Quintin Kneen struck a positive tone as a restructured Gulfmark Offshore reported a return to profit.

Gulfmark exited Chapter 11 in November after a $429m debt for equity swap and boasting $125m in new equity.

Kneen, chief executive of Gulfmark, said the company was now in an excellent position to make the most of a recovery in the offshore support vessel market.

“Our market leading position in the UK sector of the North Sea; our young, technologically advanced vessels; our strong balance sheet and our improving operational performance put us in position to achieve our goal of a cash flow positive run rate by the end of 2018,” he said in a statement.