Seacor Holdings expects to report a 2016 loss ranging between $192m and $235m for the year due to the poor markets for offshore supply vessels.
The preliminary results were released as part of a regulatory filing announcing it would delay the release of its annual report. The New York-listed company cited "certain control deficiencies" in regard to impairment determinations and the approval of manual journal entries.
The Charles Fabrikant-led company said the deficiencies "could represent material weaknesses in its internal control over financial reporting."
The diversified shipowner did release preliminary estimates for 2016 losses. It expects a diluted loss per share between $11.35 and $13.89 for Seacor Holdings. That would compare to a diluted loss per share of $3.94 in 2015.
The company said the results reflect the "continuation of difficult market conditions" for its offshore business, including a $69m impairment on the value of its fleet.
Fort Lauderdale-based Seacor said the preliminary estimates are "subject to change, possibly materially."
