Solstad strengthens

Norway’s Solstad Offshore has increased first quarter earnings as revenue increased.

The offshore vessel owner said net profit to 31 March was NOK 211.98m ($35.75m), up from NOK 26.22m in the same period last year.

Revenue for the first quarter was NOK 870m, including a gain from asset sales of NOK 44m, compared to NOK 798m in 2013.

Its construction and supply vessels improved revenue, but anchor-handlers were slightly weaker, Solstad said.

It cut operating costs by NOK 20m to NOK 522m, however.

And currency rate fluctuations led to a gain of NOK 39m, compared to a loss of NOK 36m in 2013.

The fleet consisted of 49 wholly or partly owned vessels, including three under construction.

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