Topaz Revenue up 22%

Posted by Michelle Howard
Thursday, March 20, 2014

Topaz Energy and Marine, a offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd. for the 12 months ended December 31, 2013. The period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%. This growth is primarily attributable to the additional vessels that have joined the fleet and the improved utilization (94.5%) it achieved across its core fleet. Topaz won a number of new contracts during the period resulting in a total backlog of medium and long-term contracts amounting to $1.1B.
Seven new vessels, all PSVs, were added to the fleet in 2013, five of which delivered in 2014


Revenue increased by $67 million (21.6%), to $376.5 million in 2013 compared to $309.5 million in the year 2012. This increase is primarily due to:
(i)    the addition of two new vessels along with the full year impact of five vessels purchased in 2012 contributing $49.7 million,
(ii)    better utilization and increase in vessel day rates resulting in an increase of $9.8 million,
(iii)    deployment of vessels in the Russian sector of the Caspian resulting in an increase of $6.1 million, and
(iv)    proceeds from sale of three vessels resulting in an increase of $7.2 million. The increase in revenue was partially offset by loss of hire due to the sale of one vessel in 2012 ($2.2 million) and loss of revenue due to vessel off-hire or revised day rates on two of our vessels ($1.2 million and $2.3 million, respectively).

Results by Region
 

Caspian: In the year 2013, revenue increased by $56.4 million, or 32.9%, to $227.6 million compared to $171.2 million in the year 2012. This increase was primarily due to the addition of two new vessels contributing $7.5 million in the period and the full year impact of four vessels purchased in 2012 contributing $36.7 million, proceeds from the sale of one vessel contributing $6.7 million and deployment of vessels in the Russian sector resulting in an increase in revenue of $6.1 million.
 
Mena: 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. This increase was primarily due to the full year impact of one vessel purchased in 2012 contributing $5.5 million and better utilization of vessels deployed in Saudi Arabia resulting in an increase of $5.4 million.
 
Global: In the year 2013, revenue slightly decreased by $0.3 million to $56.5 million compared to $56.8 million in the year 2012. This decrease was primarily due to loss of revenue of 2 AHTSVs working in West Africa.
 

EBITDA increased by $23.9 million, or 17.1%, to $163.4 million in the year 2013 compared to $139.5 million in 2012, due to:
(i)    the addition of two new vessels along with the full year impact of three vessels (out of five) purchased in 2012 contributing $16.3 million,
(ii)    better utilization and increase in vessel day rates resulting in an increase of $10.7 million,
(iii)    deployment of vessels in the Russian sector of the Caspian resulting in an increase of $5.0 million and
(iv)    proceeds from vessel sold contributing $2.8 million. The increase in EBITDA was partially offset by $1.1 million due to the full year impact of the bareboat cost of 2 vessels purchased in 2012, increase in overheads cost by $9 million which mainly relates to provision for doubtful debts and provision against advances.

Finance costs

Finance costs increased by $7.6 million, or 20.9%, to $44.0 million in the period compared to $36.4 million in the same period last year. The increase in interest expense was primarily due to an increase in secured debt as a result of the acquisition of new vessels, refinancing of certain existing debt along with interest charges on senior notes raised in Q4 2013 in line with the strategic plan.

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

National Domestic Surveyor Accreditation in place

Domestic marine surveyors will now be accredited under a national system run by the Australian Maritime Safety Authority (AMSA). The Domestic Surveyor Accreditation

Australian Tall Ship Rounds Cape Horn

The Royal Australian Navy operated Sail Training Ship Young Endeavour rounded Cape Horn on Australia Day, 36 days into a 12-month circumnavigation of the world.

USCG Rescue 2 on Bahamian Island

Two stranded men are safe after the Coast Guard rescued them off an Island in the Bahamas Tuesday afternoon. Coast Guard 7th District watchstanders received

Shipbuilding

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

MHI Wins LNG Order

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd. The carriers

Shepler’s New Ferry Takes Shape

Sparks are flying on the bulkhead and engine room of the $3.8 million, 85-foot Miss Margy, the newest addition to the Shepler’s Mackinac Island Ferry fleet, at Moran Iron Works.

Finance

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

A HERO on the Seas

The expansion of the Panama Canal has opened up an opportunity for WWL to develop its next generation RoRo carriers. Due to its importance to international trade,

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

Vessels

National Domestic Surveyor Accreditation in place

Domestic marine surveyors will now be accredited under a national system run by the Australian Maritime Safety Authority (AMSA). The Domestic Surveyor Accreditation

Australian Tall Ship Rounds Cape Horn

The Royal Australian Navy operated Sail Training Ship Young Endeavour rounded Cape Horn on Australia Day, 36 days into a 12-month circumnavigation of the world.

USCG Rescue 2 on Bahamian Island

Two stranded men are safe after the Coast Guard rescued them off an Island in the Bahamas Tuesday afternoon. Coast Guard 7th District watchstanders received

People in the News

National Domestic Surveyor Accreditation in place

Domestic marine surveyors will now be accredited under a national system run by the Australian Maritime Safety Authority (AMSA). The Domestic Surveyor Accreditation

Australian Tall Ship Rounds Cape Horn

The Royal Australian Navy operated Sail Training Ship Young Endeavour rounded Cape Horn on Australia Day, 36 days into a 12-month circumnavigation of the world.

USCG Rescue 2 on Bahamian Island

Two stranded men are safe after the Coast Guard rescued them off an Island in the Bahamas Tuesday afternoon. Coast Guard 7th District watchstanders received

Offshore Energy

Wärtsilä Propulsion Solution for 3 Tugs

Three large new escort tugs contracted by Norwegian operator Østensjø Rederi, will feature Wärtsilä dual-fuel (DF) engines integrated with a customized gas storage

Greatship to Buy PSV

Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV).

US Proposes Allowing Oil, Gas Drilling off Atlantic Coast

The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast.   The

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1813 sec (6 req/sec)