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Seacor hit by first half loss of $82mSeacor 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.

Lee Hong Liang, Asia Correspondent

August 2, 2016

1 Min Read
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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.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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