Wilh Wilhelmsen "took a beating" in the fourth quarter according to its chief executive, posting a NOK 345.7m ($40m) loss.
The Oslo-traded company said maritime services did well, but marine services took a hit and "a substantial change in fair valuation of the group's investments".
Analysts at DNB Markets said while impairments at Survitec took the net loss to $41m, deeper than the $31m profit forecast, operating numbers were ahead of forecasts.
A core operating profit of $29m was 5% clear of consensus, with results broadly flat quarter over quarter once the impairment is stripped out, DNB explained.
Wilhelmsen is encouraged a "steady, cautious outlook" for the rest of the year.
"The underlying performance was stable in a continued challenging market," said chief executive Thomas Wilhelmsen.
"With activity levels on par with the previous quarter in ship service and ship management, the seasonally lower activity level in the offshore sector was offset by delivering logistics services to the NATO exercise Trident Juncture.
"2019 will be characterized by initiatives to strengthen profitability in all of our companies."
Wilh Wilhelmsen will propose a $0.29 per share dividend and an additional $0.29 per share dividend in the second half of the year, pending approval at its general meeting 30 April.
