Pramod Balakrishnan News

Topaz Energy and Marine announced its audited financial results for 2009. Topaz posted revenue of $448 million, EBITDA of $ 127 million and Net Profit of $ 65 million demonstrating year on year growth of 7%, 14% and 38% respectively. The growth in these difficult times clearly demonstrates a resilience that sets Topaz apart from many of its peers. Topaz Energy and Marine is an oil & gas focused marine services and engineering company with a regional footprint across the Middle East and the Caspian.

Topaz Energy and Marine announced that it had raised $42m from Standard Chartered Bank, Dubai in support of its fleet expansion plans, taking its total financing raised in 2009 to $150m. Topaz has contracted over $150m in bank finance in 2009 and the lion’s share of the funds have been deployed to support its fleet expansion and modernization program. Although finance available for the shipping sector as a whole is scarce, the OSV space that Topaz occupies is a relative bright spot for banks.