The Singapore-listed company reported net income of NOK 106m ($17.5m) versus NOK 13m twelve months ago.
Revenue came in 22.5% higher year-on-year at just over NOK 3bn, but costs rose by over 30% to NOK 2.9bn, figures released Tuesday showed.
Vard said it delivered five vessels during the fourth quarter and secured contracts for three newbuildings.
“Operations at our European shipyards are stable, with recent investments in Romania contributing to productivity improvements,” Vard said.
“The Norwegian yards saw successful delivery of five vessels during the quarter, but workload is fluctuating more than previously due to an increase in average project size.
“In Vietnam, utilization was sub-optimal in the fourth quarter, but has increased after the end of the quarter when a new project was secured.”
However, it warned that its financial performance is still negatively impacted by further delays and cost overruns at Vard Niteroi in Brazil.
Vard said its orderbook at the end of 2013 was NOK 19.3bn, up from NOK 15.1bn at the end of 2012 following the highest annual order intake in five years.
“Growth in exploration & production (E&P) spending is expected to continue in 2014 despite concerns over a rise in production cost in the oil & gas industry,” Vard said.
“The rig fleet continues to expand, wells are growing deeper, and fields are moving farther from shore, all driving demand for larger and more advanced OSVs.”
VARD said it maintains a positive outlook for new order wins for 2014, driven mainly by continued strong demand from the subsea support and construction vessel segment.
It also sees opportunities opening up for high-end anchor handler projects on the back of a higher rig count, demand from Arctic exploration, and limited fleet growth in recent years.
