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.