VALLIANZ Holdings said on Wednesday its net profit for the financial year ended Dec 31, 2014, more than doubled to US$18.5 million.
Its revenue grew more than seven times to US$153.7 million.
Earnings per share rose to 0.79 US cents for FY14, up from 0.63 US cents previously.
Vallianz provides offshore support vessels (OSVs) and integrated offshore marine solutions to the oil and gas industry.
The group said its tremendous growth in revenue was due to the consolidation of results of Rawabi Swiber Offshore Services (RSOS). Vallianz had acquired a 50 per cent stake in the Saudi Arabia-based RSOS for US$1.45 million in October 2013 from Swiber Holdings to penetrate into the Middle East market.
Accordingly, in the latest fiscal year, around 78 per cent of revenue was derived from the group's vessel-chartering business, a significant growth after including contributions from its OSV-chartering operations in the Middle East, as well as the start of new charters in Q4 2014, it said.
Giving an outlook, the group added: "The fall in oil prices during the second half of 2014 continues to fuel concerns on the near-term outlook of the oil and gas industry and reductions in capital expenditures of oil companies.
"However, the group believes shallow-water oil field development and production activities would be less affected given the lower break-even costs compared to projects in deep water oil fields. Nonetheless, protracted oil weakness could invariably lead to price pressures in the offshore services supply chain.
"We continue to see new tenders for OSVs in our target markets despite the weaker oil price environment. The group will continue to actively bid for new charter contracts in Middle East, Latin America, Asia and West Africa where we believe the longer-term prospects remain firm. At present, our vessel chartering bid book stands at US$1.2 billion.
"The long-term outlook of Indonesia's oil and gas sector is still positive as the country takes steps to stem declining production from mature fields. In Mexico, the energy reforms will also open up the sector to foreign investments, which will in turn create new opportunities for oilfield service companies."
It proposed a final dividend of US$0.0005 per share for FY14.