Contact Information: Contact: Timothy McKeand Vice President (954) 524-4200 ext. 820 www.seacorholdings.com
SEACOR Announces Increase in Securities Repurchase Authority
| Source: SEACOR Holdings Inc.
FORT LAUDERDALE, FL -- (MARKET WIRE) -- August 3, 2006 -- SEACOR Holdings Inc. (NYSE : CKH )
announced today that its Board of Directors has increased its authorization
for repurchases pursuant to its previously announced securities repurchase
program. With this increase, SEACOR has approximately $75 million available
for such purchases. The securities covered by the repurchase program
include Seacor's common stock, its 7.2% senior notes due 2009, its 5 7/8%
senior notes due 2012, its 2.875% convertible senior debentures due 2024,
and the 9 1/2% senior notes due 2013 of Seabulk International, Inc., a
wholly-owned subsidiary. The repurchase of securities may be conducted from
time to time through open market purchases, privately negotiated
transactions or otherwise depending on market conditions.
SEACOR is a global provider of marine support and transportation service,
primarily to the energy and chemical industries. SEACOR and its
subsidiaries provide customers with a full suite of marine-related services
including offshore services, U.S. coastwise shipping, inland river
services, helicopter services, environmental services, and offshore and
harbor towing services. SEACOR is uniquely focused on providing highly
responsive local service, combined with the highest safety standards,
innovative technology, modern efficient equipment, and dedicated,
professional employees.
This release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements concerning management's expectations, strategic objectives,
business prospects, anticipated economic performance and financial
condition and other similar matters involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of results to differ materially from
any future results, performance or achievements discussed or implied by
such forward-looking statements. Such risks, uncertainties and other
important factors include, among others: the cyclical nature of the oil and
gas industry, activity in foreign countries and changes in foreign
political, military and economic conditions, the dependence of Offshore
Marine Services, Marine Transportation Services and Aviation Services on
several customers, industry fleet capacity, consolidation of our customer
base, the ongoing need to replace aging vessels, restrictions imposed by
the Shipping Acts and Aviation Acts on the amount of foreign ownership of
the Company's Common Stock, increased competition if the Jones Act is
repealed, safety record requirements related to Offshore Marine Services
and Aviation Services, changes in foreign and domestic oil and gas
exploration and production activity, vessel and helicopter-related risks of
Offshore Marine Services and Aviation Services, effects of adverse weather
conditions and seasonality on Aviation Services, decreased demand for our
tanker and towing 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, future phase-out of our single-hull
tankers, dependence of spill response revenue on the number and size of
spills and upon continuing government regulation in this area and our
ability to comply with such regulation and other governmental regulation,
changes in NRC's OSRO classification, liability in connection with
providing spill response services, effects of adverse weather and river
conditions and seasonality on inland river operations, 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 operations, the intense
competition faced by Inland River Services, adequacy of insurance coverage,
compliance with government regulation, including environmental laws and
regulations, currency exchange fluctuations, the attraction and retention
of qualified personnel by the Company, our integration of the internal
controls and procedures of Seabulk International, Inc. to continue our
compliance with the Sarbanes-Oxley Act of 2002 and various other matters,
many of which are beyond the Company's control and other factors. In
addition, these statements constitute our cautionary statements under the
Private Securities Litigation Reform Act of 1995. You should understand
that it is not possible to predict or identify all such factors.
Consequently, you should not consider the following to be a complete
discussion of all potential risks or uncertainties. The words "estimate,"
"project," "intend," "believe," "plan" and similar expressions are intended
to identify forward-looking statements. Forward-looking statements speak
only as of the date of the document in which they are made. We disclaim any
obligation or undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in our expectations or any
change in events, conditions or circumstances on which the forward-looking
statement is based. The forward-looking statements in this release should
be evaluated together with the many uncertainties that affect our
businesses, particularly those mentioned under "Forward-Looking Statements"
in Item 7 of our Form 10-K and SEACOR's periodic reporting on Form 10-Q and
Form 8-K (if any), which we incorporate by reference.
For additional information, contact Timothy McKeand, Vice President, at
(954) 524-4200 ext. 820 or visit SEACORs website at
www.seacorholdings.com.