Growing demand for offshore support vessels (OSV) has helped Marco Polo Marine post a 47% increase in third-quarter gross profit.

The Singapore-listed OSV and shipbuilding player posted a gross profit of SGD 14.2m ($10.4m) for the period from April to June 2023 versus SGD 9.7m a year ago.

Marco Polo Marine said the OSV market continues to recover driven by favourable energy prices, increased offshore field development, and supply-side constraints.