Seabulk reports more losses for fourth quarter, year

Seabulk reports more losses for fourth quarter, year    Seabulk International Inc., the Fort Lauderdale, Fla.-based maritime provider of offshore supply, tanker and towage services, reported a net loss of $7.3 million for the fourth quarter, as compared to a deficit of $1.6 million in the same quarter of 2002.
   The latest loss included a charge of $1.2 million on the writedown of two geophysical vessels.
   Operating income dropped to $1 million in the latest quarter from $5.6 million in the fourth quarter of 2002, while revenue rose to $79.7 million in the latest quarter from $78.8 million.
   “Our fourth quarter results were impacted by a number of negative factors,” said Gerhard E. Kurz, chairman and chief executive of Seabulk. He said offshore market conditions in the Gulf of Mexico unexpectedly worsened and utilization suffered. The company also incurred higher insurance reserves in addition to the $1.2-million writedown of assets. However, tanker and towing operations were profitable.
   For the year ended Dec. 31, Seabulk suffered a net loss of $5 million, less than the $38.9-million deficit incurred in the previous year. By contrast, operating income dropped last year to $33.7 million from $37.8 million in 2002. Revenue was also down last year to $316.6 million from $324 million in 2002.
   Seabulk said that its fleet totals 153 vessels.