Norway's Rasmussen Group, the majority owner of seismic vessel operator Shearwater Geo Services, recorded a record result last year.
The Kristiansand-based company reported a pre-tax profit of NOK 3.85bn ($462m), up from NOK 2.32bn a year earlier.
Rasmussen Group's finance activities made up the bulk of the profits.
Operating revenue increased to NOK 3.84bn from NOK 2.25bn.
Rasmussen logged book equity of NOK 19bn at the end of 2020, but its value adjusted equity is estimated at NOK 24bn.
The family owned group is controlled by chief Dag Rasmussen and his family. Today it has investments in real estate and the financial sector, in addition to a majority position in Shearwater.
With 26 seismic ships, the outfit is by far the world's largest marine seismic company. Rasmussen holds a 62.3%.
Rasmussen started as a pure shipping company in 1936. In the 1970s, it was south Norway's biggest shipowner. But in 2004, it offloaded its last vessel, the 150,000-dwt bulker Polystar (built 1994), for $45m.
In 2018, Rasmussen sold its 3.2% in Tor Olav Troim-led Borr Drilling and two years earlier it disposed of its 5.4% holdings in US-listed tanker owner DHT Holdings.
Dag Rasmussen, who in combination with his family owns 70% of the company's voting A shares and 28.5% of the capital, received remuneration of NOK 4.8m in 2020, the annual report said.
His sister Cathrine, who sits on the company board, holds 16.6% of the company's shares.
The board has decided that the shareholders will be paid a dividend of NOK 142.7m for 2020 which is in line with what was paid out for 2019.
