SEACOR Holdings Announces Results for Its Third Quarter Ended September 30, 2015

FORT LAUDERDALE, FL--(Marketwired - Oct 27, 2015) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its third quarter ended September 30, 2015.

For the quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. For the nine months ended September 30, 2015, net loss attributable to SEACOR Holdings Inc. was $11.9 million, or $0.68 per diluted share. Results attributable to SEACOR Holdings Inc. for the nine months ended September 30, 2015 included a second quarter loss on the extinguishment of the Company's Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.55 per diluted share.

For the preceding quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. A comparison of results for the quarter ended September 30, 2015 with the preceding quarter ended June 30, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. For the nine months ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $60.0 million, or $2.85 per diluted share.

Charles Fabrikant, the Company's Chief Executive Officer, stated: "The quarter and year-to-date results reflect extremely difficult conditions in our offshore marine services business. Notwithstanding the challenges, our offshore business, as well as all of our other businesses, continue to produce positive cash flows from operations. Our offshore group's results have benefited from a fleet and geographical exposure that is diverse with minimal investment in boats that are highly dependent on deep water exploration activity. We adhere to our focus on maintaining a strong liquidity position, which we believe will serve us well in the current market environment and lead to opportunities. We expect market conditions in the offshore marine business to deteriorate further over the next several quarters and plan on taking further measures to reduce costs."

Highlights for the Quarter

Offshore Marine Services - Operating loss was $2.9 million in the third quarter compared with $0.4 million in the preceding quarter. Operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $12.3 million on operating revenues of $95.5 million in the third quarter compared with $15.3 million on operating revenues of $96.7 million in the preceding quarter.

Results for the current quarter include a charge of $6.9 million for a U.K. subsidiary's share of a funding deficit in the Merchant Navy Ratings Pension Fund ("MNRPF") for North Sea mariners. This payment to the pension plan will be made in four annual installments beginning in the fourth quarter and reflects the results of a 2014 actuarial valuation of the pension fund, which is normally performed every three years.

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 65% to 63%. Days available for charter and average rates per day worked during the third 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 were $2.6 million higher in the third quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.8 million higher due to improved utilization and higher average rates per day worked, reflecting offshore construction activity in the third quarter. Time charter revenues for the liftboat fleet and other vessel classes decreased by $4.6 million and $1.7 million, respectively. Time charter revenues for the liftboat fleet were lower due to less maintenance activity associated with shelf properties and fewer decommissioning jobs. On a total fleet basis, including cold-stacked vessels, utilization dropped from 49% to 38%. Average rates per day worked increased from $21,898 to $24,137 per day. Operating expenses were $6.6 million lower primarily due to a $4.0 million reduction in drydocking expenses and a $0.9 million reduction in daily running costs as a consequence of cold-stacking additional vessels. As of September 30, 2015, the Company had 19 vessels cold-stacked in the U.S. Gulf of Mexico compared with ten vessels as of June 30, 2015.

Operating results from international regions, before gains on asset dispositions, were $1.7 million lower in the third quarter compared with the preceding quarter primarily due to the previously mentioned MNRPF charge of $6.9 million. Time charter revenues were $2.0 million higher primarily due to a term charter in Sakhalin which commenced in June 2015. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization improved from 73% to 77% and average rates per day worked increased from $11,111 to $11,198 per day. Operating expenses were $4.6 million higher as the MNRPF charge was partially offset by lower drydocking costs, the cessation of rent payments associated with a bareboat chartered-in vessel that had been operating in the international fleet, and a reduction in vessel repositioning expenses. As of September 30, 2015, the Company had three vessels cold-stacked in international regions compared with two vessels as of June 30, 2015.

Foreign currency losses, net of $1.6 million in the third 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 income was $15.2 million in the third quarter compared with $2.6 million in the preceding quarter. OIBDA was $22.4 million on operating revenues of $54.3 million in the third quarter compared with $10.0 million on operating revenues of $61.2 million in the preceding quarter. 

Operating results before gains on asset dispositions were $2.2 million higher in the third quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $2.7 million higher primarily due to increased demand for moving grain associated with the commencement of the fall harvest and lower costs for moving barges due to reduced towing rates reflecting cheaper diesel fuel.

During the third quarter, the Company sold 34 10,000 barrel liquid tank barges, four inland river towboats and other equipment for net proceeds of $72.4 million and gains of $14.6 million, of which $10.7 million were recognized currently and $3.9 million were deferred. In addition, the Company recognized previously deferred gains of $0.8 million.

Foreign currency losses, net of $2.2 million in the third quarter were primarily due to the weakening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.

During the third quarter, the Company recognized $2.2 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 $1.2 million during the third quarter on notes due from this joint venture.

Shipping Services - Operating income was $18.3 million in the third quarter compared with $6.3 million in the preceding quarter. OIBDA was $24.8 million (of which $9.2 million is attributable to noncontrolling interests) on operating revenues of $58.7 million in the third quarter compared with $12.9 million (of which $2.9 million is attributable to noncontrolling interests) on operating revenues of $55.7 million in the preceding quarter.

Operating results were $12.0 million higher in the third quarter compared with the preceding quarter primarily due to less out-of-service time and costs for drydocking U.S.-flag product tankers, partially offset by a reduction in harbor towing activities resulting from lower port traffic.

During the third quarter and included in other, net, the Company received $1.8 million for the early termination of a contract for two harbor tugs.

During the third quarter, the Company's equity in earnings of 50% or less owned companies increased by $2.9 million primarily due to improved operating results from the Company's VLGC joint venture, Dorian LPG Ltd. As of September 30, 2015, the Company's carrying value in this joint venture was $146.8 million compared with a market value of $98.1 million based on the closing share price as of the date of this release and a market value of $153.1 million based on the closing share price as of June 30, 2015.

Illinois Corn Processing - Segment profit was $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the third quarter compared with $10.5 million (of which $3.1 million is attributable to noncontrolling interests) on operating revenues of $48.4 million in the preceding quarter. Segment profit was $5.5 million lower due to the recognition of a $4.1 million gain from a business interruption insurance claim in the preceding quarter and lower alcohol sales volumes in the third quarter.

Debt Extinguishment Losses - During the third quarter, the Company purchased $8.5 million in principal amount of its 7.375% Senior Notes for $8.9 million resulting in a loss on debt extinguishment of $0.4 million. As of September 30, 2015, the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $211.0 million.

Marketable Securities - Marketable security losses, net of $4.6 million in the third quarter related primarily to the Company's long positions in marketable securities.

Income Tax Expense - The Company's effective tax rate of 21.4% for the third quarter was primarily due to taxes not provided on income attributable to noncontrolling interests.

Share Repurchases - During the third quarter, the Company purchased 678,728 shares of its common stock for an aggregate purchase price of $42.3 million, or $62.34 per share. As of September 30, 2015, the Company had 17,353,929 of common shares outstanding.

Capital Commitments - The Company's capital commitments as of September 30, 2015 by year of expected payment were as follows (in thousands):

		2015			2016			2017			2018			2019			Total
Shipping Services		$	46,543		$	166,854		$	22,599		$	--		$	--		$	235,996
Offshore Marine Services			7,111			43,375			16,227			19,062			5,983			91,758
Inland River Services			4,092			1,468			--			--			--			5,560
Illinois Corn Processing			1,216			2,171			--			--			--			3,387
Other			369			--			--			--			--			369
		$	59,331		$	213,868		$	38,826		$	19,062		$	5,983		$	337,070

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 six fast support vessels, four supply vessels and three wind farm utility vessels. Inland River Services' capital commitments included two 30,000 barrel liquid tank barges and three inland river towboats. Of these commitments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. Subsequent to September 30, 2015, the Company committed to purchase two offshore support vessels, 50 inland river dry-cargo barges, three inland river towboats and other equipment for $95.7 million.

Liquidity and Debt - As of September 30, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $741.9 million and its total outstanding long-term debt was $961.5 million. In addition, the Company had $141.2 million of borrowing capacity under subsidiary credit facilities. Subsequent to September 30, 2015, the Company borrowed $26.1 million under these 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 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								Nine Months Ended
				September 30,								September 30,
				2015				2014				2015				2014
Operating Revenues				$	261,852			$	338,936			$	804,105			$	977,177
Costs and Expenses:
		Operating			175,985				237,676				582,876				688,558
		Administrative and general			37,892				46,655				115,453				119,418
		Depreciation and amortization			31,018				33,604				94,527				100,216
					244,895				317,935				792,856				908,192
Gains on Asset Dispositions and Impairments, Net					11,264				29,869				10,804				38,842
Operating Income					28,221				50,870				22,053				107,827
Other Income (Expense):
	Interest income				5,065				4,463				14,118				14,536
	Interest expense				(10,894	)			(11,124	)			(31,797	)			(32,985	)
	Debt extinguishment losses				(434	)			--				(29,970	)			--
	Marketable security gains (losses), net				(4,604	)			9,693				(3,476	)			15,494
	Derivative losses, net				(725	)			(2,538	)			(2,295	)			(2,681	)
	Foreign currency losses, net				(4,057	)			(3,059	)			(3,614	)			(1,538	)
	Other, net				1,773				111				6,162				6,669
					(13,876	)			(2,454	)			(50,872	)			(505	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies					14,345				48,416				(28,819	)			107,322
Income Tax Expense (Benefit)					3,063				15,610				(8,736	)			34,985
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies					11,282				32,806				(20,083	)			72,337
Equity in Earnings of 50% or Less Owned Companies, Net of Tax					5,123				972				10,086				2,681
Net Income (Loss)					16,405				33,778				(9,997	)			75,018
Net Income attributable to Noncontrolling Interests in Subsidiaries					9,440				6,315				1,920				14,979
Net Income (Loss) attributable to SEACOR Holdings Inc.				$	6,965			$	27,463			$	(11,917	)		$	60,039
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.				$	0.40			$	1.43			$	(0.68	)		$	3.04
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.				$	0.40			$	1.28			$	(0.68	)		$	2.85
Weighted Average Common Shares Outstanding:
	Basic				17,294,927				19,196,121				17,616,035				19,761,620
	Diluted				17,561,107				25,627,742				17,616,035				24,374,918

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited)
			Three Months Ended
			Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014
Operating Revenues			$	261,852			$	281,609			$	260,644			$	342,217			$	338,936
Costs and Expenses:
	Operating			175,985				207,743				199,148				220,814				237,676
	Administrative and general			37,892				38,674				38,887				45,520				46,655
	Depreciation and amortization			31,018				32,079				31,430				31,603				33,604
				244,895				278,496				269,465				297,937				317,935
Gains (Losses) on Asset Dispositions and Impairments, Net				11,264				4,386				(4,846	)			13,136				29,869
Operating Income (Loss)				28,221				7,499				(13,667	)			57,416				50,870
Other Income (Expense):
	Interest income			5,065				4,474				4,579				5,126				4,463
	Interest expense			(10,894	)			(10,391	)			(10,512	)			(10,647	)			(11,124	)
	Debt extinguishment losses			(434	)			(29,536	)			--				--				--
	Marketable security gains (losses), net			(4,604	)			10,249				(9,121	)			13,266				9,693
	Derivative gains (losses), net			(725	)			1,426				(2,996	)			(1,221	)			(2,538	)
	Foreign currency gains (losses), net			(4,057	)			2,436				(1,993	)			(4,797	)			(3,059	)
	Other, net			1,773				4,433				(44	)			(3,230	)			111
				(13,876	)			(16,909	)			(20,087	)			(1,503	)			(2,454	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies				14,345				(9,410	)			(33,754	)			55,913				48,416
Income Tax Expense (Benefit)				3,063				155				(11,954	)			20,212				15,610
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies				11,282				(9,565	)			(21,800	)			35,701				32,806
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				5,123				1,064				3,899				13,628				972
Net Income (Loss)				16,405				(8,501	)			(17,901	)			49,329				33,778
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				9,440				(9,188	)			1,668				9,236				6,315
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	6,965			$	687			$	(19,569	)		$	40,093			$	27,463
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	0.40			$	0.04			$	(1.10	)		$	2.22			$	1.43
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.			$	0.40			$	0.04			$	(1.10	)		$	1.85			$	1.28
Weighted Average Common Shares of Outstanding:
	Basic			17,295				17,781				17,778				18,074				19,196
	Diluted			17,561				18,082				17,778				24,503				25,628
Common Shares Outstanding at Period End				17,354				18,012				18,241				18,140				19,044

SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited)
			Three Months Ended
			Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014
Offshore Marine Services
Operating Revenues			$	95,531			$	96,715			$	93,456			$	127,518			$	135,178
Costs and Expenses:
	Operating			70,221				72,173				74,355				86,558				90,736
	Administrative and general			12,753				12,655				13,559				15,253				14,514
	Depreciation and amortization			15,252				15,692				15,366				15,594				16,269
				98,226				100,520				103,280				117,405				121,519
Gains (Losses) on Asset Dispositions and Impairments, Net				(246	)			3,455				(6,649	)			12,062				3,219
Operating Income (Loss)				(2,941	)			(350	)			(16,473	)			22,175				16,878
Other Income (Expense):
	Derivative gains (losses), net			(10	)			4				(9	)			(7	)			(33	)
	Foreign currency gains (losses), net			(1,567	)			1,907				(17	)			(934	)			(1,870	)
	Other, net			(9	)			43				(146	)			(68	)			--
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				1,708				2,826				2,975				3,054				2,529
Segment Profit (Loss)(1)			$	(2,819	)		$	4,430			$	(13,670	)		$	24,220			$	17,504
OIBDA(2)			$	12,311			$	15,342			$	(1,107	)		$	37,769			$	33,147
Drydocking expenditures (included in operating costs and expenses)			$	1,483			$	5,932			$	6,881			$	9,052			$	7,606
Out-of-service days for drydockings				87				315				294				326				357
Inland River Services
Operating Revenues			$	54,310			$	61,150			$	56,607			$	79,252			$	59,932
Costs and Expenses:
	Operating			39,487				48,556				41,513				46,250				43,947
	Administrative and general			3,907				3,765				3,884				4,245				3,520
	Depreciation and amortization			7,268				7,362				6,889				6,660				7,841
				50,662				59,683				52,286				57,155				55,308
Gains on Asset Dispositions				11,510				1,166				1,803				1,565				26,429
Operating Income				15,158				2,633				6,124				23,662				31,053
Other Income (Expense):
	Derivative gains, net			50				177				82				--				--
	Foreign currency gains (losses), net			(2,173	)			208				(1,121	)			(3,032	)			(450	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(2,117	)			(3,717	)			(274	)			10,515				(95	)
Segment Profit (Loss)(1)			$	10,918			$	(699	)		$	4,811			$	31,145			$	30,508
OIBDA(2)			$	22,426			$	9,995			$	13,013			$	30,322			$	38,894

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Sep. 30, 2015				Jun. 30, 2015			Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014
Shipping Services
Operating Revenues			$	58,673			$	55,674		$	51,407			$	56,681			$	51,659
Costs and Expenses:
	Operating			27,666				36,124			37,131				28,688				29,068
	Administrative and general			6,236				6,676			6,289				7,318				5,883
	Depreciation and amortization			6,476				6,611			6,735				6,821				6,730
				40,378				49,411			50,155				42,827				41,681
Gains (Losses) on Asset Dispositions				--				--			--				202				(2	)
Operating Income				18,295				6,263			1,252				14,056				9,976
Other Income (Expense):
	Foreign currency gains (losses), net			(9	)			9			(12	)			(4	)			(27	)
	Other, net			1,836				187			29				22				123
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				5,292				2,363			1,141				(790	)			(2,188	)
Segment Profit(1)			$	25,414			$	8,822		$	2,410			$	13,284			$	7,884
OIBDA(2)			$	24,771			$	12,874		$	7,987			$	20,877			$	16,706
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)			$	66			$	7,171		$	8,083			$	--			$	--
Out-of-service days for drydockings of U.S.-flag product tankers				--				38			71				--				--
Illinois Corn Processing
Operating Revenues			$	40,282			$	48,371		$	39,598			$	51,026			$	53,813
Costs and Expenses:
	Operating			33,514				40,588			33,118				39,685				44,461
	Administrative and general			543				509			562				609				463
	Depreciation and amortization			979				979			980				1,064				1,055
				35,036				42,076			34,660				41,358				45,979
Operating Income				5,246				6,295			4,938				9,668				7,834
Other Income (Expense):
	Derivative gains (losses), net			(336	)			50			(828	)			(302	)			(2,674	)
	Other, net			--				4,112			--				167				--
Segment Profit(1)			$	4,910			$	10,457		$	4,110			$	9,533			$	5,160

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014
Other
Operating Revenues			$	13,779			$	20,337			$	20,452			$	29,283			$	39,024
Costs and Expenses:
	Operating			5,854				11,103				13,830				21,145				30,099
	Administrative and general			6,658				6,617				7,136				9,948				8,629
	Depreciation and amortization			152				489				500				513				649
				12,664				18,209				21,466				31,606				39,377
Losses on Asset Dispositions and Impairments, Net				--				(235	)			--				(668	)			--
Operating Income (Loss)				1,115				1,893				(1,014	)			(2,991	)			(353	)
Other Income (Expense):
	Derivative gains (losses), net			--				304				(776	)			(702	)			205
	Foreign currency gains (losses), net			(64	)			36				(40	)			(96	)			(121	)
	Other, net			(1	)			40				8				(3,357	)			42
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				240				(408	)			57				849				726
Segment Profit (Loss)(1)			$	1,290			$	1,865			$	(1,765	)		$	(6,297	)		$	499
Corporate and Eliminations
Operating Revenues			$	(723	)		$	(638	)		$	(876	)		$	(1,543	)		$	(670	)
Costs and Expenses:
	Operating			(757	)			(801	)			(799	)			(1,512	)			(635	)
	Administrative and general			7,795				8,452				7,457				8,147				13,646
	Depreciation and amortization			891				946				960				951				1,060
				7,929				8,597				7,618				7,586				14,071
Gains (Losses) on Asset Dispositions				--				--				--				(25	)			223
Operating Loss			$	(8,652	)		$	(9,235	)		$	(8,494	)		$	(9,154	)		$	(14,518	)
Other Income (Expense):
	Derivative gains (losses), net		$	(429	)		$	891			$	(1,465	)		$	(210	)		$	(36	)
	Foreign currency gains (losses), net			(244	)			276				(803	)			(731	)			(591	)
	Other, net			(53	)			51				65				6				(54	)

(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
			Sep. 30, 2015				Jun. 30, 2015				Mar. 31, 2015				Dec. 31, 2014				Sep. 30, 2014
Rates Per Day Worked:
	Anchor handling towing supply		$	29,978			$	28,463			$	22,792			$	26,544			$	26,175
	Fast support			8,853				9,795				9,426				9,620				9,542
	Mini-supply			5,858				5,861				5,778				6,355				6,550
	Standby safety			10,487				10,303				10,147				10,556				11,091
	Supply			14,459				15,112				17,047				18,712				18,355
	Towing supply			7,912				8,579				8,728				7,918				9,223
	Specialty			25,517				20,749				14,537				32,027				38,716
	Liftboats			17,124				20,675				21,951				23,038				23,933
	Overall Average Rates Per Day Worked (excluding wind farm utility)			14,029				13,955				13,178				15,520				15,863
	Wind farm utility			2,446				2,414				2,584				2,732				2,688
	Overall Average Rates Per Day Worked			10,003				9,993				10,057				11,874				12,239
Utilization:
	Anchor handling towing supply			59	%			57	%			68	%			85	%			76	%
	Fast support			64	%			67	%			80	%			73	%			71	%
	Mini-supply			97	%			100	%			85	%			94	%			100	%
	Standby safety			84	%			84	%			83	%			84	%			89	%
	Supply			41	%			44	%			67	%			74	%			75	%
	Towing supply			68	%			99	%			95	%			62	%			70	%
	Specialty			88	%			45	%			27	%			48	%			54	%
	Liftboats			31	%			42	%			28	%			55	%			66	%
	Overall Fleet Utilization (excluding wind farm utility)			63	%			65	%			68	%			75	%			77	%
	Wind farm utility			90	%			96	%			84	%			93	%			97	%
	Overall Fleet Utilization			70	%			73	%			72	%			79	%			81	%
Available Days:
	Anchor handling towing supply			1,380				1,365				1,350				1,380				1,541
	Fast support			2,072				2,086				2,129				2,420				2,488
	Mini-supply			368				364				360				368				413
	Standby safety			2,208				2,184				2,160				2,208				2,208
	Supply			920				953				1,022				1,169				1,298
	Towing supply			184				182				180				184				184
	Specialty			276				273				270				276				276
	Liftboats			1,380				1,365				1,350				1,380				1,380
	Overall Fleet Available Days (excluding wind farm utility)			8,788				8,772				8,821				9,385				9,788
	Wind farm utility			3,262				3,094				2,997				3,022				2,944
	Overall Fleet Available Days			12,050				11,866				11,818				12,407				12,732

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
			Sep. 30, 2015			Jun. 30, 2015			Mar. 31, 2015			Dec. 31, 2014			Sep. 30, 2014
ASSETS
Current Assets:
	Cash and cash equivalents		$	456,805		$	433,827		$	448,011		$	434,183		$	449,632
	Restricted cash			--			--			16,896			16,435			13,656
	Marketable securities			31,632			29,411			39,002			58,004			43,286
	Receivables:
		Trade, net of allowance for doubtful accounts		175,968			181,733			186,583			225,242			215,191
		Other		39,696			48,627			39,805			67,745			57,621
	Inventories			23,274			19,736			23,156			22,783			20,896
	Deferred income taxes			--			--			--			--			116
	Prepaid expenses and other			10,755			11,411			8,814			9,011			11,431
		Total current assets		738,130			724,745			762,267			833,403			811,829
Property and Equipment:
		Historical cost		2,099,483			2,100,309			2,083,035			2,086,957			2,166,509
		Accumulated depreciation		(967,721	)		(954,931	)		(918,769	)		(902,284	)		(889,993	)
				1,131,762			1,145,378			1,164,266			1,184,673			1,276,516
		Construction in progress		413,572			399,033			339,390			318,000			284,362
		Net property and equipment		1,545,334			1,544,411			1,503,656			1,502,673			1,560,878
Investments, at Equity, and Advances to 50% or Less Owned Companies				490,818			482,302			483,748			484,157			444,826
Construction Reserve Funds & Title XI Reserve Funds				253,470			275,131			288,529			278,022			321,278
Goodwill				65,725			62,686			62,688			62,759			62,904
Intangible Assets, Net				27,179			30,742			31,955			32,727			34,306
Other Assets				58,152			57,463			47,169			51,292			55,049
			$	3,178,808		$	3,177,480		$	3,180,012		$	3,245,033		$	3,291,070
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	35,452		$	35,270		$	44,953		$	48,499		$	50,785
	Accounts payable and accrued expenses			64,997			68,832			72,738			103,760			90,704
	Other current liabilities			123,501			118,330			138,460			119,694			139,999
		Total current liabilities		223,950			222,432			256,151			271,953			281,488
Long-Term Debt				926,001			889,323			834,686			834,383			831,163
Deferred Income Taxes				408,546			420,531			413,450			432,546			459,039
Deferred Gains and Other Liabilities				170,850			172,018			178,293			188,664			185,950
		Total liabilities		1,729,347			1,704,304			1,682,580			1,727,546			1,757,640
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		377			377			377			375			375
		Additional paid-in capital		1,503,794			1,499,904			1,495,261			1,490,698			1,485,342
		Retained earnings		1,183,485			1,176,520			1,175,833			1,195,402			1,155,309
		Shares held in treasury, at cost		(1,346,371	)		(1,305,104	)		(1,287,460	)		(1,283,476	)		(1,213,267	)
		Accumulated other comprehensive loss, net of tax		(5,604	)		(3,172	)		(5,837	)		(3,505	)		(1,891	)
				1,335,681			1,368,525			1,378,174			1,399,494			1,425,868
	Noncontrolling interests in subsidiaries			113,780			104,651			119,258			117,993			107,562
		Total equity		1,449,461			1,473,176			1,497,432			1,517,487			1,533,430
			$	3,178,808		$	3,177,480		$	3,180,012		$	3,245,033		$	3,291,070

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
			Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014
Offshore Marine Services
Anchor handling towing supply			18		18		18		18		18
Fast support			34		33		34		35		38
Mini-supply			7		7		7		7		7
Standby safety			25		25		25		25		25
Supply			26		26		27		25		27
Towing supply			3		3		3		3		3
Specialty			9		9		9		9		9
Liftboats			15		15		15		15		15
Wind farm utility			39		37		37		36		35
			176		173		175		173		177
Inland River Services
Dry-cargo barges			1,431		1,435		1,439		1,455		1,456
Liquid tank barges:
	10,000 barrel		18		45		45		44		40
	30,000 barrel		27		27		27		27		27
Specialty barges (1)			11		7		7		7		7
Deck barges			--		--		--		20		20
Towboats:
	4,000 hp - 6,250 hp		17		17		17		17		17
	Less than 3,200 hp		16		16		15		14		15
			1,520		1,547		1,550		1,584		1,582
Shipping Services(2)
Petroleum and Gas Transportation:
	Product tankers - U.S.-flag		7		7		7		7		7
	Crude oil tanker - U.S.-flag		1		1		1		--		--
	Very large gas carriers - Foreign-flag		14		9		6		5		5
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		--
	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		8
Other:
	Dry bulk articulated tug-barge - U.S.-flag		1		1		1		1		1
			71		66		63		61		61

(1)		Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(2)		For each of the periods presented ending 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.

SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES AS OF SEPTEMBER 30, 2015 (unaudited)
			2015		2016								2017								2018								2019
			Q4		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		1		--		2		--		1		--		--		--		--		1		--		--		--		6
Supply			--		--		1		1		--		--		--		--		--		1		--		--		--		1		4
Wind farm utility			1		1		1		--		--		--		--		--		--		--		--		--		--		--		3
Inland River Services
Liquid tank barges - 30,000 barrel			1		1		--		--		--		--		--		--		--		--		--		--		--		--		2
Towboats:
	3,300 hp - 3,900 hp		1		--		--		--		--		--		--		--		--		--		--		--		--		--		1
	Less than 3,200 hp		1		1		--		--		--		--		--		--		--		--		--		--		--		--		2