Seacor Smit noted that its Board of Directors had raised its previously announced securities repurchase program by $55 million - resulting in an approximate increase of $73.5 million available to the Company for such purposes.
The securities covered by the repurchase program include
the Company's common stock, its 5 3/8 percent convertible subordinated notes due 2006, its 7.2 percent senior notes
due 2009 and the 10 percent senior notes due 2008 of its affiliate Chiles Offshore
LLC. The repurchase of securities would be conducted from time to time through open market purchases, privately negotiated transactions or otherwise, depending on market conditions.