Topaz Revenue Climbs
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.
Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.
Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.
The global ports operator DP World acquired Topaz from Oman's Renaissance Services and Standard Chartered's private equity arm for an enterprise value of $1.08 billion (Dh3.96bn) in July.
“DP World recognizes the success we have achieved and wants us to continue to deliver that going forward. Testament to this success, are our results for the first half of 2019,” said René Kofod-Olsen, chief executive of Topaz Energy and Marine.
“The acquisition concludes our journey to deliver the right solution for our current shareholders, combined with a strong future capital structure for the company, creating the necessary liquidity to provide Topaz with a sustainable future.”
"Our market-leading utilization rates continued to increase to 87%, driven by our Solutions business, the predicted redeployment of our project vessels in Azerbaijan, and the stability of our MENA and subsea fleet,” he added.
Topaz Energy and Marine is a international offshore support vessel company providing logistics support and marine solutions to the global energy industry with primary focus on the Caspian Sea, the Middle East, West Africa and global subsea operations.