The company, 50/50 owned by Japan’s NYK Line and Trygve Seglem of Haugesund, turned in a pre-tax profit of $86m, up from $9m in 2013. In 2012, the company suffered a $33m loss.

The market for shuttle tankers has improved and is expected to strengthen further. KNOT finance director Oystein Moksheim Kalleklev says the problem has been too many ships.