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SCHEDULE 14A INFORMATION
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EXCHANGE ACT OF 1934
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SEACOR SMIT INC.
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PRESS RELEASE
SEACOR ANNOUNCES THAT ISS NOW RECOMMENDS
APPROVAL OF SHARE INCENTIVE PLAN
HOUSTON, TEXAS
May 12, 2003
FOR IMMEDIATE RELEASE - SEACOR SMIT Inc. (NYSE:CKH) announced that Institutional
Shareholders Services (ISS) amended its recommendation relating to voting at the
Company's 2003 Annual Meeting of Stockholders, scheduled for Wednesday May 14,
2003. On Monday, May 12, ISS distributed to its clients a "Proxy Alert"
recommending a vote "FOR" the SEACOR SMIT Inc. 2003 Share Incentive Plan, a
change from its prior recommendation.
The change in ISS's voting recommendation comes in response to a letter sent
from the Company to ISS on May 9, 2003. In its letter, SEACOR indicated it would
not reprice options issued under the Plan without prior stockholder approval and
expressed the Company's intention to amend the 2003 Share Incentive Plan to such
effect.
SEACOR and its subsidiaries are engaged in the operation of a diversified fleet
of offshore support vessels that service oil and gas exploration and development
activities in the U.S. Gulf of Mexico, the North Sea, West Africa, Asia, Latin
America and other international regions. Other business activities include
environmental services, inland river operations and helicopter transportation
services to the oil and gas industry mainly in the U.S. Gulf of Mexico.
This release includes "forward-looking statements" as described in the Private
Securities Litigation Reform Act of 1995. Statements herein that describe the
Company'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: general economic and business
conditions, the cyclical nature of our business, adequacy of insurance coverage,
currency exchange fluctuations, changes in foreign political, military and
economic conditions, the ongoing need to replace aging vessels, 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, industry fleet capacity, changes
in foreign and domestic oil and gas exploration and production activity,
competition, regulatory initiatives, customer preferences, marine-related risks,
effects of adverse weather conditions and seasonality on the Company's offshore
aviation business, helicopter related risks, effects of adverse weather and
river conditions and seasonality on inland river operations, the level of grain
export volume, variability in freight rates for inland river barges and various
other matters, many of which are beyond the Company's control and other factors.
The words "estimate," "project," "intend," "believe," "plan" and similar
expressions are intended to identify forward-looking statements. Forward-looking
statements included in this release speak only as of the date of this release
and SEACOR disclaims 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 Randall Blank, Executive Vice President and
Chief Financial Officer, at (281) 899-4800 or (212) 307-6633 or visit SEACOR's
website at www.seacorsmit.com.