SD Standard Drilling moved into the black in the fourth quarter of 2017 and pointed to this spring as a positive turning point in the market.
Oslo-listed SD booked a profit of $3.6m in the final three months of last year, leaving it $1.17m in the red for 2017.
Martin Nes, chairman of the company, said: "In line with our expectations for a better market, we now see that the PSV term market is showing positive signs indicating higher day rates going forward.”
