Vallianz Holdings, a provider of offshore support vessels, on Monday posted a 12.5 percent rise in quarterly profit, helped by growth at its Middle East market.
Shares in the Singapore-listed company jumped as much as 7.7 percent at S$0.014. The stock has lost about 22 percent so far this year.
Net profit attributable to shareholders rose to US$4.3 million in the three months ended June 30 from US$3.8 a year earlier.
Revenue for the quarter fell 35.2 percent to US$41.2 million due mainly to the completion of various one-time vessel management projects in the second half of 2016.
Vallianz Holdings said it experienced lower utilisation for certain vessels outside of the Middle East region.
"The offshore support vessel sector continues to be weighed down by weak vessel utilisation and depressed charter rates in most markets" CEO Ling Yong Wah said in a statement.
"The Group's vessel chartering business is primarily anchored on our operations in the Middle East which have remained stable and profitable."
Vallianz said it expects to deploy more vessels in Middle East and that these contracts are expected to provide incremental revenue on top of the ongoing long term charters with the NOC.
The group's chartering services order book was about US$990 million as at June 30, 2017.