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

People & Company News

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

MacGregor Reorganizes into 7 Operative Divisions

MacGregor, part of Cargotec, announces changes in its operative structure and starts a reorganization into seven operative divisions which will become effective on January 1, 2015.

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

Shipbuilding

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

U.S. Shipbuilding: ESG Nabs Two Z-Drive Tug Contracts

Eastern Shipbuilding (ESG) said that Suderman & Young Towing Company and Bay Houston Towing Company each exercised one additional Z-Drive Tug to be built at ESG.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

Finance

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

Lerwick Port Awards £16.5 mi Expansion Contract

Lerwick Port Authority has awarded a construction contract for the latest expansion of the harbour’s facilities in a project costing a total of £16.5 million

Vessels

Bright Outlook for BWM Convention

The Danish Maritime Authority informed that the Ballast Water Management Convention is now one step closer to ratification following last week’s meeting of United

Chief of Naval Personnel Visits Naval Special Warfare

Chief of Naval Personnel (CNP) Vice Adm. Bill Moran visited Naval Special Warfare (NSW) Sailors during an all hands call on Joint Expeditionary Base Little Creek-Fort Story, Oct.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

People in the News

Total CEO Plane Crash: Russian Prosecutors Detain More Suspects

Russian prosecutors detained four Moscow airport workers and denied bail to the driver of a snow plough which hit a private jet killing the CEO of French oil company Total earlier this week,

Chief of Naval Personnel Visits Naval Special Warfare

Chief of Naval Personnel (CNP) Vice Adm. Bill Moran visited Naval Special Warfare (NSW) Sailors during an all hands call on Joint Expeditionary Base Little Creek-Fort Story, Oct.

EUCAP Nestor Train 30 Somali Coast Guards

On 21 October, the European Union’s Maritime Capacity Building Mission in the Horn of Africa and Western Indian Ocean (EUCAP Nestor) celebrated the successful completion of a two month Mentoring,

Offshore Energy

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

Pemex Suspends Eviction of Workers in Campeche

Due to the behavior shown by the low pressure system in the Gulf of Mexico, whose career was diverted in the last hours, the Technical Analysis Group Emergency

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion 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: 0.1944 sec (5 req/sec)