Egypt's Maridive and Oil Services said its 2009 net profit fell 2.3 per cent to $80.3 million, beating all analyst forecasts, despite suffering from sluggish oil industry activity.

The oil services firm, the biggest in the Middle East by fleet size, reported net profit of $82.2 million in the same period last year.

The figure implied a fourth-quarter profit of $26.1 million, calculated from its previously reported nine-month profit of $54.2 million. The average forecast from five analysts was a profit of $20 million. Profit was $28.7 million a year ago.

The results were released after the close of trade, which saw the firm's shares 0.7 percent higher at $4.35.

A decline in offshore construction cut into 2009 margins, Beltone Financial analyst Ahmed Khalil said, adding that he expected improvement due to a strong backlog of contracts worth around $569 million and rising oil prices.

'Going forward, the worst is over,' Khalil said. 'The company has a strong backlog ... and oil prices are trading above the $70 to $75 mark, so things should be better.'

With oil prices trading in a higher range, drilling firms are more likely to contract for services, analysts say.

The company said earlier this month that it had begun work on contracts in India worth $180 million and on procurement for a $380 million Aramco contract at the Manifa offshore oil field in Saudi Arabia following delays.

Analysts say most oilfield services companies have improved their cash positions after being hit last year by a collapse in drilling.

The firm said 2009 revenues slipped 4.3 per cent to $247 million, from $258 million a year ago.

Maridive, which serves Total, Royal Dutch Shell Plc, BP Plc, Saudi Aramco, Qatargas, Kuwait Oil Company and other oil giants, owns over 60 marine units and has contracted to receive about six vessels and one barge by 2012.

The firm has formed a support services venture with Total, which is seeking a $220 million oil exploration and production licence in Cameroon.

'Maridive is constantly bidding for new projects ... and is increasing its fleet capacity which is very good for the company,' Khalil added.-Reuters