The Singapore PSV and anchor handler operator has reported a net profit of $25m. A year ago bad debts forced it to report a loss of $7m.

Revenue for the full-year was down 26.5% to just over $35m; however costs over the same period fell by 42.4% to $4.5m.

The lower operating costs were mainly due to the reversal of provisions for demobilisation costs of $2.68m