Topaz Reports NMEL Results

MarineLink.com
Monday, March 17, 2014

2013 revenue up 22% over last year to $376.5 million as a result of the expansion of the core vessel fleet and high vessel utilization

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

According to Topaz, the period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%, which the company said is primarily attributable to the additional vessels that have joined its fleet and the improved utilization it has achieved across its core fleet. Topaz said it has 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. Topaz won a number of new contracts during the period, resulting in a total backlog of medium and long-term contracts amounting to $1.16 billion.

Business Highlights
•Safety performance consistently strong – zero LTIs and fatalities
•Robust performance for the entire business attributable to expansion of core fleet and focus on cost control
•High and stable utilization of core vessel fleet at 94.5% for the year
•Seven new vessels, all PSVs, added to the fleet in 2013, five of which delivered in 2014

Outlook

Topaz said it has delivered a year of growth as we focus on driving our strategy of investing in our core fleet to ensure we maintain a young and technologically advanced fleet for our clients, the world's leading oil and gas companies. Topaz said its ability to support its production strategies in a large number of projects has resulted in a growing level of long-term contracts and high vessel utilization rates. With the investment the company has made in the business over the course of 2013 in terms of vessels, technology and people, Topaz said it remains confident for the prospects of its 2014 results.
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

News

USCG Assist Duck Hunters Near Harrington Beach Park

The Coast Guard and the Port Washington and Cedar Grove Fire Departments came to the assistance of two duck hunters on Lake Michigan Friday. The names of those involved are not being released.

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

Offshore Energy

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1644 sec (6 req/sec)