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.
But the shipowner enjoyed lower voyage and operating expenses after selling certain shuttle tankers.
Depreciation also fell as it sold one vessel during 2018 and had two fully-depreciated ships on its books during 2019.
The company has 26 operational shuttle tankers that operate under fixed-rate contracts of affreightment, time charters and bareboat charters, and seven newbuildings.
