The Singapore-listed company said net income was MYR 71.3m ($22m) versus the MYR 35.7m seen in the first quarter of 2013.
Revenue at the company rose 74% year-on-year to MYR 407.2m. However, costs rose over the same period by 68% to MYR 321m.
“The higher revenue came from the shipbuilding segment which recorded revenue of MYR 383.2m for the quarter, an increase of 68%,” NCL said.
Its chartering operation saw a near four-fold increase in revenue to MYR 24.1m thanks to the addition of three vessels to its fleet.
NCL executive chairman Datuk Tiong Su Kouk said: “We are delighted to have achieved a solid set of record performance that’s premised on sound fundamentals.
“We are in the throes of a booming offshore marine upcycle, as evident by our win of seven vessels worth over $110m to date.
“Buoyed by strong order wins, we have a healthy order book of approximately MYR 1.4 billion through till 2016.”
NCL chief executive Leong Seng Keat said: “We’ve seen continued strong demand for a mix of OSVs for both shallow and deep water operations.
“With increased investments by oil majors, we have also observed that supply remains tight in some segments such as vessels that are involved in the oil production stage, especially for small size AHTS vessels with higher specifications, as well as mid-size PSVs.
“Hence we expect spending to be sustained or increased, especially in relation to oil production and enhanced oil recovery areas.”
NCL claims to be the largest shipbuilder of OSVs in Malaysia and with about 7% of the regional market share and the second largest player east of the Suez Canal.
