SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015

FORT LAUDERDALE, FL--(Marketwired - Feb 29, 2016) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its fourth quarter and year ended December 31, 2015.

For the quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. For the year ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $68.8 million, or $3.94 per diluted share. Results attributable to SEACOR Holdings Inc. for the year ended December 31, 2015 included losses of $4.43 per diluted share due to:

• a loss of $32.3 million, net of tax, or $1.85 per diluted share upon marking its investment, at equity, in Dorian LPG Ltd. ("Dorian") to fair value during the fourth quarter;
• a loss of $21.5 million or $1.23 per diluted share upon marking its investment, at equity, in SCFCo Holdings LLC ("SCFCo") to fair value during the fourth quarter;
• a loss of $9.4 million, net of tax, or $0.54 per diluted share as a result of a goodwill impairment charge associated with the Company's Offshore Marine Services business segment during the fourth quarter;
• a loss of $4.5 million, net of tax, or $0.26 per diluted share for the Company's share of a funding deficit in the Merchant Navy Ratings Pension Fund ("MNRPF") during the third quarter; and
• a loss of $9.6 million, net of noncontrolling interests and tax, or $0.55 per diluted share related to the extinguishment of the Company's Title XI bonds during the second quarter.

For the preceding quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. A comparison of results for the quarter ended December 31, 2015 with the preceding quarter ended September 30, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. For the year ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $100.1 million, or $4.71 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating loss was $19.2 million in the fourth quarter compared with $2.9 million in the preceding quarter. The Company impaired the goodwill associated with its Offshore Marine Services business segment in the fourth quarter as a consequence of continuing difficult market conditions resulting in an impairment charge of $13.4 million. Excluding the goodwill impairment charge, operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $9.6 million on operating revenues of $83.2 million in the fourth quarter compared with OIBDA of $12.3 million on operating revenues of $95.5 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 63% to 59%, and average rates per day worked decreased by 4% from $14,029 to $13,495. Days available for charter during the fourth quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results, excluding the goodwill impairment charge of $13.4 million noted above, were $2.8 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.5 million lower primarily due to a reduction in offshore construction activity in the fourth quarter. Time charter revenues for the liftboat fleet were $2.8 million lower primarily due to weaker market conditions and seasonality. Time charter revenues for all other vessel classes were $1.6 million lower. On a total fleet basis, including cold-stacked vessels, utilization dropped from 38% to 22%. Average rates per day worked increased from $24,137 to $32,054. Operating expenses were $5.9 million lower primarily due to a $5.2 million reduction in daily running costs as a consequence of cold-stacking vessels. As of December 31, 2015, the Company had 22 of 41 vessels cold-stacked in the U.S. Gulf of Mexico compared with 19 of 44 vessels as of September 30, 2015. Of the 22 vessels cold-stacked, eleven were liftboats.

Operating results from international regions were $0.1 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues were $2.3 million lower in Europe primarily due to the seasonality of wind farm utility vessels, $1.2 million lower in Brazil, Mexico, Central and South America primarily due to the conclusion of several term charters, and $1.0 million lower in Asia 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 improved from 77% to 79%, and average day rates per day worked decreased from $11,198 to $10,553. Operating expenses were $5.1 million lower in the fourth quarter compared with the third quarter primarily due to the third quarter charge of $6.9 million for a U.K. subsidiary's share of a funding deficit in the MNRPF for North Sea mariners partially offset by higher drydocking costs in the fourth quarter. As of December 31, 2015, the Company had four of 132 vessels cold-stacked in international regions compared with three of 132 vessels as of September 30, 2015.

Derivative losses, net of $2.8 million in the fourth quarter were primarily due to unrealized losses on equity options.

Inland River Services - Operating income was $9.2 million in the fourth quarter compared with $15.2 million in the preceding quarter. OIBDA was $16.3 million on operating revenues of $58.4 million in the fourth quarter compared with $22.4 million on operating revenues of $54.3 million in the preceding quarter, which included third quarter gains of $10.6 million from the sale of the Company's domestic 10,000 barrel liquid tank barge fleet.

Operating results before gains on asset dispositions were $5.2 million higher in the fourth quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $7.6 million higher primarily due to seasonal demand for moving grain associated with the fall harvest and higher freight rates. Operating results from the Company's fleeting operations were $1.0 million lower primarily due to reduced activity levels on the Upper Mississippi River and higher repair and maintenance costs. Operating results from the Company's 10,000 liquid tank barge fleet were $0.7 million lower as a consequence of the sale of the equipment in the preceding quarter. Operating results from the Company's liquid unit tow operations were $0.4 million lower primarily due to two towboats undergoing repairs resulting in higher charter-in expense and higher repair and maintenance costs.

During the fourth quarter, the Company recognized $25.9 million of equity losses in its 50% owned joint venture, SCFCo, operating on the Parana-Paraguay River Waterway, including a $21.5 million impairment charge for an other-than-temporary decline in the fair value of its investment.  In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million during the fourth quarter on notes due from this joint venture.

Shipping Services - Operating income was $19.8 million in the fourth quarter compared with $18.3 million in the preceding quarter. OIBDA was $26.3 million (of which $8.6 million is attributable to noncontrolling interests associated with SEA-Vista, which is a joint venture that owns the Company's Jones Act tankers) on operating revenues of $61.4 million in the fourth quarter compared with $24.8 million (of which $9.2 million is attributable to SEA-Vista noncontrolling interests) on operating revenues of $58.7 million in the preceding quarter.

Operating results were $1.5 million higher in the fourth quarter primarily due to increased harbor towing activities resulting from higher port traffic, higher short-sea cargo shipping demand and lower fuel costs.

Equity in losses of 50% or less owned companies during the fourth quarter were primarily due to the Company's investment, at equity, in Dorian. During the fourth quarter, the Company determined it no longer exercised significant influence and marked its investment, at equity, in Dorian to fair value resulting in a loss of $32.3 million, net of tax. As of December 31, 2015, the Company's investment in Dorian is classified as marketable securities in its consolidated balance sheet and carried at a fair value of $108.0 million.

Illinois Corn Processing - Segment profit was $0.1 million on operating revenues of $38.7 million in the fourth quarter compared with $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the preceding quarter. Segment profit was $4.8 million lower primarily due to a reduction in industry-wide fuel ethanol margins and higher operating costs as a result of planned and unplanned maintenance during the fourth quarter.

Debt Extinguishment Gains - During the fourth quarter, the Company purchased $15.1 million in principal amount of its 7.375% Senior Notes for $14.6 million resulting in gains on debt extinguishment of $0.3 million and purchased $65.5 million in principal amount of its 2.5% Convertible Senior Notes for $62.6 million resulting in gains on debt extinguishment of $1.1 million.

Share Repurchases - During the fourth quarter, the Company purchased 200,000 shares of its common stock for an aggregate purchase price of $10.1 million, or $50.64 per share. As of December 31, 2015, the Company had 17,154,900 of common shares outstanding.

Capital Commitments - The Company's capital commitments as of December 31, 2015 by year of expected payment were as follows (in thousands):

		2016			2017			2018			2019			Total
Shipping Services		$	170,576		$	22,640		$	-		$	-		$	193,216
Offshore Marine Services			76,957			34,681			22,545			8,145			142,328
Inland River Services			29,773			27,936			-			-			57,709
Illinois Corn Processing			3,238			-			-			-			3,238
Other			29			-			-			-			29
		$	280,573		$	85,257		$	22,545		$	8,145		$	396,520

Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included seven fast support vessels, four supply vessels, two specialty offshore support vessels and three wind farm utility vessels. Inland River Services' capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats. Approximately $6.8 million of the capital commitments may be terminated without further liability other than the payment of liquidated damages of $0.8 million. Subsequent to December 31, 2015, the Company committed to purchase one offshore support vessel and other equipment for $15.6 million.

Liquidity and Debt - As of December 31, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $923.6 million and its total outstanding debt was $1,070.4 million. In addition, the Company had $106.7 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. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data, unaudited)
			Three Months Ended								Twelve Months Ended
			December 31,								December 31,
			2015				2014				2015				2014
Operating Revenues			$	250,631			$	342,217			$	1,054,736			$	1,319,394
Costs and Expenses:
	Operating			165,729				220,814				748,605				909,372
	Administrative and general			41,158				45,520				156,611				164,938
	Depreciation and amortization			31,460				31,603				125,987				131,819
				238,347				297,937				1,031,203				1,206,129
Gains (Losses) on Asset Dispositions and Impairments, Net				(13,212	)			13,136				(2,408	)			51,978
Operating Income (Loss)				(928	)			57,416				21,125				165,243
Other Income (Expense):
	Interest income			5,902				5,126				20,020				19,662
	Interest expense			(11,500	)			(10,647	)			(43,297	)			(43,632	)
	Debt extinguishment gains (losses), net			1,473				-				(28,497	)			-
	Marketable security gains (losses), net			3,402				13,266				(74	)			28,760
	Derivative gains (losses), net			199				(1,221	)			(2,096	)			(3,902	)
	Foreign currency losses, net			(1,138	)			(4,797	)			(4,752	)			(6,335	)
	Other, net			611				(3,230	)			6,773				3,439
				(1,051	)			(1,503	)			(51,923	)			(2,008	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies				(1,979	)			55,913				(30,798	)			163,235
Income Tax Expense (Benefit)				(2,626	)			20,212				(11,362	)			55,197
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies				647				35,701				(19,436	)			108,038
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(50,500	)			13,628				(40,414	)			16,309
Net Income (Loss)				(49,853	)			49,329				(59,850	)			124,347
Net Income attributable to Noncontrolling Interests in Subsidiaries				7,012				9,236				8,932				24,215
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	(56,865	)		$	40,093			$	(68,782	)		$	100,132
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	(3.36	)		$	2.22			$	(3.94	)		$	5.18
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	(3.36	)		$	1.85			$	(3.94	)		$	4.71
Weighted Average Common Shares Outstanding:
	Basic			16,941,982				18,074,129				17,446,137				19,336,280
	Diluted			16,941,982				24,502,723				17,446,137				25,765,325

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited)
			Three Months Ended
			Dec. 31, 2015				Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014
Operating Revenues			$	250,631			$	261,852			$	281,609			$	260,644			$	342,217
Costs and Expenses:
	Operating			165,729				175,985				207,743				199,148				220,814
	Administrative and general			41,158				37,892				38,674				38,887				45,520
	Depreciation and amortization			31,460				31,018				32,079				31,430				31,603
				238,347				244,895				278,496				269,465				297,937
Gains (Losses) on Asset Dispositions and Impairments, Net				(13,212	)			11,264				4,386				(4,846	)			13,136
Operating Income (Loss)				(928	)			28,221				7,499				(13,667	)			57,416
Other Income (Expense):
	Interest income			5,902				5,065				4,474				4,579				5,126
	Interest expense			(11,500	)			(10,894	)			(10,391	)			(10,512	)			(10,647	)
	Debt extinguishment gains (losses), net			1,473				(434	)			(29,536	)			-				-
	Marketable security gains (losses), net			3,402				(4,604	)			10,249				(9,121	)			13,266
	Derivative gains (losses), net			199				(725	)			1,426				(2,996	)			(1,221	)
	Foreign currency gains (losses), net			(1,138	)			(4,057	)			2,436				(1,993	)			(4,797	)
	Other, net			611				1,773				4,433				(44	)			(3,230	)
				(1,051	)			(13,876	)			(16,909	)			(20,087	)			(1,503	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies				(1,979	)			14,345				(9,410	)			(33,754	)			55,913
Income Tax Expense (Benefit)				(2,626	)			3,063				155				(11,954	)			20,212
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies				647				11,282				(9,565	)			(21,800	)			35,701
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(50,500	)			5,123				1,064				3,899				13,628
Net Income (Loss)				(49,853	)			16,405				(8,501	)			(17,901	)			49,329
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				7,012				9,440				(9,188	)			1,668				9,236
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	(56,865	)		$	6,965			$	687			$	(19,569	)		$	40,093
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	(3.36	)		$	0.40			$	0.04			$	(1.10	)		$	2.22
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	(3.36	)		$	0.40			$	0.04			$	(1.10	)		$	1.85
Weighted Average Common Shares of Outstanding:
	Basic			16,942				17,295				17,781				17,778				18,074
	Diluted			16,942				17,561				18,082				17,778				24,503
Common Shares Outstanding at Period End				17,155				17,354				18,012				18,241				18,140

SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited)
			Three Months Ended
			Dec. 31, 2015				Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014
Offshore Marine Services
Operating Revenues			$	83,166			$	95,531			$	96,715			$	93,456			$	127,518
Costs and Expenses:
	Operating			59,223				70,221				72,173				74,355				86,558
	Administrative and general			14,118				12,753				12,655				13,559				15,253
	Depreciation and amortization			15,419				15,252				15,692				15,366				15,594
				88,760				98,226				100,520				103,280				117,405
Gains (Losses) on Asset Dispositions and Impairments, Net				(13,577	)			(246	)			3,455				(6,649	)			12,062
Operating Income (Loss)				(19,171	)			(2,941	)			(350	)			(16,473	)			22,175
Other Income (Expense):
	Derivative gains (losses), net			(2,751	)			(10	)			4				(9	)			(7	)
	Foreign currency gains (losses), net			(350	)			(1,567	)			1,907				(17	)			(934	)
	Other, net			373				(9	)			43				(146	)			(68	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				1,248				1,708				2,826				2,975				3,054
Segment Profit (Loss)(1)			$	(20,651	)		$	(2,819	)		$	4,430			$	(13,670	)		$	24,220
OIBDA(2)			$	(3,752	)		$	12,311			$	15,342			$	(1,107	)		$	37,769
Drydocking expenditures (included in operating costs and expenses)			$	3,485			$	1,483			$	5,932			$	6,881			$	9,052
Out-of-service days for drydockings				246				87				315				294				326
Inland River Services
Operating Revenues			$	58,415			$	54,310			$	61,150			$	56,607			$	79,252
Costs and Expenses:
	Operating			38,459				39,487				48,556				41,513				46,250
	Administrative and general			4,011				3,907				3,765				3,884				4,245
	Depreciation and amortization			7,113				7,268				7,362				6,889				6,660
				49,583				50,662				59,683				52,286				57,155
Gains on Asset Dispositions				389				11,510				1,166				1,803				1,565
Operating Income				9,221				15,158				2,633				6,124				23,662
Other Income (Expense):
	Derivative gains (losses), net			(15	)			50				177				82				-
	Foreign currency gains (losses), net			(640	)			(2,173	)			208				(1,121	)			(3,032	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(25,092	)			(2,117	)			(3,717	)			(274	)			10,515
Segment Profit (Loss)(1)			$	(16,526	)		$	10,918			$	(699	)		$	4,811			$	31,145
OIBDA(2)			$	16,334			$	22,426			$	9,995			$	13,013			$	30,322

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Dec. 31, 2015				Sep. 30, 2015				Jun. 30, 2015			Mar. 31, 2015				Dec. 31, 2014
Shipping Services
Operating Revenues			$	61,388			$	58,673			$	55,674		$	51,407			$	56,681
Costs and Expenses:
	Operating			28,118				27,666				36,124			37,131				28,688
	Administrative and general			7,014				6,236				6,676			6,289				7,318
	Depreciation and amortization			6,474				6,476				6,611			6,735				6,821
				41,606				40,378				49,411			50,155				42,827
Gains on Asset Dispositions				-				-				-			-				202
Operating Income				19,782				18,295				6,263			1,252				14,056
Other Income (Expense):
	Foreign currency gains (losses), net			(18	)			(9	)			9			(12	)			(4	)
	Other, net			1				1,836				187			29				22
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(27,578	)			5,292				2,363			1,141				(790	)
Segment Profit (Loss)(1)			$	(7,813	)		$	25,414			$	8,822		$	2,410			$	13,284
OIBDA(2)			$	26,256			$	24,771			$	12,874		$	7,987			$	20,877
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)			$	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			$	38,654			$	40,282			$	48,371		$	39,598			$	51,026
Costs and Expenses:
	Operating			36,747				33,514				40,588			33,118				39,685
	Administrative and general			693				543				509			562				609
	Depreciation and amortization			964				979				979			980				1,064
				38,404				35,036				42,076			34,660				41,358
Operating Income				250				5,246				6,295			4,938				9,668
Other Income (Expense):
	Derivative gains (losses), net			(137	)			(336	)			50			(828	)			(302	)
	Other, net			-				-				4,112			-				167
Segment Profit(1)			$	113			$	4,910			$	10,457		$	4,110			$	9,533

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Dec. 31, 2015				Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014
Other
Operating Revenues			$	9,922			$	13,779			$	20,337			$	20,452			$	29,283
Costs and Expenses:
	Operating			4,166				5,854				11,103				13,830				21,145
	Administrative and general			6,231				6,658				6,617				7,136				9,948
	Depreciation and amortization			575				152				489				500				513
				10,972				12,664				18,209				21,466				31,606
Losses on Asset Dispositions and Impairments, Net				(24	)			-				(235	)			-				(668	)
Operating Income (Loss)				(1,074	)			1,115				1,893				(1,014	)			(2,991	)
Other Income (Expense):
	Derivative gains (losses), net			-				-				304				(776	)			(702	)
	Foreign currency gains (losses), net			21				(64	)			36				(40	)			(96	)
	Other, net			5				(1	)			40				8				(3,357	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				922				240				(408	)			57				849
Segment Profit (Loss)(1)			$	(126	)		$	1,290			$	1,865			$	(1,765	)		$	(6,297	)
Corporate and Eliminations
Operating Revenues			$	(914	)		$	(723	)		$	(638	)		$	(876	)		$	(1,543	)
Costs and Expenses:
	Operating			(984	)			(757	)			(801	)			(799	)			(1,512	)
	Administrative and general			9,091				7,795				8,452				7,457				8,147
	Depreciation and amortization			915				891				946				960				951
				9,022				7,929				8,597				7,618				7,586
Losses on Asset Dispositions				-				-				-				-				(25	)
Operating Loss			$	(9,936	)		$	(8,652	)		$	(9,235	)		$	(8,494	)		$	(9,154	)
Other Income (Expense):
	Derivative gains (losses), net		$	3,102			$	(429	)		$	891			$	(1,465	)		$	(210	)
	Foreign currency gains (losses), net			(151	)			(244	)			276				(803	)			(731	)
	Other, net			232				(53	)			51				65				6

(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
			Dec. 31, 2015				Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014
Rates Per Day Worked:
	Anchor handling towing supply		$	30,871			$	29,978			$	28,463			$	22,792			$	26,544
	Fast support			8,014				8,853				9,795				9,426				9,620
	Mini-supply			5,345				5,858				5,861				5,778				6,355
	Standby safety			10,229				10,487				10,303				10,147				10,556
	Supply			14,375				14,459				15,112				17,047				18,712
	Towing supply			8,872				7,912				8,579				8,728				7,918
	Specialty			23,107				25,517				20,749				14,537				32,027
	Liftboats			25,191				17,124				20,675				21,951				23,038
	Overall Average Rates Per Day Worked (excluding wind farm utility)			13,495				14,029				13,955				13,178				15,520
	Wind farm utility			2,506				2,446				2,414				2,584				2,732
	Overall Average Rates Per Day Worked			10,299				10,003				9,993				10,057				11,874
Utilization:
	Anchor handling towing supply			51	%			59	%			57	%			68	%			85	%
	Fast support			58	%			64	%			67	%			80	%			73	%
	Mini-supply			97	%			97	%			100	%			85	%			94	%
	Standby safety			85	%			84	%			84	%			83	%			84	%
	Supply			43	%			41	%			44	%			67	%			74	%
	Towing supply			97	%			68	%			99	%			95	%			62	%
	Specialty			80	%			88	%			45	%			27	%			48	%
	Liftboats			13	%			31	%			42	%			28	%			55	%
	Overall Fleet Utilization (excluding wind farm utility)			59	%			63	%			65	%			68	%			75	%
	Wind farm utility			65	%			90	%			96	%			84	%			93	%
	Overall Fleet Utilization			60	%			70	%			73	%			72	%			79	%
Available Days:
	Anchor handling towing supply			1,380				1,380				1,365				1,350				1,380
	Fast support			2,173				2,072				2,086				2,129				2,420
	Mini-supply			368				368				364				360				368
	Standby safety			2,208				2,208				2,184				2,160				2,208
	Supply			736				920				953				1,022				1,169
	Towing supply			184				184				182				180				184
	Specialty			276				276				273				270				276
	Liftboats			1,380				1,380				1,365				1,350				1,380
	Overall Fleet Available Days (excluding wind farm utility)			8,705				8,788				8,772				8,821				9,385
	Wind farm utility			3,222				3,262				3,094				2,997				3,022
	Overall Fleet Available Days			11,927				12,050				11,866				11,818				12,407

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
				Dec. 31, 2015				Sep. 30, 2015(1)				Jun. 30, 2015(1)				Mar. 31, 2015(1)				Dec. 31, 2014(1)
ASSETS
Current Assets:
	Cash and cash equivalents			$	530,009			$	456,805			$	433,827			$	448,011			$	434,183
	Restricted cash				-				-				-				16,896				16,435
	Marketable securities				138,200				31,632				29,411				39,002				58,004
	Receivables:
		Trade, net of allowance for doubtful accounts			159,076				175,968				181,733				186,583				225,242
		Other			27,217				39,696				48,627				39,805				67,745
	Inventories				24,768				23,274				19,736				23,156				22,783
	Prepaid expenses and other				8,627				10,755				11,411				8,814				9,011
		Total current assets			887,897				738,130				724,745				762,267				833,403
Property and Equipment:
		Historical cost			2,123,201				2,099,483				2,100,309				2,083,035				2,086,957
		Accumulated depreciation			(994,181	)			(967,721	)			(954,931	)			(918,769	)			(902,284	)
					1,129,020				1,131,762				1,145,378				1,164,266				1,184,673
		Construction in progress			454,605				413,572				399,033				339,390				318,000
		Net property and equipment			1,583,625				1,545,334				1,544,411				1,503,656				1,502,673
Investments, at Equity, and Advances to 50% or Less Owned Companies					331,103				490,818				482,302				483,748				484,157
Construction Reserve Funds & Title XI Reserve Funds					255,408				253,470				275,131				288,529				278,022
Goodwill					52,340				65,725				62,686				62,688				62,759
Intangible Assets, Net					26,392				27,179				30,742				31,955				32,727
Other Assets					48,654				46,371				44,850				37,108				40,632
				$	3,185,419			$	3,167,027			$	3,164,867			$	3,169,951			$	3,234,373
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt			$	35,531			$	35,452			$	35,270			$	44,953			$	48,499
	Accounts payable and accrued expenses				71,952				64,997				68,832				72,738				103,760
	Other current liabilities				92,677				113,271				108,100				128,230				109,464
		Total current liabilities			200,160				213,720				212,202				245,921				261,723
Long-Term Debt					1,034,859				914,220				876,710				824,625				823,723
Exchange Option Liability on Subsidiary Convertible Senior Notes					5,611				-				-				-				-
Deferred Income Taxes					389,988				418,776				430,761				423,680				442,776
Deferred Gains and Other Liabilities					163,862				170,850				172,018				178,293				188,664
		Total liabilities			1,794,480				1,717,566				1,691,691				1,672,519				1,716,886
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock			-				-				-				-				-
		Common stock			377				377				377				377				375
		Additional paid-in capital			1,505,942				1,503,794				1,499,904				1,495,261				1,490,698
		Retained earnings			1,126,620				1,183,485				1,176,520				1,175,833				1,195,402
		Shares held in treasury, at cost			(1,356,499	)			(1,346,371	)			(1,305,104	)			(1,287,460	)			(1,283,476	)
		Accumulated other comprehensive loss, net of tax			(5,620	)			(5,604	)			(3,172	)			(5,837	)			(3,505	)
					1,270,820				1,335,681				1,368,525				1,378,174				1,399,494
	Noncontrolling interests in subsidiaries				120,119				113,780				104,651				119,258				117,993
		Total equity			1,390,939				1,449,461				1,473,176				1,497,432				1,517,487
				$	3,185,419			$	3,167,027			$	3,164,867			$	3,169,951			$	3,234,373

(1)		Effective December 31, 2015, the Company adopted new accounting standards regarding the presentation of deferred debt issuance costs and deferred tax liabilities and assets. As a result, the Company has reclassified previously reported amounts to conform with its December 31, 2015 presentation.

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
			Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014
Offshore Marine Services
Anchor handling towing supply			18		18		18		18		18
Fast support			34		34		33		34		35
Mini-supply			7		7		7		7		7
Standby safety			25		25		25		25		25
Supply			24		26		26		27		25
Towing supply			3		3		3		3		3
Specialty			9		9		9		9		9
Liftboats			15		15		15		15		15
Wind farm utility			38		39		37		37		36
			173		176		173		175		173
Inland River Services
Dry-cargo barges			1,430		1,431		1,435		1,439		1,455
Liquid tank barges:
	10,000 barrel		18		18		45		45		44
	30,000 barrel		27		27		27		27		27
Specialty barges (1)			11		11		7		7		7
Deck barges			-		-		-		-		20
Towboats:
	4,000 hp - 6,250 hp		17		17		17		17		17
	Less than 3,200 hp		17		16		16		15		14
			1,520		1,520		1,547		1,550		1,584
Shipping Services(2)(3)
Petroleum Transportation:
	Product tankers - U.S.-flag		7		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		56

(1)		Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(2)		For the period presented in 2014, the Company provided technical management services for two additional vessels. For each of the periods presented in 2015, the Company provided technical management services for one additional vessel.
(3)		Previously reported equipment operated by Dorian has been removed from all periods presented. As of December 31, 2015, the Company's investment in Dorian is classified as marketable securities.

SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES AS OF DECEMBER 31, 2015 (unaudited)
			2016								2017								2018								2019
			Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Total
Shipping Services
Product tankers - U.S.-flag			-		1		-		1		1		-		-		-		-		-		-		-		-		3
Articulated tug-barge - U.S.-flag			-		-		-		1		-		-		-		-		-		-		-		-		-		1
Harbor tugs - U.S.-flag			-		-		-		1		1		-		-		-		-		-		-		-		-		2
Offshore Marine Services
Fast support			-		1		2		-		1		-		1		-		1		-		-		-		1		7
Supply			-		1		1		-		-		-		-		-		1		-		-		-		1		4
Specialty			-		-		-		-		1		1		-		-		-		-		-		-		-		2
Wind farm utility			2		1		-		-		-		-		-		-		-		-		-		-		-		3
Inland River Services
Dry-cargo barges			-		-		25		25		-		-		-		-		-		-		-		-		-		50
Liquid tank barges - 30,000 barrel			-		1		-		-		-		-		-		-		-		-		-		-		-		1
Towboats:
	4,000 hp - 6,600 hp		-		-		-		-		1		-		1		1		-		-		-		-		-		3
	3,300 hp - 3,900 hp		1		-		-		-		-		-		-		-		-		-		-		-		-		1
	Less than 3,200 hp		-		1		-		-		-		-		-		-		-		-		-		-		-		1