But this is a marked improvement on the $516 million loss in the previous year and chief executive Simon Thomson is bullish about the year ahead.
He said: “The business has been considerably reshaped and advanced to establish a balanced exploration and production company. The year ahead will be eventful with a number of material catalysts which have potential to add further value to the company.
“We have created a strong platform for future growth with active positions in six countries in almost 50 licences providing significant acreage positions of technical and commercial value.
“The discovery of the SNE field offshore Senegal in 2014 marked a return to exploration success for Cairn and provides an opportunity to implement our strategy of creating, adding and realising value.
“In the UK and Norway, we have high quality assets and have made significant progress in the last year. Both the Kraken and Catcher development projects are below budget and on schedule to target first oil this year.
“The start up of these developments is significant, as it will mark Cairn’s first production since 2012 when we sold the majority stake in our Indian business and returned the proceeds to shareholders.
“The mature and emerging basins of the UK and Norway provide balance to Cairn’s frontier exploration portfolio and will deliver the cash flow to sustain future exploration.”