The New York-listed company said net earnings to 31 December were $7.3m, down from $25.6m a year ago.
Revenue fell to $116.1m from $124.5m, while the annual profit was $62.4m, compared to $70.6m in 2013.
It is in talks with shipyards to extend the delivery dates of, and payments for, the three remaining vessels in its newbuilding programme.
It has one PSV due from Simek in Norway and two from BAE Repair in Alabama, all scheduled for hand-over this year.
The
