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    Seacor Holdings unveils latest results

    Company News // October 29, 2014

    Seacor Holdings has announced results for its third quarter ended 30 September 2014.

    For the quarter ended 30 September 2014, net income attributable to Seacor Holdings Inc was US$27.5 million, or US$1.28 per diluted share. For the nine months ended September 30, 2014, net income attributable to Seacor Holdings was US$60.0 million, or US$2.85 per diluted share.

    For the preceding quarter ended June 30, 2014, net income was US$21.1 million, or US$0.98 per diluted share.

    Operating income from offshore marine services was US$16.9 million on operating revenues of US$135.2 million in the third quarter compared with operating income of US$18.1 million on operating revenues of US$138.2 million in the preceding quarter.

    In the Gulf of Mexico, operating income excluding gains on asset dispositions was US$5.3 million lower in the third quarter primarily due to a reduction in time charter revenues for all vessel classes as a result of weak market conditions.

    The reduction in time charter revenues was partially offset by lower drydocking expenditures.

    During the third quarter, the company repositioned four vessels to other geographic regions and returned one leased-in vessel to its owner.

    On a total fleet basis, fleet utilization was 68.9 per cent compared with 77.4 per cent in the preceding quarter, and average day rates increased from US$19,736 per day to US$20,192 per day. As of September 30, 2014, the company had two vessels cold-stacked in the Gulf of Mexico.

    In international regions, operating income excluding gains on asset dispositions was US$4.4 million higher in the third quarter. The improvement was primarily due to incremental time charter revenues attributable to vessels repositioned from the Gulf of Mexico, improved returns from spot market activity in Brazil, Mexico, Central and South America, reduced drydocking activity in Europe and the contribution of a full quarter's activity on a term charter in Asia.

    Excluding windfarm utility vessels, fleet utilization was 81.8 per cent compared with 82.4 per cent in the preceding quarter, and average day rates increased from US$12,455 per day to US$13,463 per day.

    During the third quarter, the company sold three offshore support vessels and other equipment for net proceeds of US$53.4 million and gains of US$16.6 million, of which US$3.2 million was recognized currently and US$13.4 million was deferred. During the preceding quarter, the company sold four offshore support vessels and other equipment for net proceeds of US$50.5 million and gains of US$14.5 million, of which $2.5 million was recognized currently and US$12.0 million was deferred.

    In addition, the company recognized previously deferred gains of US$1.0 million in the preceding quarter.

    In the preceding quarter, the company received net litigation settlement proceeds of US$14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard Seacor Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the company recognized a gain of US$14.7 million included in other income (expense).

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