334
                                     ------------ ------------ ------------
Investments, at Equity, and Advances
 to 50% or Less Owned Companies           334,370      331,103      490,818
Construction Reserve Funds & Title XI
 Reserve Funds                            255,350      255,408      253,470
Goodwill                                   52,376       52,340       65,725
Intangible Assets, Net                     25,750       26,392       27,179
Other Assets                               46,496       48,654       46,371
                                     ------------ ------------ ------------
                                     $  3,111,887 $  3,185,419 $  3,167,027
                                     ============ ============ ============

        LIABILITIES AND EQUITY
Current Liabilities:
  Current portion of long-term debt  $     35,688 $     35,531 $     35,452
  Accounts payable and accrued
   expenses                                50,660       71,952       64,997
  Other current liabilities               107,811       92,677      113,271
                                     ------------ ------------ ------------
    Total current liabilities             194,159      200,160      213,720
                                     ------------ ------------ ------------
Long-Term Debt                          1,018,331    1,034,859      914,220
Exchange Option Liability on
 Subsidiary Convertible Senior Notes        5,747        5,611           --
Deferred Income Taxes                     374,476      389,988      418,776
Deferred Gains and Other Liabilities      153,051      163,862      170,850
                                     ------------ ------------ ------------
    Total liabilities                   1,745,764    1,794,480    1,717,566
                                     ------------ ------------ ------------
Equity:
  SEACOR Holdings Inc. stockholders'
   equity:
    Preferred stock                            --           --           --
    Common stock                              379          377          377
    Additional paid-in capital          1,508,981    1,505,942    1,503,794
    Retained earnings                   1,099,434    1,126,620    1,183,485
    Shares held in treasury, at cost  (1,357,809)  (1,356,499)  (1,346,371)
    Accumulated other comprehensive
     loss, net of tax                     (7,764)      (5,620)      (5,604)
                                     ------------ ------------ ------------
                                        1,243,221    1,270,820    1,335,681
  Noncontrolling interests in
   subsidiaries                           122,902      120,119      113,780
                                     ------------ ------------ ------------
    Total equity                        1,366,123    1,390,939    1,449,461
                                     ------------ ------------ ------------
                                     $  3,111,887 $  3,185,419 $  3,167,027
                                     ============ ============ ============





                                       Jun. 30,     Mar. 31,
                                         2015         2015
                                     ------------ ------------
                ASSETS
Current Assets:
  Cash and cash equivalents          $    433,827 $    448,011
  Restricted cash                              --       16,896
  Marketable securities                    29,411       39,002
  Receivables:
    Trade, net of allowance for
     doubtful accounts                    181,733      186,583
    Other                                  48,627       39,805
  Inventories                              19,736       23,156
  Prepaid expenses and other               11,411        8,814
                                     ------------ ------------
    Total current assets                  724,745      762,267
                                     ------------ ------------
Property and Equipment:
    Historical cost                     2,100,309    2,083,035
    Accumulated depreciation            (954,931)    (918,769)
                                     ------------ ------------
                                        1,145,378    1,164,266
    Construction in progress              399,033      339,390
    Held for sale equipment                    --           --
                                     ------------ ------------
    Net property and equipment          1,544,411    1,503,656
                                     ------------ ------------
Investments, at Equity, and Advances
 to 50% or Less Owned Companies           482,302      483,748
Construction Reserve Funds & Title XI
 Reserve Funds                            275,131      288,529
Goodwill                                   62,686       62,688
Intangible Assets, Net                     30,742       31,955
Other Assets                               44,850       37,108
                                     ------------ ------------
                                     $  3,164,867 $  3,169,951
                                     ============ ============

        LIABILITIES AND EQUITY
Current Liabilities:
  Current portion of long-term debt  $     35,270 $     44,953
  Accounts payable and accrued
   expenses                                68,832       72,738
  Other current liabilities               108,100      128,230
                                     ------------ ------------
    Total current liabilities             212,202      245,921
                                     ------------ ------------
Long-Term Debt                            876,710      824,625
Exchange Option Liability on
 Subsidiary Convertible Senior Notes           --           --
Deferred Income Taxes                     430,761      423,680
Deferred Gains and Other Liabilities      172,018      178,293
                                     ------------ ------------
    Total liabilities                   1,691,691    1,672,519
                                     ------------ ------------
Equity:
  SEACOR Holdings Inc. stockholders'
   equity:
    Preferred stock                            --           --
    Common stock                              377          377
    Additional paid-in capital          1,499,904    1,495,261
    Retained earnings                   1,176,520    1,175,833
    Shares held in treasury, at cost  (1,305,104)  (1,287,460)
    Accumulated other comprehensive
     loss, net of tax                     (3,172)      (5,837)
                                     ------------ ------------
                                        1,368,525    1,378,174
  Noncontrolling interests in
   subsidiaries                           104,651      119,258
                                     ------------ ------------
    Total equity                        1,473,176    1,497,432
                                     ------------ ------------
                                     $  3,164,867 $  3,169,951
                                     ============ ============



                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                                  2016     2015     2015     2015     2015
                                -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply         18       18       18       18       18
Fast support                          34       34       34       33       34
Mini-supply                            7        7        7        7        7
Standby safety                        25       25       25       25       25
Supply                                23       24       26       26       27
Towing supply                          3        3        3        3        3
Specialty                              9        9        9        9        9
Liftboats                             15       15       15       15       15
Wind farm utility                     39       38       39       37       37
                                -------- -------- -------- -------- --------
                                     173      173      176      173      175
                                ======== ======== ======== ======== ========

Inland River Services
Dry-cargo barges                   1,426    1,430    1,431    1,435    1,439
Liquid tank barges:
  10,000 barrel                       18       18       18       45       45
  30,000 barrel(1)                    27       27       27       27       27
Specialty barges (2)                  11       11       11        7        7
Towboats:
  4,000 hp - 6,600 hp                 17       17       17       17       17
  Less than 3,200 hp(3)               17       17       16       16       15
                                -------- -------- -------- -------- --------
                                   1,516    1,520    1,520    1,547    1,550
                                ======== ======== ======== ======== ========

Shipping Services(4)
Petroleum Transportation:
  Product tankers - U.S.-flag          7        7        7        7        7
  Crude oil tanker - U.S.-flag         1        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) Included in held for sale equipment.
(2) Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(3) Includes 13 in held for sale equipment.
(4) For each of the periods presented, the Company provided technical
    management services for one additional vessel.



                            SEACOR HOLDINGS INC.
                          EXPECTED FLEET DELIVERIES
                            AS OF MARCH 31, 2016
                                 (unaudited)

                                             2016              2017
                                        -------------- -------------------
Shipping Services                        Q2   Q3   Q4   Q1   Q2   Q3   Q4
                                        ---- ---- ---- ---- ---- ---- ----
Product tankers - U.S.-flag                1   --    1    1   --   --   --
Articulated tug-barge - U.S.-flag         --   --    1   --   --   --   --
Harbor tugs - U.S.-flag                   --   --    1    1   --   --   --

Offshore Marine Services
Fast support                               1    2   --   --    1   --    1
Supply                                     1    1   --   --   --   --   --
Specialty                                 --   --   --    1    1   --   --
Wind farm utility                          1   --   --   --   --   --   --

Inland River Services
Dry-cargo barges                          --   25   25   --   --   --   --
Liquid tank barges - 30,000 barrel(1)     --    1   --   --   --   --   --
Towboats:
  4,000 hp - 6,600 hp                     --   --   --    1   --    1    1
  3,300 hp - 3,900 hp                      1   --   --   --   --   --   --
  Less than 3,200 hp(1)                    1   --   --   --   --   --   --



                                                2018           2019
                                        ------------------- ---------
Shipping Services                        Q1   Q2   Q3   Q4   Q1   Q2   Total
                                        ---- ---- ---- ---- ---- ---- ------
Product tankers - U.S.-flag               --   --   --   --   --   --      3
Articulated tug-barge - U.S.-flag         --   --   --   --   --   --      1
Harbor tugs - U.S.-flag                   --   --   --   --   --   --      2

Offshore Marine Services
Fast support                              --    1   --   --    1    1      8
Supply                                     1   --   --   --    1   --      4
Specialty                                 --   --   --   --   --   --      2
Wind farm utility                         --   --   --   --   --   --      1

Inland River Services
Dry-cargo barges                          --   --   --   --   --   --     50
Liquid tank barges - 30,000 barrel(1)     --   --   --   --   --   --      1
Towboats:
  4,000 hp - 6,600 hp                     --   --   --   --   --   --      3
  3,300 hp - 3,900 hp                     --   --   --   --   --   --      1
  Less than 3,200 hp(1)                   --   --   --   --   --   --      1

(1) Included in held for sale equipment.

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