Quarterly profit at offshore vessel builder STX OSV Holdings more than doubled on higher orders and strong margins, reported Reuters.
The company reported net profit of 638 million Norwegian krones ($142 million) for the three months ended December, up from 294 million krones a year ago. It also recommended a final dividend of 10 cents per share for its 2011 fiscal year.
"Despite ongoing economic headwinds, we have observed robust activity in the deepwater offshore oil and gas exploration and production sector, which we believe will continue to underpin healthy demand for our proprietary designs and vessels," STX OSV Chief Executive Officer Roy Reite said in a statement.
STX OSV's shares surged as much as 9.6% on Tuesday on expectations its results would top market estimates. The stock closed 5.8 percent higher at $1.54, with nearly 40 million shares traded, about five times the volume traded over the past 30 days.
The company said its order intake for 2011 fiscal year was 11.1 billion krones, of which 6.03 billion krones came in the fourth quarter.
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