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Equipment Dispositions. The Company has sold property and equipment for $171.7 million, $449.7 million, and $278.1 million in 2008, 2007 and 2006, respectively. Major equipment dispositions for the years ended December 31 were follows (unaudited): 109 2008 (1) 2007 (2) 2006 (3)(4) Anchor handling towing supply 1 5 6 Crew 3 10 20 Mini-supply 4 3 5 Standby safety — — — Supply 4 5 19 Towing supply 5 19 8 Specialty 5 2 2 22 44 60 Tankers 2 — — Inland River dry cargo barges 41 185 — Inland River liquid tank barges 6 8 — Inland River towboats — 2 — Helicopters 7 11 15 Harbor tugs 1 — — (1) Includes the sale of one offshore supply vessel previously removed from service. (2) Excludes 61 dry cargo and three liquid tank barges contributed to Seaspraie joint venture (see Note 6). (3) Excludes eight dry cargo barges and 19 liquid tank barges contributed to Seaspraie joint venture (see Note 6). (4) Excludes the sale of six offshore supply vessels that were classified as held for sale for an aggregate consideration of $7.3 million and recognized gains of $0.8 million. 6. INVESTMENTS, AT EQUITY, AND RECEIVABLES FROM 50% OR LESS OWNED COMPANIES Investments, carried at equity, and advances to 50% or less owned companies as of December 31 were as follows (in thousands): Ownership 2008 2007 Seaspraie 50.0% $ 57,898 $ 56,290 Dart 49.0% 20,593 — SCFCo Holdings 50.0% 11,455 6,463 Avion 39.1% 9,681 8,308 C-Lift 50.0% 9,260 6,633 Soylutions 50.0% 8,585 8,672 Other 30.0%-50.0% 32,590 22,922 109 $150,062 $109,288
Combined Condensed Financials. Summarized financial information for the Company’s investments, at equity, was as follows (in thousands): 110 December 31, 2008 2007 Current assets $ 93,862 $ 89,223 Noncurrent assets 353,741 301,981 Current liabilities 35,070 32,042 Noncurrent liabilities 167,217 142,574 Year ended December 31, 2008 2007 2006 Operating revenues $200,326 $120,091 $116,562 Operating income 53,608 36,719 21,199 Net income 45,346 43,260 43,693 As of December 31, 2008 and 2007, cumulative undistributed net earnings of 50% or less owned companies accounted for by the equity method included in the Company’s consolidated retained earnings were $44.5 million and $32.2 million, respectively. Seaspraie. On October 1, 2006, the Company and a financial investor created Seaspraie Holdings LLC, a joint venture to own inland marine transportation assets with a view toward generating cash returns which may be enhanced by entering into strategic positions in marketable securities and commodity futures. The Company’s contribution to the joint venture during 2007 included 61 dry cargo barges, three liquid tank barges and a fixed price construction contract with an aggregate value of $33.0 million. The Company made no contribution to the joint venture during 2008. During the year ended December 31, 2008, the Company recorded a $1.3 million loss, net of tax primarily resulting from an impairment charge recognized by the joint venture on prime broker exposure. During the years ended 2008, 2007 and 2006, the Company received fees of $2.7 million, $2.2 million and $0.2 million, respectively, related to the management of Seaspraie’s barges. Dart. On July 22, 2008, a wholly owned subsidiary of the Company, Era DHS LLC, acquired 49% of the capital stock of Dart Helicopter Services LLC (“Dart”) for cash consideration of $21.0 million. Dart is an international sales, marketing and manufacturing organization focusing on after market helicopter accessories. The Company has performed a preliminary fair value analysis of Dart as of the acquisition date. The excess of the purchase price over the Company’s interest in Dart’s net assets has been initially allocated to intangible assets and goodwill in the amount of $9.8 million each. Finalization of the preliminary fair value analysis may result in revisions to this allocation. SCFCo Holdings. On February 20, 2007, the Company and a third party in South America formed SCFCo Holdings LLC, a 50-50 joint venture, to operate four towboats and 72 dry cargo barges on the Parana-Paraguay Rivers. Each party contributed $5.2 million to the joint venture and the joint venture secured bank financing to purchase the equipment. In 2008, the joint venture agreed to expand its operation to include two additional towboats and 40 dry cargo barges. Each party contributed an additional $6.1 million to the joint venture and it expanded its bank financing to purchase the additional equipment. During the year ended December 31, 2008, the Company sold 40 dry cargo barges to the joint venture for $22.0 million and during 2007 the Company sold four towboats and 67 dry cargo barges to the joint venture for $43.9 million. Avion. On February 27, 2006, the Company purchased a 27.8% interest in Avion Pacific Limited (“Avion”), a distributor of aircraft and aircraft related parts, for $2.6 million. During the year ended December 31, 2008, the Company invested an additional $1.0 million to increase its ownership to 39.1%. As of December 31, 2008 and 2007, the Company had outstanding loans to Avion totaling $4.7 million. C-Lift. On April 28, 2006, the Company entered into a joint venture engaged in the construction of two lift boats which began operations in the fourth quarter of 2007. The Company is a guarantor of 50% of C-Lift’s 110
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2008 AnnuAL REPORt strength in dive
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LETTER TO STOCKHOLDERS March 20, 20
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seven to eight hundred basis points
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Let’s start with a flashback. The
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traditional agricultural loadings t
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concentrate on building a broader-b
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say, and as previously mentioned, t
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APPENDIX II DOMESTIC INLAND RIVER I
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Total Number of Vessels APPENDIX IV
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UNITED STATES SECURITIES AND EXCHAN
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Issuer Repurchases of Equity Securi
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All of the Company’s periodic rep
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The following table indicates avera
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6 2008 2007 2006 United States: Anc
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Competitive Conditions Each of the
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Inland River Services Business Inla
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Inland River Services has a 50% int
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International Airport. It also prov
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Aviation Services’ FBO in Alaska
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companies to establish and operate
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Competitive Conditions The commodit
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NRC is classified by the USCG as an
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The federal Clean Air Act and compa
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ITEM 1A. RISK FACTORS Risks, Uncert
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Offshore Marine Services, Marine Tr
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The aircraft industry is subject to
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exemptions, several states have not
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policies affecting the agricultural
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of one of the two retrofitted tanke
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PART II ITEM 5. MARKET FOR REGISTRA
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Issuer Repurchases of Equity Securi
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(1) Marine Transportation Services
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The Company believes that demand fo
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Results of Operations Operating Rev
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Operating Statistics The table belo
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Dry cargo barge expenses are typica
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and international leasing activitie
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Page 79 and 80: Other Segment Profit (Loss) 58 Perc
Page 81 and 82: Summary of Cash Flows Cash provided
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Page 87 and 88: arges that participate in the barge
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Page 91 and 92: an annual impairment test of goodwi
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Page 95 and 96: PART III ITEM 10. DIRECTORS AND EXE
Page 97 and 98: Exhibit Number Description 4.7* Inv
Page 99 and 100: Exhibit Number Description 10.8*+ F
Page 101 and 102: Exhibit Number Description 21.1 Lis
Page 103 and 104: Signer Title Date /S/ STEPHEN STAMA
Page 105 and 106: MANAGEMENT’S REPORT ON INTERNAL C
Page 107 and 108: REPORT OF INDEPENDENT REGISTERED PU
Page 109 and 110: SEACOR HOLDINGS INC. CONSOLIDATED S
Page 111 and 112: SEACOR HOLDINGS INC. CONSOLIDATED S
Page 113 and 114: Offshore Marine Services provides a
Page 115 and 116: the underlying hedged asset or liab
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Page 119 and 120: Uncertainty in Income Taxes, an int
Page 121 and 122: Comprehensive Income. In accordance
Page 123 and 124: principles to be used in the prepar
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Page 127 and 128: $4.8 million based upon certain per
Page 129: Purchase Price Allocation. The foll
Page 133 and 134: As of December 31, 2008, cumulative
Page 135 and 136: difficult to predict the final reso
Page 137 and 138: eliminated the requirement to repor
Page 139 and 140: credited to a bookkeeping account a
Page 141 and 142: The following transactions have occ
Page 143 and 144: ecorded reserves in its financial s
Page 145 and 146: Future minimum payments in the year
Page 147 and 148: The following tables summarize the
Page 149 and 150: Offshore Marine Services $’000 Ma
Page 151 and 152: 17. SUPPLEMENTAL INFORMATION FOR ST
Page 153 and 154: BOARD OF DiRECtORS CHARLES FABRiKAn
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