Nico Middle East Revenues up for 2013

MarineLink.com
Tuesday, November 19, 2013

Topaz Energy and Marine, an offshore support vessel company, has announced the results of its subsidiary Nico Middle East Ltd. (NMEL) for the nine months ended September 30, 2013.

The period has seen continued strong growth across the group’s activities with revenues up 27%. The company said its growth is primarily attributable to the additional vessels that have joined the Nico fleet and the improved utilization it has achieved across the core fleet. The company said it has focused on maintaining tight control of costs, resulting in significant cost savings for short-term and long-term benefits. Nico Middle East has also won a number of new contracts during the quarter which contributes further to our already solid backlog of medium and long-term contracts.

Financial Highlights
 

  • Revenue for the period $284.2 million (2012: $223.3 million) +27%
  • EBITDA for the period $122.7 million (2012: $101.9 million) +20%
  • Profit After Tax (PAT) for the period $36.3 million (2012: $25.9 million) +40%
     


Business Highlights
 

  • Strong performance for the entire business driven by cost control focus and overall better vessel utilization
  • High and stable utilization of core vessel fleet YTD at 95.2%
  • Two new vessels acquired in Q3: both large and modern Platform Supply Vessels to be deployed with BP in Azerbaijan on five year contracts including options
  • Safety performance consistently strong: zero LTIs and fatalities YTD

 

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

People & Company News

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

News

5 Rescued from Sinking Vessel off Monterey Coast

Coast Guard rescued five people from a sinking 65-foot sailing vessel approximately 120 miles off the Monterey coast, Saturday. At approximately 8 a.m. Saturday,

CMA CGM Opens Two Offices

CMA CGM Opens a new branch in Constantine, (Algeria) and an agency in Sihanoukville, (Combodia) Following are the addresses in the respective countries: CMA CGM Algérie,

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.2164 sec (5 req/sec)