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

People & Company News

Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore

Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block,

CFSAI Shifts to New Office in New Mumbai

Container Freight Station Association of India (CFSAI) has set up a full-fledged Secretariat and moved to its new office at “Anchorage Building” in Dronagiri  Node on 26th August 2015.

Odfjell Reports Best Quarter Since 2008

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million.

Shipbuilding

Great Lakes Shipyard to Build Guatemalan Harbor Tug

U.S. shipbuilding and repair yard Great Lakes Shipyard informs it has signed a contract to build another of its HandySize Class, 3,400 HP twin-screw tugboat for

BAE Systems Welcomes Record Number of Paid Interns

More than 140 university students from across the country are being given a unique insight into working life at BAE Systems, as part of the company’s 12-week summer internship program.

Drydocks World World’s Largest Turret

Drydocks World marked a milestone in completing the world’s largest turret mooring system. At almost 100 meters high, weighing over 11,000 tons and with a diameter of 26 meters,

Finance

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

Odfjell Reports Best Quarter Since 2008

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million.

ASRY 2015 Strategy Combats Challenging Market

Up to May 2015, ASRY (Arab Shipbuilding & Repair Yard), was seeing encouraging results from it’s 2015 strategy to combat the widespread challenges facing the maritime repair market,

Vessels

Great Lakes Shipyard to Build Guatemalan Harbor Tug

U.S. shipbuilding and repair yard Great Lakes Shipyard informs it has signed a contract to build another of its HandySize Class, 3,400 HP twin-screw tugboat for

Austal Delivers for USN

Austal’s U.S. operation consists of more than 4,000 employees supporting the design, construction and sustainment of two U.S. Navy programs, the 127-meter, trimaran

MES Delivers Bulk Carrier STH Athens

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V. STH Athens (MES Hull No. 1898) at its Chiba Works on August 27,

People in the News

Great Lakes Shipyard to Build Guatemalan Harbor Tug

U.S. shipbuilding and repair yard Great Lakes Shipyard informs it has signed a contract to build another of its HandySize Class, 3,400 HP twin-screw tugboat for

US Rep. Crenshaw Visits Newport News Shipbuilding

Shipbuilder Huntington Ingalls Industries (HII) hosted Rep. Ander Crenshaw (R-Fla.) Tuesday for a tour of the company's Newport News Shipbuilding division.   Ken Mahler,

Metalcraft Celebrates its 50th Anniversary

Metalcraft, a designer and manufacturer of fire detection and suppression equipment, is celebrating its 50th anniversary. The company serves a broad range of industries,

Offshore Energy

Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore

Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block,

Drydocks World World’s Largest Turret

Drydocks World marked a milestone in completing the world’s largest turret mooring system. At almost 100 meters high, weighing over 11,000 tons and with a diameter of 26 meters,

Builder KHI Contracts ALMACO for Drillships Work

ALMACO Group informs it has been awarded the design, material supply and supervision contract from Kawasaki Heavy Industries, Ltd. (KHI) in Japan for the first

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair 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: 0.8905 sec (1 req/sec)