A weak fourth quarter has dragged Seacor Holdings to a wider full year loss as the company’s prophecies proved to be “sadly correct”.
The New York-listed company reported a quarterly net loss of $93.7m and a full year loss of $215.9m.
These figures compared to deficits of $39.8m and $68.8m in the corresponding periods of last year respectively.
Seacor recognized an impairment charge of $97m in the fourth quarter and it also took a hit from its investment in Dorian LPG because the latter’s share price has declined from $11.77 to $8.21.
Charles Fabrikant, chief executive of Seacor, said: "The 'dismal' outlook prophesied in my annual letter of last April was, sadly, correct.
"I do think 2017 offers better prospects for activity on the shelf, more dollars for maintenance, and attention to regulatory obligations."
Fabrikant noted that Seacor’s operating income was slightly better than the preceding quarter but these results "do not deserve accolades".
Seacor sees more potential in shallow water as prospects for deep water are still bleak.
Fabrikant added: "In short, I think there is reason to be somewhat optimistic now, although I make this statement with considerable trepidation, particularly because a swoon in oil prices could easily destroy confidence and suffocate a recovery."
Seacor has reactivated some previously idle equipment but noted that there is no guarantee the current market will justify this decision.
