STX OSV has announced a strong set of results for the first quarter with double-digit percentage growth for both revenue and profit on year. Net profit for STX OSV went up 28% to NOK312m ($56.89m) in the first quarter compared to NOK245m in the same quarter last year. Revenue also grew 21% to NOK3.19bn compared to NOK2.65bn in the same period last year, the Singapore-listed firm said.
“In anticipation of increased competition, cost efficiency measures had been implemented, resulting in more streamlined operations,” it said. The group expects to continue capitalising on the trend towards deeper water exploration, which it believes is a fundamental growth driver underpinning the industry.
“Order momentum is expected to accelerate toward the second-half of 2011, in line with industry expectations for utilisation and day rates in the PSV and AHTS segments to pick up, as well as for demand for OSCVs to improve through the year,” it said.
“In anticipation of increased competition, cost efficiency measures had been implemented, resulting in more streamlined operations,” it said. The group expects to continue capitalising on the trend towards deeper water exploration, which it believes is a fundamental growth driver underpinning the industry.
“Order momentum is expected to accelerate toward the second-half of 2011, in line with industry expectations for utilisation and day rates in the PSV and AHTS segments to pick up, as well as for demand for OSCVs to improve through the year,” it said.