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

NAVCENT Commander Recognizes Journey of Hope Sailors

Commander, U.S. Naval Forces Central Command, U.S. 5th Fleet, Combined Maritime Forces, Vice Adm. John. W. Miller, recognized the accomplishments of three special-needs sailors from the Kuwaiti ship,

NYK Holds 8th Environmental Management Conference

NYK welcomed about 60 environmental supervisors from 47 NYK Group companies to the group’s annual Environmental Management Conference in Tokyo. NYK holds this

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

News

USCG Suspend Search for Crabber Near Anacortes, Wash.

The Coast Guard has suspended the search for a crabber reported overdue near Anacortes, Wednesday. Dean Harvey, 48, of Bremerton, remains missing. Search

Third Strike, Mansour Is Out

The M/V "MANSOUR M" with IMO number 7600586 has been banned for the 3rd time after subsequent detentions after the second refusal of access order in the Paris MoU region.

MHI Completes Development of "Sayaringo STaGE"

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Sayaringo STaGE," a next-generation LNG (liquefied natural gas) carrier. The Sayaringo

Offshore Energy

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Drillsearch Discovers Gas at Varanus South-1

Drillsearch Energy Limited announced a new wet gas discovery on the Western Cooper Wet Gas Fairway of the Cooper Basin. The Varanus South-1 well in PEL 513 (Drillsearch

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.3631 sec (3 req/sec)