SEA CONTAINERS <SCR> EXPECTS BETTER FIRST QTR Sea Containers Ltd predicted its first quarter fiscal 1987 net earnings would improve by 10 mln dlrs over the same period a year ago. The company said 1987 got off on a much better footing than fiscal 1986, from which the company recorded a loss of 67.6 mln dlrs, or 6.28 dlrs per share, on revenues of 641.4 mln dlrs. James Sherwood, president of the company, said he expects to record a loss of approximately 12 mln dlrs for the first quarter, compared to losses of approximately 22 mln dlrs for first quarter fiscal 1986. The company emphasized the first quarter is a traditionally slow period for the ferry industry, which is part of Sea Containers' business. Sherwoood said the company's losses were largely attributable to non-recurring events and provisions. He cited the default of 15 container leasees and ship charterers, costing the company approximately 25 mln dlrs. He also cited a 23 mln dlr cost as a result of a closing two of its subsidiary's ferry services, and a 10.3 mln dlr provision to cover losses on the sale of container assets and severance pay costs.