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OSLO, March 4 (Reuters) - Oil services firm Subsea 7 surprisingly swung to a fourth-quarter operating loss hit by impairments on Wednesday, and said it expected this year’s earnings to decline due difficult market conditions.
Subsea 7, which focuses on the North Sea, Brazil and West Africa, posted an operating loss of $1.1 billion, lagging expectations for $194 million in a Reuters poll of analysts and below a profit of $112 million in the same period in 2013.
The firm took a non-cash charge of $1.18 billion following a downward revision of forecast activity levels, driven by challenging market conditions, it said.
Due the weak market outlook the firm said it expected 2015 revenues and EBITDA margin to be significantly lower than last year. It also said it will not recommend a dividend.
Reporting by Stine Jacobsen