Siem Offshore posted improved second quarter earnings, even if the offshore market is not improving as quickly as the company expected.

The Kristian Siem-backed offshore vessel owner reported a $30.3m profit for the the three months ending on 30 June, up from $19.5m reported for the same period last year.

It said the performance was “more or less expected”, save the rate of improvement.

“The expected increase in activity around the world continues to strengthen, although slower than expected, we reiterate our positive view that our advanced fleet will be in demand for many years to come,” the Oslo-listed company said.

In total, the company brought in $88.8m in revenue for the quarter, up from $75.3m for the second quarter of 2022.

The company said the platform supply vessel market was strong throughout the quarter with improved rates for medium-term and long-term contracts, while the market for anchor-handling tug supply vessels had short peaks leading to low utilisation.

AHTS activity was especially strong in southeast Asia and Australia, the company said, while AHTS and PSVs saw strength in the North Sea.

Siem Offshore’s PSV fleet earned $13.5m for the quarter.

Its AHTS fleet brought in $23.1m with 74% utilisation.

Subsea vessels earned $48.1m and its fast crew and oil spill recovery vessels $3.7m.

“For almost all OSV segments, there is an increase in numbers of multi-year contracts hitting the market, which is a strong signal that charterers are positioning themselves strategically to reduce the risk of not having control over
capable assets to carry out already booked projects and planned campaigns in the coming years,” the company said.

“The company has several vessels in a position to target long-term opportunities within the PSV, AHTS and OCV segments.”

In early trading on Friday, Siem Offshore shares were flat at NOK 21.15 ($1.97), though shares had rallied NOK 0.85 in after-hours trading.