Seacor cushioned by diverse fleet and international operations
Seacor Holdings made a loss in the nine months to 30 September 2015 and says it plans to further reduce costs. Seacor Holdings’ ceo Charles Fabrikant, says the company’s results for the third quarter and year-to-date results “reflect extremely difficult conditions” in the offshore marine services business. “Notwithstanding the challenges, our offshore business and other businesses continue to produce positive cashflows from operations,” he said. “Our offshore group’s results have benefited from a fleet and geographical exposure that is diverse with minimal investment in boats that are highly dependent on deep water exploration activity. We adhere to our focus on maintaining a strong liquidity position, which we believe will serve us well in the current market environment and lead to opportunities. We expect market conditions in the offshore marine business to deteriorate further over the next several quarters and plan on taking further measures to reduce costs.”
For the quarter ended 30 September 2015, net income attributable to Seacor Holdings Inc was US$7 million, or US$0.40 per diluted share. For the nine months ended 30 September 2015, the net loss attributable to Seacor was US$11.9 million, or US$0.68 per diluted share. Results attributable to the company for the nine months ended 30 September 2015 included a second quarter loss on the extinguishment of the company’s Title XI bonds of US$9.6 million, net of non-controlling interests and tax, or US$0.55 per diluted share. For the preceding quarter ended June 2015, net income attributable to Seacor was US$0.7 million, or US$0.04 per diluted share. For the quarter ended 30 September 2014, net income attributable to the company was US$27.5 million, or US$1.28 per diluted share. For the nine months ended 30 September 2014, net income attributable to the company was US$60 million, or US$2.85 per diluted share.
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