Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has reported a record-breaking first-quarter net profit of $146.5 million, of which $84.9 million relates to gain on vessel sales.

The company said net profit excluding gain on sale of $61.6 million compared with $61.5 million for the fourth quarter of 2023.

The board declared a combined return of capital and dividend of $2.15 per share or $165 million for the first quarter, corresponding to 112 per cent of net profit.

Øystein Kalleklev, chief executive officer, said: “First quarter was yet another blockbusting quarter for Avance Gas with a quarterly net profit of $146 million which is by far the highest quarterly result we have ever delivered.

“The record-breaking earnings were driven by successful completion of the sale of three ships during the quarter which added in total $85 million of profits, but also very strong freight income adding $62 million to the bottom line.

“Despite the sharp slump in rates at the beginning of the year due to the cold snap in the US affecting the arbitrage levels, we benefited from having booked long voyages, primarily from US to the Far East, which limited our market exposure during this shake out period.”

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Seadrill Ltd, the Bermudian-based offshore drilling company, delivered an operating profit of $80 million in the first quarter of 2024.

The company said adjusted earnings before interest, tax, depreciation and amortisation was $124 million on $367 million of revenue, resulting in an adjusted ebitda margin of 33.8 per cent.

Seadrill said it secured the highest day rate in the current cycle with a clean day rate of $545,000 for a one-well contract.

The company reaffirmed its full-year guidance of $1.47 billion to $1.52 billion in revenue, $400 million to $450 million in adjusted ebitda, and $400 million to $450 million in capital expenditures.

“Seadrill has had a strong start to the year, delivering safe, efficient operations to our customers, securing a cycle-high day rate that offers an encouraging indication of market potential, and returning capital to shareholders," said president and chief executive officer, Simon Johnson.

"As the cycle progresses, we believe Seadrill's competitive fleet, focused market positioning, and balance sheet strength will support durable earnings and capital returns.”

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Bermudian-based SFL Corporation Ltd, one of the world's largest ship-owning companies, has reported a net profit of $45.3 million as it announced preliminary financial results for the first quarter of 2024.

During the quarter, SFL took delivery of two liquefied natural gas dual-fuel car carriers with ten-year time charters to K-Line.

It acquired three newbuild LR2 product tankers and two LNG dual-fuel stainless steel chemical carriers in combination with long-term employment.

Ole B Hjertaker, chief executive officer of SFL Management AS, said: “We are pleased to execute on our growth strategy, with several new vessels to be added over the next few months.

“Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the majority of assets on long-term time charters to end users.

“A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measures to reduce the carbon footprint for us and our customers.

“And the strength of our operating platform is illustrated by our ability to execute multiple repeat transactions with industry-leading counterparties.”

The board of directors has declared a quarterly cash dividend of $0.27 per share, to be paid on or around June 26 to shareholders of record as of May 28.