Vard, designer and builder of offshore vessels, has penned a letter of intent to construct one platform supply vessel (PSV) for Simon Møkster Shipping.

Singapore-headquartered Otto Marine has managed to scrap a profit and reversed its net loss position in the first quarter ended 31 March 2013, amid ongoing legal headaches and yard under-utilisation.

Malaysian shipyard operator Nam Cheong has sold five build-to-stock offshore vessels for a total of $110m to two different, undisclosed, Asian customers.

Cosco Corporation (Singapore) has signed a contract worth $23m to build a floatover launch barge for a Malaysian shipowner.

Teekay Corporation reported a net loss of $11.7m in the first quarter, down from a $20.8m loss in the first three months of 2012.

Miclyn Express Offshore (MEO) bagged $40m worth of offshore services contracts in Asia-Pacific waters.

Singapore-based Marco Polo Marine (MPM) achieved a marked improvement in its second quarter net profit due to a one-time gain on equity interest.

Singapore-based Ezion Holdings posted stellar first quarter results with net profit soaring close to 200% year-on-year due largely to significant gains the divestment of a joint venture in Australia.

Firm crude oil prices are continuing to lend support to healthy utilisation and charter rates for both anchor handling tug supply (AHTS) vessels and platform supply vessels (PSVs), according to ASL Marine.

Shuttle tanker owner-operator KNOT offshore partners (KOP) raised $156m in its initial public offering on the NASDAQ exchange. The offering comprised 7.45m shares at $21 each.