Topaz posts 14 per cent growth in Q1 revenue

International offshore support and logistics services company Topaz Energy and Marine, a subsidiary of Muscat-based Renaissance Services, has reported a 14 per cent increase in revenue to $66 million for the quarter ended March 31, 2018.

Announcing its results for the quarter, Topaz said EBITDA was up 6 per cent to $33m while core fleet utilisation increased to 84 per cent during the period. Across most measures, Topaz continues to outperform our peer group, said René Kofod-Olsen, Chief Executive Officer, Topaz.

“In the quarter, we achieved 80 per cent or above utilisation from all our regions, which is testament to the robustness of our more conservative operating model and resilience of the business. In our Caspian region, we achieved utilisation of 85 per cent, which includes the 100 per cent utilisation of the six vessels operating in Turkmenistan. In MENA our utilisation was 80 per cent; the MENA fleet includes two subsea vessels which are currently operating on or pursuing spot charters. In Africa, our utilisation was at 90 per cent with almost all vessels on term-contracts with new key clients in the region,” the CEO stated.

Revenue for the period was $66m, an increase of 14 per cent compared to $58m over the same period last year. This increase was mainly the result of (i) revenue from the Tengiz project of $11m and (ii) nine vessels working in Africa generating $5m in revenue. However, this increase was partially offset by (i) loss of revenue of $6m in Azerbaijan on vessels coming off-charter from completed projects and (ii) off-hire/standby rate on two subsea vessels of $2m, the company said.

Headquartered in Dubai, Topaz Energy and Marine operates an existing fleet of around 100 offshore support vessels with an average age of approximately nine years. Topaz Energy and Marine is a subsidiary of Renaissance, a publicly traded company listed on the Muscat Securities Market in Oman. In addition, Standard Chartered Private Equity holds a minority position in the company.