Page 44: of Maritime Reporter Magazine (April 2001)

Offshore Report

Seacor Continues Rational Fleet Expansion

Seacor — through an unprecedented to the oil and gas exploration and pro- year ended December 31, 2000, the string of strategic and financially sound duction industry, and oil spill response company announced net earnings of acquisitions — has emerged as one of services in the U.S. Gulf of Mexico, $11.1 million on revenues of $88.3 mil- the world's premier operators of a fleet North Sea, offshore West Africa, the Far lion. For the 12 months ended December of vessels that provide marine services East and Latin America. For the fiscal 31, 2000, net earnings were $34.1 mil-

Newbuilds, Repairs,

Conversions 14 Gulf Coast Locations

Its ' ^mmam^ • Machine, Electrical,

Propeller Shops 42 Drydocks—22,000

Ton Capacity 24 Hours—7 Days

Bollinger 8365 Highway 308 South

Lockport, Louisiana 70374

Telephone: (504) 532-2554

Fax: (504) 532-7225 www.bollingershipyards.com lion on revenues of $339.9 million. The improvement in the fourth quarter off- shore marine results was led by a 10.3 percent increase in operating revenues due primarily to higher rates per day worked for vessels operating in the U.S.

Gulf of Mexico and in West Africa and higher overall utilization for all vessel

Seacor Smit Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (in thousands, except share data, unaudited)

Three Months End Twelve Months End

December 31, December 31, 2000 1999 2000 1999

Operating Revenues $88,301 $71,335 $339,941 $289,425

Costs and Expenses:

Operating expenses 50,931 41,826 201,452 166,786

Administrative and gen. 10,303 9,484 39,548 34,744

Dep. and amortization 12,418 11,380 51,189 41,282

Operating Income 14,649 8,645 47,752 46,613

Gain (loss) from equipment sales, net 696 (130) 7,628 1,677

Segment Results (in thousands, unaudited)

Three Months End Twelve Months End

December 31, December 31, 2000 1999 2000 1999

Operating Revenues:

Offshore Marine $79,818 $60,139 $276,931 $258,329

Drilling(2) - 4,773 37,380 7,651

Environmental 7,871 6,468 24,996 22,820

Other 784 1,092 938

Intersegment (172) (45) (458) (313)

Total $88,301 $71,335 $339,941 $289,425

Operating Margin(l):

Offshore Marine $32,462 $22,992 $102,449 $103,758

Drilling(2) - 2,410 21,681 3,219

Environmental 4,703 4,110 14,050 15,087

Other 205 (3) 309 575

Total $37,370 $29,509 $138,489 $122,639 (1) Excludes administrative, general, depreciation and amortiza- tion expenses. (2) As a result of the Chiles IPO in September 2000, Seacor's own- ership interest in Chiles was reduced to below 50%. As a conse- quence. SEACOR no longer consolidates Chiles' operations but accounts for its reduced interest in Chiles using the equity method.

Offshore Marine Fleet

Operating Statistics

Three Months End Twelve Months End

December 31, December 31. 2000 1999 2000 1999

Rates per Day Worked - Worldwide ($):

Supply and Towing Supply 5,945 4,770 5,163 5,432

AHTS 12,14 11,446 11,410 11,869

Crew 2,841 2,444 2,645 2,493

Standby Safety 5,133 6,009 5,328 6,045

Utility and Line Handling 1,680 1,640 1,645 1,691

Geophysical, Freight, Other4,815 5,895 5,341 5,576

Overall Utilization - Worldwide (%):

Supply and Towing Supply 87.4 67.8 74.7 69.9

AHTS 75.1 64.6 70.7 73.5

Crew 95. 91.3 94.3 83.0

Standby Safety 86.2 58.8 79.1 74.1

Utility and Line Handling 52.4 59.4 57.1 65.9

Geophysical, Freight, Other 100.0 50.0 60.4 55.7

Fleet Composition at Period End:

Supply and Towing Supply 75 80

Anchor Handling Towing Supply 27 30

Crew 90 81

Standby Safety 37 19

Utility and Line Handling 73 81

Geophysical. Freight, and Other 3 3

Total Offshore Marine Fleet 305 294

Fleet Composition at Period End

Supply and Towing Supply 75 80

Anchor Handling Towing Supply 27 30

Crew 90 81

Standby Safety 37 19

Utility and Line Handling 73 81

Geophysical, Freight, and Other 3 3

Total Offshore Marine Fleet 305 294

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