Improving, but uneven, activity the world over pushed Siem Offshore to higher earnings in the first quarter.

The Oslo-listed offshore vessel owner reported a $30.4m profit for the first three quarters of 2023, up from the $6.6m profit posted a year ago, as the company reports ramping up “in all segments and in all regions”.

But the North Sea spot market took time to get going with seasonal weakness, it said, as did other key regions.