Its net income fell to $5.2 million from $12.2 million a year earlier even as revenue rose to $115.4 million, compared with $92.5 million in the same period of 2015, as earnings were boosted by units working at higher dayrates.
These include newbuild unit Safe Boreas that was fully contracted with Talisman Sinopec off the UK during the quarter.
The revenue hike helped to offset a 5% year-on-year increase in operating costs to $53.8
