Topaz Announces $65M Profit for 2009

Thursday, March 18, 2010
Photo courtesy Topaz Energy and Marine

Topaz Energy and Marine announced its audited financial results for 2009. Topaz posted revenue of $448 million, EBITDA of $ 127 million and Net Profit of $ 65 million demonstrating year on year growth of 7%, 14% and 38% respectively. The growth in these difficult times clearly demonstrates a resilience that sets Topaz apart from many of its peers.

Topaz Energy and Marine is an oil & gas focused marine services and engineering company with a regional footprint across the Middle East and the Caspian. In 2009, Topaz achieved record results for the ninth consecutive year and brought its total asset base on the balance sheet to $874 million while maintaining a comfortable gearing ratio of 0.89, confirming the company’s strong capital structure.

Fazel A. Fazelbhoy, CEO of Topaz Energy and Marine commented: “This is an outstanding achievement in a volatile economic climate and reflects the inherent strengths of our business. Facing great adversity, we have demonstrated our business to be one that grows shareholder value in a measured and responsible fashion in any economic cycle. Topaz’s recession resilience is a result of a considered blend of long and short-term contracts, exposure to geographies of strategic importance to global energy markets and our refusal to jump on the bandwagon of speculative vessel new-buildings at the peak of the market.”

Dubai-based Topaz Energy and Marine’s market outlook is cautiously optimistic for 2010 but clearly buoyant for the years to come. With global exploration and production (E&P) spend projected to rise by approximately 10% in 2010, the company expects this year to present a visibly firmer market but still with continued weakness in the first six months.

With oil prices having stabilized, Topaz sees very strong growth prospects for 2011 and beyond. This optimism arises from the company’s view that major investments will have to be made by international and national oil companies in offshore E&P and general hydrocarbon infrastructure, not only to replace the ageing infrastructure but also to keep pace with ever growing energy demand driven principally by China and India.  Topaz is well placed to capitalize upon this development and its strategic plan includes significant investments in modern assets in the growing offshore support vessel sector. Topaz builds new offshore support vessels exclusively against medium to long-term contract awards and market-specific niches, which have significantly contributed to its strong 2009 results.

“Certain strategic acquisitions made in the Caspian and the Middle East in recent years, and subsequent additions to the offshore support vessel fleet are providing us consistent returns and cash flows. The strong balance sheet together with a splendid operating performance saw us navigate comfortably through the financial crisis” said Pramod Balakrishnan, CFO of Topaz.”We raised $ 150 million in debt financing in 2009 thanks to the support of our global and regional bankers. In 2010 we have already exceeded this figure in the first quarter,” he concluded.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Subsea Forestry: Separating The Wood From The Trees…

Over the course of the last 20 years, oil and gas companies have cultivated a vast metallic forest beneath the world’s oceans, consisting now of some 5,800 installed subsea trees,

Primeline Turns Against CNOOC

Primeline Energy Holdings Inc. announces that it has sent a letter to China National Offshore Oil Corporation (CNOOC) and CNOOC China Limited (CCL) (together CNOOC

Olympic Pact with Canyon Offshore

Norwegian offshore shipping company Olympic Shipping has entered into a frame agreement with Canyon Offshore for the joint marketing and subsequent operation of

Finance

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

Nordic Shipholding Profits below Market Expectations

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.

China Okays CMA CGM's Acquisition of NOL

CMA CGM S.A. (CMA CGM), a global leader in container shipping, announces that it has received today confirmation that its pending acquisition of Neptune Orient Lines (NOL),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1426 sec (7 req/sec)