Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Seacor hit by first half loss of $82m

Seacor hit by first half loss of $82m
Offshore services provider Seacor Holdings has widened its first half loss amid continuing challenging environment in the offshore market.

Net loss for the six months ended 30 June 2016 was recorded at $82.35m compared to the deficit of $18.88m in the same period of last year. Revenue in the first half fell by 24.2% year-on-year to $410.97m.

The weaker first half results were due mainly to impairment charges of $13.9m primarily associated with its liftboat fleet.

Seacor also took a loss of $28.2m as a result of a decline in the fair market value of the company’s marketable security position in Dorian LPG.

For the second quarter, the company’s offshore vessels, excluding wind farm utility vessels but including cold-stacked vessels, saw utilisation rate dropped to 50% from 52% in the year-ago period.

As at 30 June 2016, the company had four of 100 owned and leased-in vessels cold-stacked in international regions compared with five of 101 vessels as of 31 March 2016.