<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>fagerstal7-21ex99_1.txt
<DESCRIPTION>99.1
<TEXT>
                                                                  Exhibit 99.1


                            EXPLANATION OF FOOTNOTES
                            ------------------------


(1)  The options and restricted stock awards being reported on this Form 4 were
     granted pursuant to SEACOR SMIT Inc.'s 2003 Share Incentive Plan.

(2)  500 of the options will vest on January 15, 2004; 500 of the options will
     vest on January 15, 2005; 500 of the options will vest on January 15, 2006;
     500 of the options will vest on January 15, 2007; and 500 of the options
     will vest on January 15, 2008.

</TEXT>
</DOCUMENT>