Per Saevik-backed Fjord1 has posted a fall in profit for the fourth quarter.
The Norwegian ferry company said net earnings were NOK 133.16m ($16.91m), down from NOK 153.59m in 2016.
This was due to the lack of a NOK 78.6m impairment reversal logged the year before.
Revenue grew to NOK 659.7m against NOK 550.7m, however.
The company has previously said it is planning to order "a lot" of new ferries after winning a lucrative domestic contract.
It has clinched a NOK 1.88bn tender to serve routes between Edoya and Sandvika, Arasvika and Hennset, Seivika and Tommervag, and Kvanne and Rykkjem from More and Romsdal county.
The deal lasts 10 years from 2020.
