Contact Information: For additional information, contact: Timothy McKeand Vice President (954) 627-6380 Visit SEACOR's website at www.seacorholdings.com.
SEACOR Announces Increase in Securities Repurchase Authority
| Source: SEACOR Holdings Inc.
FORT LAUDERDALE, FL -- (MARKET WIRE) -- March 20, 2007 -- SEACOR Holdings Inc. (NYSE : CKH )
announced today that its Board of Directors has increased by $65.2 million
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, operational risks of Offshore Marine
Services, Marine Transportation Services, Harbor and Offshore Towing
Services and Aviation Services, effects of adverse weather conditions and
seasonality on Aviation Services, decreased demand for Marine
Transportation Services and Harbor and Offshore 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
Services, 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
Service's operations, 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 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.