The John Fredriksen-controlled company saw revenue increase 56% to $44.1m, while operating costs rose 25% to $18.9m.

The Oslo-listed shipowner said it made write-downs of $16.1m on five of its 39-strong offshore support vessel fleet.

“Since reporting in November 2014 we have seen a dramatic decline in oil price, with Brent going from $81 to $59,” DESS said.

“The oil companies have a strong focus on cost cutting and are significantly reducing their E&P spending.