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SEACOR Announces Increase in Securities Repurchase Authority
| Source: SEACOR Holdings Inc.
FORT LAUDERDALE, FL--(Marketwire - June 6, 2008) - SEACOR Holdings Inc. (NYSE : CKH ) today
announced that its Board of Directors has increased its authorization for
repurchases of SEACOR's common stock and its 2.875% convertible senior
debentures due 2024 by $75.5 million for a total authorized expenditure of
up to $150 million for the purchase of such securities. In addition,
SEACOR may purchase, separate from such authorization, any or all of its
7.2% senior notes due 2009, its 5 7/8% senior notes due 2012, 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, aviation services, environmental services, and offshore and
harbor towing services. SEACOR is 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 conditions in the global
financial markets and international economic conditions 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, loss of U.S. coastwise
endorsement for the Seabulk Trader, a retrofitted double-hull tanker, if
the company is unsuccessful in appealing a district court opinion
instructing the U.S. Coast Guard to revoke its coastwise charter, 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, Marine Transportation Services and 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, compliance with U.S. and foreign
government laws and regulations, including environmental laws and
regulations, the dependence of Offshore Marine Services, Marine
Transportation Services and Aviation Services on several customers,
consolidation of the Company's customer base, the ongoing need to replace
aging vessels and aircraft, industry fleet capacity, 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, 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, future phase-out of Marine Transportation Services' double-bottom
tanker, dependence of spill response revenue on the number and size of
spills and upon continuing government regulation in this area and
Environmental Services' ability to comply with such regulation and other
governmental regulation, changes in National Response Corporations' Oil
Spill Removal Organization 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 Services' operations,
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. In addition, these statements
constitute the Company's cautionary statements under the Private Securities
Litigation Reform Act of 1995. It is not possible to predict or identify
all such factors. Consequently, the following should not be considered 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. 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. The
forward-looking statements in this release should be evaluated together
with the many uncertainties that affect the Company's businesses,
particularly those mentioned under "Forward-Looking Statements" in Item 7
on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and
Form 8-K (if any), which is incorporated by reference.