SEACOR Marine Announces Confirmation of “Stalking Horse” Bid to Form Joint Venture with Montco Offshore, Inc.

HOUMA, La.–(BUSINESS WIRE)–SEACOR Marine Holdings Inc. (NYSE: SMHI) (“SEACOR Marine”) today
announced that the plan of reorganization for Montco Offshore, Inc.
(“MOI”) was confirmed by the United States Bankruptcy Court for the
Southern District of Texas, Houston Division (the “Bankruptcy Court”).

This plan of reorganization, among other things, provides that, under
the terms of a Joint Venture Contribution and Formation Agreement (the
“JV Contribution Agreement”), SEACOR Marine and MOI will jointly form
and capitalize a new joint venture company (the “Joint Venture”) by
contributing certain liftboat vessels and other related assets to the
Joint Venture, as well as requiring the Joint Venture to assume certain
operating liabilities and indebtedness associated with the liftboat
vessels and related assets. The Joint Venture would consolidate the
ownership and operation of eleven liftboat vessels currently operated by
a wholly-owned subsidiary of SEACOR Marine, six liftboat vessels
currently operated by MOI, and two liftboat vessels currently operated
by an existing joint venture between an affiliate of MOI and an
affiliate of SEACOR Marine.

John Gellert, SEACOR Marine’s Chief Executive Officer, commented: “I am
pleased that we have reached this important milestone. This is a
strategic transaction that combines distinctive assets at compelling
values, along with a solid financial and operational foundation. The
transaction will allow us to provide our domestic and international
customers with an expanded fleet and superior services in offshore oil
and gas and wind energy markets.”

The Joint Venture would assume approximately $131 million of
indebtedness from MOI’s pre-petition facilities which, apart from a
guarantee of interest payments for two years after the closing of the
contemplated transactions, would be non-recourse to SEACOR Marine. Upon
consummation of the transactions contemplated by the JV Contribution
Agreement, it is expected that SEACOR Marine will hold at least 70% of
all equity interests in the Joint Venture, and will be entitled to
appoint a majority of the board of managers of the Joint Venture. The
closing of the transactions remains subject to the satisfaction of
certain conditions set forth in MOI’s plan of reorganization and the JV
Contribution Agreement, including, among others, the consummation of
transactions under a settlement agreement among certain
parties-in-interest in MOI’s bankruptcy case. It is anticipated that the
transactions will close in early February, 2018.

Forward Looking Statements

Certain statements discussed in this release as well as in other
reports, materials and oral statements that SEACOR Marine releases from
time to time to the public constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. Generally, words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar
expressions are intended to identify forward-looking statements. Such
forward-looking statements concern management’s expectations, strategic
objectives, business prospects, anticipated economic performance and
financial condition and other similar matters. These statements
are not guarantees of future performance and actual events or results
may differ significantly from these statements. Actual events or
results are subject to significant known and unknown risks,
uncertainties and other important factors, including decreased demand
and loss of revenues as a result of a decline in the price of oil and
resulting decrease in capital spending by oil and gas companies, an
oversupply of newly built offshore support vessels, additional safety
and certification requirements for drilling activities in the U.S. Gulf
of Mexico and delayed approval of applications for such activities, the
possibility of U.S. government implemented moratoriums directing
operators to cease certain drilling activities in the U.S. Gulf of
Mexico and any extension of such moratoriums, weakening demand for
SEACOR Marine’s services as a result of unplanned customer suspensions,
cancellations, rate reductions or non-renewals of vessel charters or
failures to finalize commitments to charter vessels in response to a
decline in the price of oil, increased government legislation and
regulation of SEACOR Marine’s businesses could increase cost of
operations, increased competition if the Jones Act and related
regulations are repealed, liability, legal fees and costs in connection
with the provision of emergency response services, such as the response
to the oil spill as a result of the sinking of the Deepwater Horizon in
April 2010, decreased demand for SEACOR Marine’s services as a result of
declines in the global economy, declines in valuations in the global
financial markets and a lack of liquidity in the credit sectors,
including, interest rate fluctuations, availability of credit, inflation
rates, change in laws, trade barriers, commodity prices and currency
exchange fluctuations, the cyclical nature of the oil and gas industry,
activity in foreign countries and changes in foreign political, military
and economic conditions, including as a result of the recent vote in the
U.K. to leave the European Union, changes in foreign and domestic oil
and gas exploration and production activity, safety record requirements,
compliance with U.S. and foreign government laws and regulations,
including environmental laws and regulations and economic sanctions, the
dependence on several key customers, consolidation of SEACOR Marine’s
customer base, the ongoing need to replace aging vessels, industry fleet
capacity, restrictions imposed by the Jones Act and related regulations
on the amount of foreign ownership of SEACOR Marine’s Common Stock,
operational risks, effects of adverse weather conditions and
seasonality, adequacy of insurance coverage, the ability to remediate
the material weaknesses SEACOR Marine has identified in its internal
controls over financial reporting, the attraction and retention of
qualified personnel by SEACOR Marine, and various other matters and
factors, many of which are beyond SEACOR Marines control as well as
those discussed in “Risk Factors” included in the Information Statement
filed as Exhibit 99.1 to Amendment No. 3 to SEACOR Marine’s Registration
Statement on Form 10 and other reports filed by SEACOR Marine with the
SEC. It should be understood that it is not possible to predict
or identify all such factors. Consequently, the preceding should
not be considered to be a complete discussion of all potential risks or
uncertainties. Forward-looking statements speak only as of the
date of the document in which they are made. SEACOR Marine disclaims any
obligation or undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in SEACOR Marine’s
expectations or any change in events, conditions or circumstances on
which the forward-looking statement is based, except as required by law.
It is advisable, however, to consult any further disclosures SEACOR
Marine makes on related subjects in its filings with the Securities and
Exchange Commission, including Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K (if any).
These statements constitute SEACOR Marine’s cautionary statements
under the Private Securities Litigation Reform Act of 1995.

About SEACOR Marine

SEACOR Marine provides global marine and support transportation services
to offshore oil and gas exploration, development and production
facilities worldwide. SEACOR Marine currently operates a diverse fleet
of offshore support and specialty vessels that deliver cargo and
personnel to offshore installations; handle anchors and mooring
equipment required to tether rigs to the seabed; tow rigs and assist in
placing them on location and moving them between regions; provides
construction, well workover and decommissioning support; and carry and
launch equipment used underwater in drilling and well installation,
maintenance and repair. Additionally, SEACOR Marine’s vessels provide
accommodations for technicians and specialists, safety support and
emergency response services.

Please visit SEACOR Marine’s website at www.seacormarine.com
for additional information.

Contacts

SEACOR Marine Holdings Inc.
Erica Bartsch, 212-446-1875
[email protected]