Island profit stable

Norway’s Island Offshore has kept its profit stable for the second quarter as revenue grew.
Island's supply vessel Island Duke (built 2013).

Island's supply vessel Island Duke (built 2013).

Quarterly pre-tax profit was NOK 90m ($14.5m), almost the same as NOK 89m the year prior.

Revenue increased from NOK 521m to NOK 593m thanks to additional term contracts for the platform supply vessel (PSV) fleet, which added to the quarter’s high contract coverage.

The offshore shipowner has won six new contracts in 2014 so far.

Its newbuilding project includes six additional vessels to be delivered in 2014, 2015 and 2016.

The company said market efforts are focused on securing long-term deals.

As of the end of June, Island’s order backlog stood at NOK 9.4bn.

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