Neptune Marine Services has announced a turn around in its full year profit earnings.
In a statement, the oil and gas services company said it expected to report normalised earning before interest and taxes for this financial year of between $5.5 million and $6.5 million.
In January the company announced that its earnings for the first half of this year would be significantly below that of the corresponding period.
Neptune attributed the improvement to increased activity in the Australian offshore energy industry, increased activity in the Middle East and improved performance in the US.
Neptune's managing director, Christian Lange acknowledged there was evidence of both improved trading conditions and an increasing emergence of prospects across all of its operations.
"Our performance from February 2010 reflects a considerable turnaround in profitability as a result of stronger conditions in our key markets, with the US in particular showing signs of recovery and improvement," said Mr Lange.
"On the Gorgon Project for example, we are currently providing support services to some of the civil construction works and we anticipate our involvement and scope of services will continue to expand as the construction of the project's downstream components progress," he said.
"The Middle East is also an exciting region for us and the successful completion of our first phase of work for Qatargas has resulted in our tendering on significant opportunities which are pending. All of these factors bode very well for Neptune's ongoing development into FY2011 and beyond," said Mr Lange.
Neptune shares were up 3 cents to 21 cents at 10.15am.
