For the quarter ended June 30, 2007, net income was $65.3 million, or $2.41 per diluted share, on operating revenues of $325.5 million. For the six months ended June 30, 2007, net income was $103.4 million, or $3.80 per diluted share, on operating revenues of $636.2 million.

Net income for the preceding quarter ended March 31, 2008 was $37.9 million, or $1.50 per diluted share, on operating revenues of $354.5 million. Comparison of results for the second quarter ended June 30, 2008 with the preceding quarter ended March 31, 2008 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services - Operating income in the second quarter was $51.5 million on operating revenues of $171.2 million compared with operating income of $40.6 million on operating revenues of $154.6 million in the preceding quarter. Second quarter results included $14.4 million in gains on asset dispositions compared with $7.1 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income in the second quarter was $3.7 million higher than in the preceding quarter. The improvement was primarily due to an increase in time charter revenues, particularly in the U.S. Gulf of Mexico because of more rig moving activity. Operating expenses increased in the second quarter, primarily due to higher drydocking and insurance costs. The regulatory survey, major repair and upgrade program of the Company's large AHTS vessels continued in the second quarter resulting in 168 days of out-of-service time as well as the cost of repairs. Administrative and general expenses were also higher in the second quarter primarily due to the recognition of international staff severance payments.

The number of days available for charter in the second quarter decreased by 143 or 0.9% as a result of a net decrease in fleet count. Overall utilization increased from 76.7% to 80.5% and overall average day rates were higher at $12,182 per day compared with $11,783 per day in the preceding quarter.

Two new AHTS vessels were delivered during the second quarter, one in April and one in June.

Marine Transportation Services - Marine Transportation Services reported operating income in the second quarter of $2.4 million on operating revenues of $28.8 million, compared with operating income of $6.9 million on operating revenues of $29.0 million in the preceding quarter. First quarter results included $3.6 million in gains on asset dispositions and a one-time receipt of $1.5 million related to the early termination of a charter party agreement.

Excluding the impact of gains on asset dispositions and the one-time receipt, operating income was $0.5 million higher in the second quarter. Operating results were positively impacted by fewer out-of-service days for repairs, offset by mobilization costs and out-of-service time associated with the regulatory drydocking of the Seabulk Arctic that will continue into the third quarter.

Inland River Services - Operating income in the second quarter was $7.5 million on operating revenues of $33.3 million compared with operating income of $8.0 million on operating revenues of $30.1 million in the preceding quarter. Second quarter results included $1.5 million in gains on asset dispositions compared with $0.7 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $1.3 million lower in the second quarter. Continuing heavy rainfall in the Midwest resulted in high water levels on the upper Mississippi and Arkansas Rivers and unfavorable operating conditions throughout the entire river system. Operating costs were affected by fuel price increases which were not compensated for in freight rates and higher maintenance and repair costs in respect of regulatory inspections for towboats and liquid tank barges.

Aviation Services - Operating income in the second quarter was $6.7 million on operating revenues of $63.8 million compared with operating income of $1.9 million on operating revenues of $53.8 million in the preceding quarter. Second quarter results included $3.2 million in gains on asset dispositions compared to $0.4 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $2.0 million higher in the second quarter. The improvement was primarily due to an increase in operating revenues from an expansion of international leasing operations, the resumption of flightseeing operations in Alaska and other seasonal factors. Operating expenses were higher in the second quarter primarily due to the increased activity levels and the timing of fleet repairs and maintenance.

Environmental Services - Operating income in the second quarter was $1.7 million on operating revenues of $38.0 million compared with operating income of $4.8 million on operating revenues of $42.5 million in the preceding quarter. The decrease in operating income was largely due to a reduction in response and retainer services.

Commodity Trading - SEACOR's commodity merchandising group currently focuses on renewable fuels and rice. Operating income in the second quarter was $6.8 million on operating revenues of $55.4 million compared with operating income of $1.2 million on operating revenues of $28.7 million in the preceding quarter.

Harbor and Offshore Towing Services - Operating income in the second quarter was $3.1 million on operating revenues of $19.9 million compared with operating income of $1.1 million on operating revenues of $16.3 million in the preceding quarter.

The improvement in operating income was primarily due to increased operating revenues as a result of tariff rate increases at two harbor ports. Operating expenses were higher in the second quarter due to increased drydocking and fuel costs and the cost of providing third-party equipment to support terminal operations in St. Eustatius.

Net Interest Expense - Net interest expense was $7.3 million in the second quarter compared with $4.1 million in the prior quarter. The increase was primarily due to lower invested cash balances and lower capitalized interest.

Derivatives - Derivative losses were $7.1 million in the second quarter compared with gains of $6.5 million in the preceding quarter.

Foreign Currencies - Foreign currency gains were $0.6 million in the second quarter compared with gains of $2.6 million in the preceding quarter.

Marketable Securities - Marketable security gains were $0.4 million in the second quarter compared with losses of $5.7 million in the preceding quarter.

Equity in Earnings of 50% or Less Owned Companies - Equity in earnings from joint ventures was $1.3 million in the second quarter compared with equity in earnings of $4.6 million in the preceding quarter. In the second quarter, one of the Company's inland river services joint ventures reported lower earnings primarily due to securities and futures trading. During the preceding quarter, the Company realized a gain of $1.9 million, net of tax, arising from the sale of a vessel in one of its offshore marine services joint ventures.

Stock and Debt Repurchases - During the second quarter, the Company purchased 1,112,917 shares of its common stock at an average price of $86.93 per share. At the end of the quarter, 21,117,375 shares of SEACOR's common stock remained outstanding.

Capital Commitments - The Company's unfunded capital commitments as of June 30, 2008, consisted primarily of offshore marine vessels, harbor tugs, helicopters and inland river barges and totaled $348.5 million, of which $180.2 million is payable during the remainder of 2008 and the balance payable through 2010. Of the total unfunded capital commitments, approximately $52.3 million may be terminated without further liability other than the payment of liquidated damages of $6.3 million in the aggregate. As of June 30, 2008, the Company held balances of cash, cash equivalents, restricted cash, available-for-sale marketable securities, construction reserve funds and title XI reserve funds totaling $820.9 million.

SEACOR is a global provider of marine support and transportation services, 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.