FORT LAUDERDALE, Fla., June 28 /PRNewswire-FirstCall/ -- 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
A subsidiary of SEACOR will be the majority owner of the new company, Sea
Mar Offshore LLC ("Sea Mar"), and will manage its 19 US flag and one foreign
flag vessels. Nabors will be a minority owner of Sea Mar, which will qualify
for US 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.
For additional information, contact Timothy McKeand, Vice President of
SEACOR, at (954) 627-6380 or visit SEACOR's website at
http://www.seacorholdings.com or contact Dennis A. Smith, Director of
Corporate Development of Nabors Corporate Services, Inc. at 281-775-8038.
SOURCE SEACOR Holdings Inc.; Nabors Industries Ltd.
CONTACT: Timothy McKeand, Vice President of SEACOR, 954-627-6380;
Dennis A. Smith, Director of Corporate Development of Nabors Corporate
Services, Inc., 281-775-8038