Following a record result in 2015, Royal Boskalis Westminster has swung to a loss in 2016.
The Dutch company reported net deficit of EUR 564m ($595.5m) last year, compared to earnings of EUR 440m in 2015.
Its revenue was down by 20% to EUR 2.6bn while EBITDA also declined from EUR 885m to EUR 660m year-on-year.
Peter Berdowski, chief executive of Boskalis, said: “After the best two years in Boskalis' history, we found ourselves over the course of 2016 increasingly faced with the reality of the current market conditions, particularly in the offshore market.
“In that sense 2016 was a year of extreme transition for us, from economic high tide to low tide.
“So, we are we are adapting the organization to this new reality with further improvements in efficiency and effectiveness where necessary."
As the company had warned, it recognized an impairment charge of EUR 840m in 2016, mostly related to vessels.
