Contact Information: For additional information, contact: Timothy McKeand Vice President of SEACOR (954) 627-6380 www.seacorholdings.com Dennis A. Smith Director of Corporate Development of Nabors Corporate Services, Inc. 281-775-8038
SEACOR and Nabors Announce Letter of Intent for Offshore Vessel Fleet
| Source: SEACOR Holdings Inc.
FORT LAUDERDALE, FL--(Marketwire - June 28, 2007) - SEACOR Holdings Inc. (NYSE : CKH ) and
Nabors Industries Ltd. (NYSE : NBR ) announced that they have entered into a
letter of intent to form a new company to own and operate a fleet of twenty
(20) offshore support vessels currently owned by a Nabors affiliate.
A subsidiary of SEACOR will be the majority owner of the new company, Sea
Mar Offshore LLC ("Sea Mar"), and will manage its 19 U.S. flag and one
foreign flag vessels. Nabors will be a minority owner of Sea Mar, which
will qualify for U.S. coastwise trade.
Early termination of the waiting period under the "Hart-Scott-Rodino"
Anti-Trust Improvement Act of 1976 was granted on June 20, 2007. The
transaction is subject to definitive documentation and expected to close on
or before July 13, 2007.
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.
The Nabors companies own and operate approximately 640 land drilling and
approximately 795 land workover and well-servicing rigs in North America.
Nabors' actively marketed offshore fleet consists of: 41 platform rigs, 14
jack-up units and 4 barge rigs in the United States and multiple
international markets. Nabors markets 25 marine transportation and supply
vessels, primarily in the U.S. Gulf of Mexico. In addition, Nabors
manufactures top drives and drilling instrumentation systems and provides
comprehensive oilfield hauling, engineering, civil construction, logistics
and facilities maintenance, and project management services. Nabors
participates in most of the significant oil, gas and geothermal markets in
the world.
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 cyclical nature of the oil and
gas industry, activity in foreign countries and changes in foreign
political, military and economic conditions, the dependence of Offshore
Marine Services, Marine Transportation Services and Aviation Services on
several customers, industry fleet capacity, consolidation of our customer
base, the ongoing need to replace aging vessels, restrictions imposed by
the Shipping Acts and Aviation Acts on the amount of foreign ownership of
the Company's Common Stock, increased competition if the Jones Act is
repealed, safety record requirements related to Offshore Marine Services
and Aviation Services, changes in foreign and domestic oil and gas
exploration and production activity, operational risks of Offshore Marine
Services, Marine Transportation Services, Harbor and Offshore Towing
Services and Aviation Services, effects of adverse weather conditions and
seasonality on 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,
future phase-out of our single-hull tankers, dependence of spill response
revenue on the number and size of spills and upon continuing government
regulation in this area and our ability to comply with such regulation and
other governmental regulation, changes in NRC's OSRO classification,
liability in connection with providing spill response services, effects of
adverse weather and river conditions and seasonality 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,
the effect of international economic and political factors in Inland River
Service's operations, adequacy of insurance coverage, compliance with
government regulation, including environmental laws and regulations,
currency exchange fluctuations, the attraction and retention of qualified
personnel by the Company and various other matters, many of which are
beyond the Company's control and other factors. In addition, these
statements constitute our cautionary statements under the Private
Securities Litigation Reform Act of 1995. You should understand that it is
not possible to predict or identify all such factors. Consequently, you
should not consider the following to be a complete discussion of all
potential risks or uncertainties. The words "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. The forward-looking statements in this release should
be evaluated together with the many uncertainties that affect our
businesses, particularly those mentioned under "Forward-Looking Statements"
in Item 7 of our Form 10-K and SEACOR's periodic reporting on Form 10-Q and
Form 8-K (if any), which we incorporate by reference.