April 11, 2013 at 16:54 PM EDT
SEACOR Holdings Inc. Provides Historical Financial Information to Present Era Group Inc. as a Discontinued Operation

FORT LAUDERDALE, FL -- (Marketwired) -- 04/11/13 -- On January 31, 2013, SEACOR Holdings Inc. ("SEACOR") (NYSE: CKH) completed the spin-off of its former aviation services business segment by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock (the "Spin-off") of Era Group Inc. ("Era Group"). Era Group filed a Registration Statement on Form 10 with the Securities and Exchange Commission ("SEC") that was declared effective on January 14, 2013. Prior to the Spin-off, SEACOR and Era Group entered into a Distribution Agreement and several other agreements that govern the post-Spin-off relationship. Era Group is now an independent public company whose common stock is listed on the New York Stock Exchange under the symbol "ERA."

For informational purposes, the accompanying consolidated balance sheets of SEACOR as of December 31, 2012, 2011, 2010, 2009 and 2008, and the related consolidated statements of income and cash flows for each of the five years in the period ended December 31, 2012, present Era Group as a discontinued operation in addition to the operations previously reported as discontinued in SEACOR's most recent Annual Report on Form 10-K filed with the SEC on February 27, 2013.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment 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 U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services 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 in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the 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 following 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 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).


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

                                          December 31,
                    -------------------------------------------------------
                        2012       2011       2010       2009       2008
                    ----------- ---------- ---------- ---------- ----------
       ASSETS
Current Assets:
  Cash and cash
   equivalents      $   248,204 $  381,482 $  354,563 $  451,041 $  264,761
  Restricted cash        28,285     21,281     12,651     34,014     20,787
  Marketable
   securities            21,668     66,898    147,409     68,139     53,817
  Receivables:
    Trade, net of
     allowance for
     doubtful
     accounts           224,944    231,288    216,297    231,698    204,814
    Other                45,334     43,631     63,442     68,817     33,680
  Inventories            25,787     12,958      9,927     36,837     44,716
  Deferred income
   taxes                  3,530      9,007      4,127      3,158      4,363
  Prepaid expenses
   and other             12,719      7,311      7,729      6,470      6,559
  Discontinued
   operations           108,153    266,691    328,657    143,743    115,981
                    ----------- ---------- ---------- ---------- ----------
    Total current
     assets             718,624  1,040,547  1,144,802  1,043,917    749,478
                    ----------- ---------- ---------- ---------- ----------
Property and
 Equipment:
  Historical cost     2,238,383  1,986,731  1,873,001  2,050,713  1,988,093
  Accumulated
   depreciation        (763,803)  (665,553)  (620,161)  (586,118)  (473,571)
                    ----------- ---------- ---------- ---------- ----------
                      1,474,580  1,321,178  1,252,840  1,464,595  1,514,522
                    ----------- ---------- ---------- ---------- ----------
  Construction in
   progress             110,296    119,479     70,123     57,738     97,145
                    ----------- ---------- ---------- ---------- ----------
  Net property and
   equipment          1,584,876  1,440,657  1,322,963  1,522,333  1,611,667
                    ----------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Advances to 50% or
 Less Owned
 Companies              272,535    199,490    152,315    158,306    120,808
Construction
 Reserve Funds &
 Title XI Reserve
 Funds                  195,629    259,974    323,885    289,750    305,757
Goodwill                 17,978     56,702     53,413     46,205     43,119
Intangible Assets,
 Net                     15,305     21,528     19,745     23,430     28,250
Other Assets             55,123     86,961     50,256     37,704     33,148
Discontinued
 Operations             840,724    822,275    693,010    601,974    567,427
                    ----------- ---------- ---------- ---------- ----------
                    $ 3,700,794 $3,928,134 $3,760,389 $3,723,619 $3,459,654
                    =========== ========== ========== ========== ==========
  LIABILITIES AND
       EQUITY
Current
 Liabilities:
  Current portion
   of long-term
   debt             $    21,920 $   38,304 $   11,928 $   36,231 $   33,257
  Current portion
   of capital lease
   obligations            2,900      2,368      1,030        966        907
  Accounts payable
   and accrued
   expenses             107,892    133,743    146,479    113,049     80,819
  Accrued wages and
   benefits              19,303     26,924     27,053     21,164     26,187
  Accrued interest        5,226      7,722      7,611      8,364      9,938
  Accrued income
   taxes                  8,089     15,842     15,042     16,977     16,862
  Short sales of
   marketable
   securities             8,277     22,612     36,076     18,442      2,938
  Accrued capital,
   repair and
   maintenance
   expenditures           8,013      7,490      7,462      7,522     15,528
  Deferred revenues       6,592      9,845     20,829     12,906      3,083
  Other current
   liabilities           37,593     47,112     49,003     37,723     44,052
  Discontinued
   operations            39,836     89,564    213,000     41,768     43,230
                    ----------- ---------- ---------- ---------- ----------
    Total current
     liabilities        265,641    401,526    535,513    315,112    276,801
                    ----------- ---------- ---------- ---------- ----------
Long-Term Debt          655,309    710,352    661,542    748,503    895,296
Capital Lease
 Obligations                 59      3,068      5,493      6,624      7,685
Deferred Income
 Taxes                  426,027    420,591    434,043    486,724    459,683
Deferred Gains and
 Other Liabilities      120,342    134,925    147,477    103,568    112,738
Discontinued
 Operations             490,741    449,609    178,956     97,197     65,223
                    ----------- ---------- ---------- ---------- ----------
    Total
     liabilities      1,958,119  2,120,071  1,963,024  1,757,728  1,817,426
                    ----------- ---------- ---------- ---------- ----------
Equity:
  SEACOR Holdings
   Inc.
   stockholders'
   equity:
    Preferred stock          --         --         --         --         --
    Common stock            367        364        361        356        324
    Additional
     paid-in
     capital          1,330,324  1,256,209  1,225,296  1,182,023    956,457
    Retained
     earnings         1,473,509  1,512,679  1,471,623  1,546,581  1,402,771
    Shares held in
     treasury, at
     cost            (1,088,560)  (971,687)  (903,004)  (768,438)  (724,357)
    Accumulated
     other
     comprehensive
     loss, net of
     tax                 (1,986)    (7,958)    (7,039)    (3,260)    (5,045)
                    ----------- ---------- ---------- ---------- ----------
                      1,713,654  1,789,607  1,787,237  1,957,262  1,630,150
  Noncontrolling
   interests in
   subsidiaries          29,021     18,456     10,128      8,629     12,078
                    ----------- ---------- ---------- ---------- ----------
    Total equity      1,742,675  1,808,063  1,797,365  1,965,891  1,642,228
                    ----------- ---------- ---------- ---------- ----------
                    $ 3,700,794 $3,928,134 $3,760,389 $3,723,619 $3,459,654
                    =========== ========== ========== ========== ==========



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

                              For the years ended December 31,
                -----------------------------------------------------------
                    2012        2011        2010        2009        2008
                ----------- ----------- ----------- ----------- -----------
Operating
 Revenues       $ 1,308,297 $ 1,032,497 $ 1,173,502 $ 1,109,641 $ 1,218,013
                ----------- ----------- ----------- ----------- -----------
Costs and
 Expenses:
  Operating         977,469     745,553     719,941     704,920     728,206
  Administrative
   and general      166,743     131,772     140,665     119,728     134,619
  Depreciation
   and
   amortization     131,667     106,873     113,774     117,419     114,910
                ----------- ----------- ----------- ----------- -----------
                  1,275,879     984,198     974,380     942,067     977,735
                ----------- ----------- ----------- ----------- -----------
Gains on Asset
 Dispositions
 and
 Impairments,
 Net                 23,987      18,839      43,977      27,557      84,256
                ----------- ----------- ----------- ----------- -----------
Operating Income     56,405      67,138     243,099     195,131     324,534
                ----------- ----------- ----------- ----------- -----------
Other Income
 (Expense):
 Interest income     17,360      12,879       8,740       4,148      19,470
 Interest
  expense           (37,891)    (39,759)    (43,776)    (58,939)    (59,729)
 Debt
  extinguishment
  gains
  (losses), net        (160)        (99)     (1,460)     (5,587)      6,265
 Marketable
  security gains
  (losses), net      12,891      (7,893)     (2,159)     24,059      30,105
 Derivative
  gains
  (losses), net      (2,812)    (30,055)      6,842       7,288     (13,433)
 Foreign
  currency gains
  (losses), net       1,631         540      (4,551)      6,569      (7,798)
 Other, net           7,148       1,018       3,659         244         275
                ----------- ----------- ----------- ----------- -----------
                     (1,833)    (63,369)    (32,705)    (22,218)    (24,845)
                ----------- ----------- ----------- ----------- -----------
Income from
 Continuing
 Operations
 Before Income
 Tax Expense
 (Benefit) and
 Equity in
 Earnings
 (Losses) of 50%
 or Less Owned
 Companies           54,572       3,769     210,394     172,913     299,689
Income Tax
 Expense
 (Benefit):
  Current            47,582      30,569     133,734      36,429      84,422
  Deferred          (23,401)    (27,259)    (53,929)     30,056      19,218
                ----------- ----------- ----------- ----------- -----------
                     24,181       3,310      79,805      66,485     103,640
                ----------- ----------- ----------- ----------- -----------
Income from
 Continuing
 Operations
 Before Equity
 in Earnings
 (Losses) of 50%
 or Less Owned
 Companies           30,391         459     130,589     106,428     196,049
Equity in
 Earnings
 (Losses) of 50%
 or Less Owned
 Companies, Net
 of Tax              (5,764)      9,908      12,633      12,843      11,914
                ----------- ----------- ----------- ----------- -----------
Income from
 Continuing
 Operations          24,627      10,367     143,222     119,271     207,963
Income from
 Discontinued
 Operations, Net
 of Tax              35,832      31,783     102,762      25,832      11,460
                ----------- ----------- ----------- ----------- -----------
Net Income           60,459      42,150     245,984     145,103     219,423
Net Income
 (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries          (756)      1,094       1,260       1,293         880
                ----------- ----------- ----------- ----------- -----------
Net Income
 attributable to
 SEACOR Holdings
 Inc.           $    61,215 $    41,056 $   244,724 $   143,810 $   218,543
                =========== =========== =========== =========== ===========

Net Income
 attributable to
 SEACOR Holdings
 Inc.:
 Continuing
  operations    $    25,343 $     9,273 $   141,962 $   117,978 $   207,083
 Discontinued
  operations         35,872      31,783     102,762      25,832      11,460
                ----------- ----------- ----------- ----------- -----------
                $    61,215 $    41,056 $   244,724 $   143,810 $   218,543
                =========== =========== =========== =========== ===========
Basic Earnings
 Per Common
 Share of SEACOR
 Holdings Inc.:
 Continuing
  operations    $      1.24 $      0.44 $      6.63 $      5.91 $      9.91
 Discontinued
  operations           1.76        1.50        4.80        1.30        0.55
                ----------- ----------- ----------- ----------- -----------
                $      3.00 $      1.94 $     11.43 $      7.21 $     10.46
                =========== =========== =========== =========== ===========
Diluted Earnings
 Per Common
 Share of SEACOR
 Holdings Inc.:
 Continuing
  operations    $      1.22 $      0.43 $      6.52 $      5.47 $      8.79
 Discontinued
  operations           1.73        1.48        4.73        1.10        0.46
                ----------- ----------- ----------- ----------- -----------
                $      2.95 $      1.91 $     11.25 $      6.57 $      9.25
                =========== =========== =========== =========== ===========
Weighted Average
 Common Shares
 Outstanding:
 Basic           20,426,770  21,119,461  21,402,441  19,950,702  20,893,390
 Diluted         20,775,896  21,466,843  21,757,217  23,388,168  24,699,181
Common Shares
 Outstanding at
 Period End      19,887,933  20,933,116  21,399,508  22,612,826  20,017,547
Special Cash
 Dividend
 Declared and
 Paid Per Common
 Share of SEACOR
 Holdings Inc.  $      5.00 $        -- $     15.00 $        -- $        --



                            SEACOR HOLDINGS INC.
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (in thousands, unaudited)

                                   For the years ended December 31,
                          -------------------------------------------------
                             2012      2011      2010      2009      2008
                          --------- --------- --------- --------- ---------
Cash Flows from Operating
 Activities of Continuing
 Operations:
  Income from Continuing
   Operations             $  24,627 $  10,367 $ 143,222 $ 119,271 $ 207,963
  Adjustments to
   reconcile income from
   continuing operations
   to net cash provided
   by operating
   activities of
   continuing operations:
    Depreciation and
     amortization           131,667   106,873   113,774   117,419   114,910
    Amortization of
     deferred gains on
     sale and leaseback
     transactions           (16,652)  (22,191)  (17,819)  (16,960)  (16,552)
    Debt discount
     amortization, net        1,266       828       768     7,448     5,852
    Amortization of share
     awards                  32,930    21,589    19,254    12,993    12,199
    Director stock awards       357       359       303       380       450
    Bad debt expense
     (income)                 1,311       (56)      304     2,194     1,446
    Gains on asset
     dispositions and
     impairments, net       (23,987)  (18,839)  (43,977)  (27,557)  (84,256)
    Debt extinguishment
     (gains) losses, net        160        99     1,460     5,587    (6,265)
    Marketable security
     (gains) losses, net    (12,891)    7,893     2,159   (24,059)  (30,105)
    Purchases of
     marketable
     securities             (40,396) (117,145) (107,716)  (35,523)  (60,288)
    Proceeds from sale of
     marketable
     securities              36,537   178,016    44,992    61,595    24,168
    Derivative (gains)
     losses, net              2,812    30,055    (6,842)   (7,288)   13,433
    Cash settlements on
     derivative
     transactions, net      (11,868)  (20,636)   (6,858)    5,956   (11,310)
    Foreign currency
     (gains) losses, net     (1,631)     (540)    4,551    (6,569)    7,798
    Deferred income tax
     expense (benefit)      (23,401)  (27,259)  (53,929)   30,056    19,218
    Equity in (earnings)
     losses of 50% or
     less owned
     companies, net of
     tax                      5,764    (9,908)  (12,633)  (12,843)  (11,914)
    Dividends received
     from 50% or less
     owned companies          6,606     8,346    17,912    15,920    10,384
    Other, net                  542       484      (280)    1,068     1,041
    Changes in operating
     assets and
     liabilities:
      (Increase) decrease
       in receivables        18,775   (18,562)   25,147   (55,029)    8,518
      (Increase) decrease
       in prepaid
       expenses and other
       assets                 6,655    (1,672)   26,536    11,618    19,271
      Increase (decrease)
       in accounts
       payable, accrued
       expenses and other
       liabilities          (57,696)  (13,473)   67,020    21,156     6,644
                          --------- --------- --------- --------- ---------
        Net cash provided
         by operating
         activities of
         continuing
         operations          81,487   114,628   217,348   226,833   232,605
                          --------- --------- --------- --------- ---------
Cash Flows from Investing
 Activities of Continuing
 Operations:
  Purchases of property
   and equipment           (239,350) (165,264) (112,629)  (82,407) (198,913)
  Proceeds from
   disposition of
   property and equipment   114,032    75,733   359,414    77,124   154,520
  Purchases of marketable
   securities                    --        --        --        --  (212,590)
  Proceeds from sale of
   marketable securities         --        --        --        --   141,886
  Cash settlements on
   derivative
   transactions, net             --        --        --        --    (1,245)
  Investments in and
   advances to 50% or
   less owned companies     (45,572)  (41,313)  (55,462)  (27,453)  (14,043)
  Return of investments
   and advances from 50%
   or less owned
   companies                 87,275    22,422    14,160     1,922     2,212
  Proceeds on sale of
   investments in 50% or
   less owned companies          --        --        --       136        --
  Net advances on
   revolving credit line
   to 50% or less owned
   companies                   (300)   (4,339)   (9,067)       --        --
  (Advances) principal
   payments on third
   party notes
   receivable, net           32,634   (35,724)   (5,342)    2,433    (6,222)
  Net (increase) decrease
   in restricted cash        (7,004)   (8,630)   21,363   (13,227)    9,837
  Net (increase) decrease
   in construction
   reserve funds and
   title XI funds            64,345    63,911   (34,135)   16,007    99,243
  Repayments on
   (investments in)
   leases, net                3,399     8,982   (15,031)   (1,667)       59
  Business acquisitions,
   net of cash acquired    (148,088)  (90,588)   (5,602)   (4,112)   (5,622)
  Cash disposed on sale
   of subsidiary, net of
   cash proceeds on sale         --        --        --      (154)       --
                          --------- --------- --------- --------- ---------
        Net cash provided
         by (used in)
         investing
         activities of
         continuing
         operations        (138,629) (174,810)  157,669   (31,398)  (30,878)
                          --------- --------- --------- --------- ---------
Cash Flows from Financing
 Activities of Continuing
 Operations:
  Payments on long-term
   debt and capital lease
   obligations             (484,153)  (36,898)  (92,755) (311,814) (177,030)
  Net borrowings
   (repayments) under
   inventory financing
   arrangements             (14,600)   20,210   (21,647)    2,200        --
  Proceeds from issuance
   of long-term debt, net
   of offering costs        414,051    52,877        --   349,297   111,250
  Purchase of conversion
   option in convertible
   debt                          --        --        --    (2,030)       --
  Proceeds from issuance
   of conversion option
   in convertible debt,
   net of offering costs     48,245        --        --        --        --
  Special Cash Dividend    (100,385)       --  (319,682)       --        --
  Common stock acquired
   for treasury            (119,551)  (71,290) (137,068)  (45,854) (240,069)
  Proceeds and tax
   benefits from share
   award plans               11,683    11,888    26,225     5,742     6,655
  Purchase of subsidiary
   shares from
   noncontrolling
   interests                     --    (1,149)      (39)   (1,210)       --
  Cash received from
   (dividends paid to)
   noncontrolling
   interests, net            (2,818)     (915)      285    (2,257)    1,632
                          --------- --------- --------- --------- ---------
        Net cash used in
         financing
         activities of
         continuing
         operations        (247,528)  (25,277) (544,681)   (5,926) (297,562)
                          --------- --------- --------- --------- ---------
Effects of Exchange Rate
 Changes on Cash and Cash
 Equivalents                  2,087     1,517    (6,314)    2,169    (8,355)
                          --------- --------- --------- --------- ---------
Net Increase (Decrease)
 in Cash and Cash
 Equivalents from
 Continuing Operations     (302,583)  (83,942) (175,978)  191,678  (104,190)
                          --------- --------- --------- --------- ---------
Cash Flows from
 Discontinued Operations:
  Operating Activities      189,216    21,305   181,467    66,603    54,693
  Investing Activities       (7,665) (157,146) (138,441)  (70,302) (215,546)
  Financing Activities      (12,919)  246,260    38,170      (401)     (898)
  Effect of Exchange Rate
   Changes on Cash and
   Cash Equivalents             673       442    (1,696)   (1,298)     (248)
                          --------- --------- --------- --------- ---------
Net Increase (Decrease)
 in Cash and Cash
 Equivalents from
 Discontinued Operations    169,305   110,861    79,500    (5,398) (161,999)
                          --------- --------- --------- --------- ---------
Net Increase (Decrease)
 in Cash and Cash
 Equivalents               (133,278)   26,919   (96,478)  186,280  (266,189)
Cash and Cash
 Equivalents, Beginning
 of Year                    381,482   354,563   451,041   264,761   530,950
                          --------- --------- --------- --------- ---------
Cash and Cash
 Equivalents, End of Year $ 248,204 $ 381,482 $ 354,563 $ 451,041 $ 264,761
                          ========= ========= ========= ========= =========

For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com

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