Singapore-listed STX OSV reported a profit after tax of NOK1.6bn for 2011 up 50% on the previous year. The company reported an all time high revenue of NOK12.4bn for last year, up 4% on the previous year and record margin of 19%. STX OSV said the improved financial performance was “largely due to the group’s stable operating performance, improved productivity levels and well-utilised yards”.
STX OSV was positive about the outlook for its business. “Against the backdrop of strong market fundamentals, with oil majors continuing to increase their E&P spending budgets, STX OSV sees signs of increasing demand in particular for AHTS and offshore construction vessels. However, uncertainty remains as to when this will translate into a sustained,” the company said.
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