Oslo-listed Teekay Shuttle Tankers has posted a bigger profit in the third quarter after reducing costs.

Net earnings to 30 September were $15.73m, compared to $13.74m in the same period of 2018.

Revenue fell to $133.65m, versus $144.29m, due to an $8m decrease from lower project revenues, and a fall of $3m due to the re-delivery of a Stena tanker in August 2019.