Seacor Holdings, Inc.

Seacor is one of the major international operators of supply vessels that service the offshore gas and oil exploration industry. In addition, Seacor provides environmental and oil spill response services to shipowners, refineries, pipelines, exploration and production platforms and tank terminals through its wholly-owned subsidiary, National Response Corp. Its fleet operates in the US Gulf of Mexico, the North Sea, offshore West Africa and Mexico. Similar to other companies involved in this sector, Seacor is exposed to the cyclicality of the oil and gas exploration industry and the local policies that influence drilling activities in different regions. To moderate its exposure, Seacor maintains a diversified fleet of vessels that can serve different needs of the oil and gas exploration industry and allocates its fleet in the various geographical areas so that it achieves maximum utilization. For the first three quarters of 1995, 42% of Seacor’s offshore marine revenue was generated from international operations. On the other hand, more than 1/3 of its offshore services revenue originated from only two customers (20% originated from Mobil Oil Corporation and 17% from Conoco, Inc.) indicating a heavy reliance on the level of activity of these two customers.

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