Highlights for the Quarter:

Offshore Marine Services – operating income in the first quarter of 2009 was $76.5 million on operating revenues of $164.8 million compared with operating income of $97.2 million on operating revenues of $186 million in the year-ago quarter. First quarter results included $14.4 million in gains on asset dispositions compared with $34.2 million in gains in the previous quarter. Excluding the impact of gains on asset dispositions, operating income was $1 million lower in the first quarter.

Overall operating revenues were $21.2 million lower in the first quarter of 2009 was mainly due to net fleet dispositions, a shorter quarter, a decrease in rig moving activity in the US Gulf of Mexico and lower overall utilization mainly due to cold-stacking eighteen vessels in the US Gulf of Mexico. The number of days available for charter in the first quarter reduced by 919, or 6%. Overall utilization decreased from 87.5% to 80.9% and overall average day rates increased to $12,777 per day from $12,402 per day in the year-ago quarter.

Operating expenses were $14.6 million lower in the first quarter mainly due to net fleet dispositions, the impact of cold-stacking vessels, reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower mainly due to cost reductions subsequent to the restructuring of the international group and a decrease in the provision for doubtful accounts following the collection of outstanding receivable balances.

Marine transportation services – Operating income in the first quarter of 2009 was $0.6 million on operating revenues of $26.5 million compared with operating income of $2.1 million on operating revenues of $28.8 million in the year-ago quarter.

The decrease in operating income was mainly due to 24 days of out-of-service time during the first quarter for the Seabulk Energy while experiencing a regulatory drydocking. Operating income enhanced for the Seabulk Pride, which worked the entire first quarter of 2009 subsequent, its return to service on October 21, 2008 after undergoing a regulatory drydocking. Additionally the fuel expenses were lesser due to a decrease in spot market activity and lower prices.

Inland River Services – Operating income in the first quarter of 2009 was $12.9 million on operating revenues of $37 million compared with operating income of $20.4 million on operating revenues of $44 million in the year-ago quarter. First quarter results included $2.3 million in gains on asset dispositions compared with $4.1 million in gains in the previous quarter.

Excluding the impact of gains on asset dispositions, operating income was $5.6 million lesser in the first quarter of 2009 mainly due to weaker demand for non-grain shipments. Operating income improved for towboats and liquid tank barges primarily due to the adding up of new equipment.

Aviation Services – Operating income in the first quarter of 2009 was $6.3 million on operating revenues of $59.4 million compared with an operating loss of $3.2 million on operating revenues of $57.6 million in the year-ago quarter.

The improvement in operating income was mainly due to raised activity in the US Gulf of Mexico and a decrease in operating expenses due to lower fuel prices, the timing of repairs and maintenance and a reduction in hurricane related clean-up activities. In addition, operating results increased in the air medical services business. Administrative and general expenses were lower mainly because of a decrease in the provision for doubtful accounts following the recovery of a receivable balance from a major Alaska-based customer and depreciation was lesser as certain assets acquired in a 2004 acquisition reached the end of their depreciable lives.

Environmental Services – Operating income for the first quarter of 2009 was $1.2 million on operating revenues of $34.2 million compared with operating income of $5.5 million on operating revenues of $45.4 million in the year-ago quarter. The decrease in operating income was primarily due to a reduction in emergency response activity.

Commodity Trading – Operating income for the first quarter of 2009 was $0.8 million on operating revenues of $64.5 million compared with an operating loss of $3.8 million on operating revenues of $79.9 million in the year-ago quarter. Operating results in the first quarter were improved due to lower insurance expenses and lower wage and benefit costs.

Harbor and Offshore Towing Services – Operating income for the first quarter 2009 was $1.7 million on operating revenues of $16.3 million compared with operating income of $2.4 million on operating revenues of $16.8 million in the year-ago quarter. The decrease in operating results was primarily due to generally lower activity levels.

Interest Income – Interest income was $1 million for the first quarter of 2009, compared with $2.6 million in the year-ago quarter. The decrease was primarily due to lower interest rates.

Interest Expense – Interest expense was $14.3 million for the first quarter of 2009 compared with $15.3 million in the year-ago quarter. The decrease in interest expense was primarily due to SEACOR first quarter purchases of $16.9 million in principal amount of its senior notes and convertible debentures partly counterbalanced by its drawdown of $25 million on its unsecured revolving credit facility, resulting in a lower overall interest rate. The impact of adopting FSP APB 14-1, was an additional $2.1 million of pre-tax, non-cash interest expense in the first quarter of 2009 and an additional $2 million of pre-tax, non-cash interest expense in the year-ago quarter.

Debt Extinguishment – During the first quarter of 2009, SEACOR recorded gains of $1.4 million on the purchases of $16.9 million in principal amount of its Senior Notes and convertible debentures compared with gains of $6.3 million on the purchases of $101.8 million in principal amount of its senior notes in the preceding quarter. The gains resulted from the purchase of these notes at average prices below par and the recognition of unamortized net premiums.

Marketable Securities – Marketable security losses were $4 million for the first quarter of 2009, compared with losses of $0.5 million in the year-ago quarter.

Derivatives – Derivative gains were $3.6 million in the first quarter of 2009 compared with losses of $4.5 million in the year-ago quarter. The gains in the first quarter were primarily due to gains on equity index and option positions and commodity futures contracts.

Foreign Currencies – Foreign currency gains were $0.7 million in the first quarter of 2009, compared with losses of $4.4 million in the year-ago quarter. Losses in the preceding quarter were primarily due to the strengthening of the US dollar against the pound sterling.

Equity in Earnings of 50% or Less Owned Companies – Equity in earnings from joint ventures was $3.5 million for the first quarter of 2009, compared with equity in earnings of $4 million in the year-ago quarter.

Capital Commitments – SEACOR unfunded capital commitments as of March 31, 2009, consisted mainly of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $124.6 million, of which $87 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.9 million may be terminated without further liability excluding the payment of liquidated damages of $3.1 million in the aggregate. Consequent to the end of the quarter, SEACOR committed to purchase further equipment for $8 million. As of March 31, 2009, the company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.2 million.