Oslo-listed OSV and subsea contracting group Subsea 7 has launched another $200m share buyback as the market outlook improves.
The move to repurchase stock over the next two years also reflects the company's "strong financial and liquidity position," it said.
Subsea 7 completed a previous three-year $200m buyback earlier this month,
It announced a net profit of $32m for the fourth quarter, down from $51m in 2017, as costs rose.
Revenue was up at $1.02bn compared to $1bn the year before.
The result reflected challenging market conditions as it executed projects that were awarded at lower prices during the downturn, the company said.
Prospects improving
CEO Jean Cahuzac said: "The number of deepwater oil and gas projects awarded by our clients started to increase as industry-wide cost reductions and higher oil and gas prices supported better economic returns.
"We received a good share of new awards reflecting our enabling technology, early engagement and integrated solutions."
He added that this year he expects continued pressure on financial performance from the older projects and a reduction in offshore wind farm installation activity.
But he added that "offshore activity levels are improving and the projects we are now tendering and winning give us confidence that the expected market recovery will translate into better performance for Subsea 7 in the future."
Subsea 7 ended the year with 33 vessels in its fleet, including one under construction and two in layup.
