SEACOR Announces Increase in Securities Repurchase Authoritytitle
FORT LAUDERDALE, Fla., Nov. 17 /PRNewswire-FirstCall/ -- 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 $50 million
available for such purchases. The securities covered by the repurchase
program include SEACORs 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 managements 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, the operation
of each of our business units in a highly competitive environment, changes in
foreign political, military and economic conditions, the dependence of each
business unit on several customers, industry fleet capacity, the ongoing need
to replace aging vessels, restrictions imposed by the Shipping Acts and
Aviation Acts on the amount of foreign ownership of the Companys Common
Stock, modification or elimination of the Jones Act, risks associated with oil
spills, changes in environmental laws and regulations that would increase
competition for Marine Transportation Services provided by our modern double-
hull fleet, safety record requirements imposed by customers, changes in
foreign and domestic oil and gas exploration, production and refining
activity, vessel and helicopter-related operational risks, effects of adverse
weather conditions on all business units and of seasonality on Helicopter and
Inland River Services, dependence of spill response revenue on the number and
size of spills and upon continuing government environmental laws and
regulations and our ability to comply with such laws and regulations and other
governmental laws and regulations, changes in National Response Corporations
"Oil Spill Response Organization" classification, liability in connection
with providing spill response services, effects of adverse river conditions 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, adequacy of insurance coverage, currency exchange fluctuations, the
attraction and retention of qualified personnel by the Company, and various
other matters, many of which are beyond the Companys control and other
factors as described at the end of Item 7 (Managements Discussion and
Analysis of Financial Condition and Results of Operations) of the Companys
Form 10-K for the fiscal year ended December 31, 2004. The words "expect,"
"anticipate," "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.
For additional information, contact Timothy McKeand, Vice President, at
(954) 524-4200 ext. 820 or visit SEACORs website at
http://www.seacorholdings.com.
