Restructured Havyard Group has improved profit in the second quarter and is expecting better times from 2018 on.

The Norwegian shipbuilder, which was hit by the offshore shipping slump, posted net earnings of NOK 19.16m ($2.31m), compared to a loss of NOK 10.94m in 2015.

Revenue rose to NOK 547m against NOK 352m in a challenging market, it said.

Progress on projects is on schedule and it added that its "main concern" is the reduced orderbook and activity from the second part of 2017.

But