Norway's Eidesvik Offshore has cut its loss for the fourth quarter as it revealed a divergence between spot and term markets.
The company's pre-tax deficit was NOK 88.3m ($10.35m) to 31 December, compared to NOK 221.1m in the same period of 2017.
Revenue rose to NOK 145m from NOK 133m.
The shipowner said the North Sea platform supply vessel (PSV) spot sector remained challenging, with a drop in utilisation and rates coming under pressure in the quarter.
But the term market has seen improved levels and more activity, it added.
Eidesvik views the PSV sector as still over-tonnaged in all regions, but it is "cautiously optimistic" for the market outlook for large modern vessels from spring this year.
Seismic spending has increased year-on-year, it said, and the company remains positive about this market.
