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October 2, 2002

Kurz elected Seabulk chairman

Seabulk International, Inc. (Nasdaq: SBLK) today announced the election of president and CEO Gerhard E. Kurz to the additional position of chairman of the board, effective immediately.

Kurz, who has been CEO since April of 2000, replaces James J. Gaffney who, together with three other former directors, resigned last month in connection with the restructuring of the board to permit the company's new investors to designate a majority -- six of ten seats -- of the board.

The new investors, who own approximately 72% of the Company, include Nautilus Acquisition, L.P. (an entity associated with DLJ Merchant Banking Partners III, L.P., an affiliate of CSFB Private Equity), and Carlyle/Riverstone Investment Partnerships (entities associated with Carlyle/Riverstone Global Energy and Power Fund I, L.P., an affiliate of The Carlyle Group of Washington, D.C.).

The reconstituted Seabulk board has six new members and four continuing members. The new members are Ari Benacerraf, a managing director of Credit Suisse First Boston; David Durkin, a Credit Suisse First Boston VP; Kenneth V. Huseman, president and CEO of BASiC Energy Services; Pierre F. Lapeyre, Jr. and David M. Leuschen, cofounders and managing directors of Riverstone Holdings LLC; and Steven Webster, managing director of Global Energy Partners, an affiliate of DLJ Merchant Banking Partners. The continuing members are RADM Peter H. Cressy, USN (ret.), president and CEO of the Distilled Spirits Council of the United States, Inc.; Robert L. Keiser, former chairman of the board of the Kerr-McGee Corporation; Thomas P. Moore, Jr., a principal of State Street Global Advisors and a member of the State Street Global Advisors International Equity Team, and Kurz.

In connection with the company's recapitalization, which was completed last month, Kurz's employment contract was extended for an additional five years, through September 2007.

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