STX OSV Holdings has reported a 52% increase in profit to NKr557m ($96.94m) for the third quarter of 2011 compared with the NKr724.6m ($63.70m) it recorded in Q3 2010.

The Norway-based shipbuilder’s third quarter revenue increased by 57% to NKr3.35bn ($583.07m) compared with NKr2.14bn ($372.47m) for the same peiord in 2010.

For the third quarter of 2011 the company posted EBITDA of NKr589m ($102.51m), an increase of 48% compared with the prior year’s NKr397m ($69.09m).

STX OSV received orders worth $883m for 14 vessels in the first nine months of the year compared with the NKr12.6bn ($2.1bn) worth of orders it won in the whole of 2010.

Thee company won orders worth NKr809m ($140m) during third quarter, and has won two more confirmed contracts since then.