SEACOR SMIT Announces Fourth Quarter Results.

Business Editors

HOUSTON--(BUSINESS WIRE)--Feb. 27, 2003

SEACOR SMIT Inc. (NYSE:CKH) announced net earnings for the fourth quarter ended December 31, 2002 of $1,638,000, or $0.08 per diluted share, on operating revenues of $99,708,000.

For the twelve months ended December 31, 2002, net earnings were $46,587,000, or $2.28 per diluted share, on operating revenues of $403,158,000. Twelve-month results included an after-tax gain of $12,817,000, or $0.61 per diluted share, resulting from the merger of Chiles Offshore Inc. ("Chiles") and Ensco International Incorporated (the "Chiles Merger") and an extraordinary loss due to debt extinguishment of $1,520,000, or $0.07 per diluted share (the "2002 Extraordinary Loss").

In the quarter ended December 31, 2001, SEACOR earned $18,679,000, or $0.93 per diluted share, on operating revenues of $109,804,000. For the twelve months ended December 31, 2001, net earnings were $70,701,000, or $3.43 per diluted share, on operating revenues of $434,790,000. Twelve-month results included an extraordinary loss due to debt extinguishment of $896,000, or $0.04 per dilute...

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