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

People & Company News

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

Steady Growth Reported by the Swedish Club

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where

MOL’s Coal Carrier for Tokyo Electric Power

Mitsui O.S.K. Lines, Ltd. today announced that the coal carrier Hakutaka, which will serve Tokyo Electric Power Company, Inc. was delivered at Mizushima Shipyard

Offshore

Swire Pacific Offshore Acquires 2 Newbuildings

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming of two new vessels, Pacific Centurion, an Anchor Handling Tug Supply (AHTS) vessel,

Changes in Aker Solutions' Top Deck

Tore Sjursen will assume the position as executive vice president for operational improvement and risk management at Aker Solutions on April 1. Knut Sandvik

GAIL Seeks 7 LNG Cargoes

GAIL (India) will buy seven liquefied natural gas (LNG) cargoes for delivery from October 2015 until December 2016, according to the tender document obtained by Reuters.

Finance

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

Steady Growth Reported by the Swedish Club

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where

Qatar Hikes Container Storage & Clearance Charges

Changes to sea port charges have been implemented in Qatar, as per the decision of the country's Council of Ministers.   20' containers (clear in approx. 3–7 days,

Energy

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

MOL’s Coal Carrier for Tokyo Electric Power

Mitsui O.S.K. Lines, Ltd. today announced that the coal carrier Hakutaka, which will serve Tokyo Electric Power Company, Inc. was delivered at Mizushima Shipyard

Swire Pacific Offshore Acquires 2 Newbuildings

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming of two new vessels, Pacific Centurion, an Anchor Handling Tug Supply (AHTS) vessel,

News

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

Steady Growth Reported by the Swedish Club

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where

MOL’s Coal Carrier for Tokyo Electric Power

Mitsui O.S.K. Lines, Ltd. today announced that the coal carrier Hakutaka, which will serve Tokyo Electric Power Company, Inc. was delivered at Mizushima Shipyard

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2803 sec (4 req/sec)