STX OSV posts lower in Q1 earnings
Wednesday, 16 May 2012 | 11:00
STX OSV posted a slowdown in earnings in the first quarter but expects to benefit from renewed demand for larger and more complex offshore vessels.
The designer and shipbuilder of offshore and specialised vessels registered first quarter net profit of NOK270m ($45.5m), a 13% decline from NOK312m in the same period of last year.
Revenue during the quarter dropped 12% year-on-year to NOK2.81bn.
“We see renewed demand for larger, more complex and customised vessels, which caters perfectly to STX OSV's core capabilities,” said Roy Reite, ceo and executive director of STX OSV.
Looking ahead, the Norway-headquartered company sees strong market fundamentals supporting growth, especially in the subsea support and construction segment. Charter rates for large anchor handlers have continued their climb, underpinning demand in the segment.
There are no comments available.