BW Offshore saw profit fall in the first quarter after taking a hit on the delay of an FPSO.
The Oslo-listed outfit had to shell out $10.3m in extra costs as the Pappa Terra was held up at COSCO Dalian shipyard.
But the loss was partly offset by a $6.4m gain from an insurance settlement relating to loss of hire revenue from the Ningaloo Vision during the period.
The company posted a net profit of $3.4m in the first three months of the year down from $24.5m a year earlier.