In the quarter ended 31 March 2014, the Singapore-listed firm posted a profit of $36.68m compared to $20.8m in the same period of last year.
Revenue, however, dipped 6% year-on-year to $52.93m due mainly to lower utilisation of its offshore assets.
POSH believed that robust oil prices expected in the long term would trigger continued spending on exploration and production activities. This, in turn, will translate into increase in drilling operations and maintenance activities which require the services of OSVs.
“The group will continue to optimise the mix and number of vessels within its fleet by disposing older and/or lower specification vessels and upgrading existing vessels or acquire and build new vessels with more sophisticated technology or equipment,” POSH said.
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