Offshore vessels designer and builder Vard Holdings has posted a profit in the second quarter, emerging from a deficit in the same period last year.

Net profit in the quarter ended 30 June 2014 came up to NOK140m ($22.6m), as against a loss of NOK20m in the previous corresponding period.

Revenue during the quarter was largely stable at NOK2.94bn, Singapore-listed Vard announced.

During the second quarter, Vard recorded an order intake of NOK2.7bn following five new vessel contract wins.

Vard concluded the first half of 2014 with an orderbook value of NOK21.6bn and 43 vessels in the orderbook. The existing orderbook stretches into 2017, and includes 27 vessels of Vard’s own design.

While Vard’s operations in Europe and Vietnam are stable, it admitted that the business landscape in Brazil remains challenging.

Two vessels were delivered from Brazil’s Vard Niteroi during the quarter but two vessels were delayed.

At the same time, with the arrival of two LPG tankers undergoing outfitting only at the Niteroi yard, operations are being recalibrated to reflect a changing production profile.