The US-listed company, which has tankers,FPSOs and FSOs, said net profit was $9m to 31 March, from $35.6m in the sameperiod of 2013.
Revenue edged down to $259m from $260m,while operating costs were slashed to $197m from $217m the year before.
But derivatives losses wiped $36.6m fromthe bottom line, against a $10m gain in 2013.
"The partnership's growing portfolioof long-term fixed-rate contracts continued to generate stable cash flowsduring the first quarter," said CEO Peter Evensen.
The
