Seabulk International Reports First Quarter 2005 Results

4 million in the year-earlier period.

Forward-Looking Information
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Additional factors that could cause Seabulk's results to
differ materially from those described in the forward-looking statements can
be found in Seabulk's Annual Report on Form 10-K (as supplementally amended by
Form 10-K/A) for the fiscal year ended December 31, 2004.6 $82. According to Moss, the support from the
DWCF has been "a critical part of our efforts. For more
information , visit http://www.

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2 million
or $0. "We
have been working with Disney on many levels -- to study the movements of sea
turtles in the Caribbean and also to monitor nests with Disney scientists at
the Archie Carr National Wildlife Refuge.

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Such statements include,
but are not limited to, statements about the Company's plans, objectives,
expectations and intentions, its outlook for performance and markets in which
it participates, and other statements that are not historical facts.

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FORT LAUDERDALE , Fla. Freight rates in both the domestic (Jones Act) and
international markets remain high in response to growing energy consumption,
increased demand for vessels, and a limited supply of available tonnage .

Seabulk Towing
Seabulk Towing, which operates a fleet of 26 tugs in seven southeastern
ports and the offshore Gulf of Mexico, had revenue of $11.gov or from the Company's Investor
Relations office (954. You can obtain free copies of these documents from
Seabulk using the contact information above.6 9. Disney's Animal Kingdom Theme Park is
accredited by the American Zoo and Aquarium Association (AZA).

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(Nasdaq: SBLK) today reported net income of $11.1 million was up from $2.9
Loss on Disposal of Assets, Net 0.4

Net Interest Expense (9. We have
personally visited several projects and continue to be impressed with not just
the dedication, but the scope of what these groups are doing to benefit
wildlife and people," she said. What we have accomplished together
has contributed significantly to our understanding of these animals," says
Center Director Karen Bjorndal.

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sec.46 0. LAKE BUENA VISTA, Fla ., Endangered species on five
continents are benefiting from $1.

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6 million a year ago.

Merger Update
On March 16, 2005, the Company announced the signing of a definitive
merger agreement with SEACOR Holdings Inc.4
Depreciation 9.

(1) Americas consists of vessels operating in the United States, the Gulf
of Mexico , South America and the Caribbean. Projects studying sea turtles,
elephants, butterflies, dolphins and gorillas are among the 80 recipients for
2005. The office of worldwide outreach for The Walt Disney
Company supplements the DWCF to make even more projects possible, and Walt
Disney World pays all the overhead for the DWCF program.org .

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On April 22, 2005, the Company announced the early termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act , thereby
satisfying one of the key conditions to the completion of the merger.

SEABULK INTERNATIONAL, INC.9
Drydocking 6.0
Provision for Taxes 1.5 million on the settlement of litigation .

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2694 of a share of SEACOR
common stock plus $4 in cash for each share of Seabulk common stock that they
own.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale of
securities in any jurisdiction in which such solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
such jurisdiction.

Highlights of Operations (Unaudited)
($ millions except per share)

Three Months Ended March 31
2005 2004

Revenue $95.

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, Seabulk
International , Inc. There
were two tanker drydockings in the 2005 quarter (the two foreign-flag vessels)
and none in the year-ago period.0 1.2 5. Day rates and utilization are not disclosed for
categories with a limited number of vessels.

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Seven of the Company's Jones Act carriers are employed under time charters,
one under a consecutive voyage charter, and two under contracts of
affreightment, which provide the opportunity for lucrative backhauls.

Participants in the Solicitation

SEACOR and Seabulk and their respective directors, executive officers and
certain other persons may be deemed to be participants in the solicitation of
proxies from their respective stockholders in connection with the proposed
transactions. Information regarding such persons and a description of their
direct and indirect interests, by security holdings or otherwise , are
contained in the joint proxy statement/prospectus and other relevant materials
filed with the SEC. Actual
results may differ materially from those set forth in the relevant forward-
looking statements.9 46." Moss, founder of the Elephant
Conservation Trust, studies elephant families in Amboseli National Park,
Kenya. With its more
than 200 accredited members, AZA is a leader in global wildlife conservation,
and your link to helping animals in their native habitats.

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Such
statements are based upon the current beliefs and expectations of Seabulk's
management and are subject to significant risks and uncertainties.

(2) All per share and share amounts are stated on a diluted basis . 31, 2004

AHTS/ AHT/ Crew/
Supply Tugs Utility Other
AMERICAS (1)

Vessels (2) 22 -- 18 2
Laid-Up -- -- -- 1
Effective
Utilization (3) 69% -- 72% --
Day Rate $5,421 -- $2,958 --

WEST AFRICA

Vessels (2) 32 2 3 1
Effective
Utilization (3) 77% 70% 84% --
Day Rate $7,574 $6,329 $3,664 --

MIDDLE EAST

Vessels (2) 6 5 7 4
Effective
Utilization (3) 86% 64% 80% 99%
Day Rate $3,782 $5,388 $1,580 $4,733

SOUTHEAST ASIA

Vessels (2) 7 -- -- 1
Effective
Utilization (3) 93% -- -- --
Day Rate $5,327 -- -- --

SEABULK OFFSHORE FLEET - AVERAGE DAY RATES + UTILIZATION

Quarter Ended March 31, 2004

AHTS/ AHT/ Crew/
Supply Tugs Utility Other

AMERICAS (1)

Vessels (2) 21 -- 22 2
Laid-Up -- -- -- 1
Effective
Utilization (3) 43% -- 63% --
Day Rate $5,001 -- $2,410 --

WEST AFRICA

Vessels (2) 33 4 3 --
Effective
Utilization (3) 82% 86% 98% --
Day Rate $7,281 $6,193 $3,413 --

MIDDLE EAST

Vessels (2) 6 5 7 5
Effective
Utilization (3) 89% 80% 79% 43%
Day Rate $3,750 $4,565 $1,740 $3,966

SOUTHEAST ASIA

Vessels (2) 8 -- -- 1
Effective
Utilization (3) 66% -- -- - -
Day Rate $5,422 -- -- --

Note: Average day rates are calculated by dividing total revenue by the
number of days worked.3 in awards recently distributed by the
Disney Wildlife Conservation Fund (DWCF).

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For further important information on the merger, investors are urged to
read the joint proxy statement filed by SEACOR with the Securities and
Exchange Commission but not yet effective, which is available for free review
on the SEC's EDGAR system at http://www.24

Weighted Average Shares
Outstanding - Diluted (000 ) (2) 24,273 23,795

(1) Includes a gain of $4.

SEABULK OFFSHORE FLEET - AVERAGE DAY RATES + UTILIZATION

Quarter Ended March 31, 2005

AHTS/ AHT/ Crew/
Supply Tugs Utility Other

AMERICAS (1)

Vessels (2) 24 -- 14 1
Effective
Utilization (3 ) 64% -- 77% --
Day Rate $5,518 -- $3,196 --

WEST AFRICA

Vessels (2) 29 2 3 1
Effective
Utilization (3) 87% 79 % 92% --
Day Rate $7,564 $7,076 $3,635 --

MIDDLE EAST

Vessels (2) 8 5 7 4
Effective
Utilization (3) 84% 95% 72% 72 %
Day Rate $4,298 $4,686 $1,614 $4,095

SOUTHEAST ASIA

Vessels (2) 7 -- -- 1
Effective
Utilization (3) 94% -- -- --
Day Rate $6,159 -- -- --

SEABULK OFFSHORE FLEET - AVERAGE DAY RATES + UTILIZATION

Quarter Ended Dec.
Disney guests contribute to the DWCF through a variety of locations,
including Disney's Animal Kingdom Theme Park, The Living Seas at Epcot and
Disney Cruise Line.

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Increased
vessel traffic in certain ports and a number of outsourcing opportunities,
including a major rig movement in the Gulf of Mexico and dredging operations
on the East Coast, contributed to the improved results. Also on
April 22, 2005, SEACOR Holdings Inc.

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Operating income of
$13. One tanker drydocking is scheduled for the
second quarter of 2005 . The Company
expects this document will be mailed to Seabulk shareholders, together with
the Company's 2004 Annual Report on Form 10-K (as supplementally amended by
Form 10-K/A), prior to the Special Meeting of Shareholders to approve the
merger, which is expected to take place in June. The Company
disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements to reflect any change in the
Company's expectations or any change in events, conditions or circumstances on
which any such statements are based.2 7.7
Net Income per Share (2) 0.
More than $8. Operation Migration is a program that seeks to
reintroduce migratory populations of endangered Whooping cranes into eastern
North America.
Several organizations have been supported through DWCF, including noted
elephant researcher Cynthia Moss.

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524.9
General + Administrative 9.

Researchers Receive $1.3 Million from Disney for Wildlife Efforts

"These awards represent a tremendous commitment to conservation shown by
our guests and cast members throughout the year," said Beth Stevens , vice
president of Disney's Animal Programs.

Fishing boat charters should be submitted to the appropriate Regional category.

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6 million was up from $10.

(3) Effective utilization excludes laid-up vessels .5 million has been distributed to 450 projects since the DWCF
began the annual awards in 1995, among them, Operation Migration which has
been supported for six years.aza.

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under which Seabulk shareholders
will, subject to limited adjustments, receive 0.6 5. Each year, chicks are hatched and trained for the migratory
route from Wisconsin to Florida.

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5 million in the 2004 quarter. We provide benchmark quality service to our customers
based on innovative technology, the highest safety standards , modern efficient
equipment and dedicated, professional employees. filed with the Securities and Exchange
Commission a Registration Statement on Form S-4 that includes a joint proxy
statement of SEACOR and the Company pertaining to the merger.

Charter of vessels for canal travel and holidays , or diving purposes go as directed by links.

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7 million or 12% of
total Company revenue compared with $9. Operating income
of $3.3

Net Income 11. "They have experienced the wonder of
wildlife and have been moved to contribute to the future of wild places , which
is paramount to the success of long-term conservation efforts.

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46 per diluted share on revenue of $95. The
Company's two foreign-flag carriers operate in a product tanker pool.5

Vessel + Voyage Expenses 47.3) (8. In another program, sea turtle biologists at
the University of Florida Archie Carr Center for Sea Turtle Research are
working toward a conservation strategy for sea turtles in the Bahamas.

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With a fleet of 144 vessels, Seabulk International is a leading provider
of marine support and transportation services, primarily to the energy and
chemical industries.9 9.1 --

Income from Operations 21.

(2) Held-for-sale vessels are excluded from these charts.

She says the funds enable her to work with the local Maasai community
to ensure they recognize the value of sharing their land with the elephants.

For a complete listing of projects visit
http://www.com .

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6 million for the quarter ended
were included.4200, x224).4 10.

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0)
Other Income -- 4.6 (1)

Income before Taxes 12.disneywildlifefund.