Profit boost for Topaz

Dubai company posts increase in revenue.
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 Topaz Energy and Marine has posted a 22 per cent increase in revenue for 2013, attributed to the expansion of its fleet and demand for its vessels.

Topaz Energy and Marine, a leading offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd. for the twelve months ended 31 December 2013.

The period has seen continued strong and profitable growth across the group’s activities with revenues up 22 per cent and EBITDA up 17 per cent.

“This growth is primarily attributable to the additional vessels that have joined our fleet and the improved utilisation we have achieved across our core fleet,” Topaz said in a statement.

“We have focused on maintaining tight control of our costs and this has resulted in significant cost savings benefitting us in the short-term and over the coming years. We have won a number of new contracts during the period resulting in a total backlog of medium and long-term contracts amounting to US$1.16 billion,” Topaz noted.

The Dubai based company said better utilisation of vessels deployed in Saudi Arabia and the full year impact of one vessel purchased in 2012 resulted in a better performance across the MENA region.

“In the year 2013, revenue increased by $10.9 million, or 13.4%, to $92.4 million compared to $81.5 million in the year 2012.”

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