Dubai-based OSV fleet owner Topaz Energy and Marine reported on 29 August its half-year revenues were up 30% to US$151M and earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 33% to US$77M.
The company attributed the growth to increasing investment in exploration, production and development by energy companies.
Involvement in strategic marine logistics project Tengizchevroil resulted in Topaz Solutions contributing US$33M revenue and US$19M EBITDA in the first half of the year. Eighteen specially designed module-carrying vessels for the project have been received from shipyards so far, with eight earning full revenue as of 30 June and full vessel ramp-up anticipated for the second half of 2018.
Overall core fleet utilisation was at 86% with significant improvements in the MENA and African regions, the report noted. Anchor-handling tug supply vessel Topaz Master was added to the company's fleet and is set to be deployed to Saudi Arabia.
Topaz chief executive René Kofod-Olsen said “We are moving our business increasingly to a service-led approach, enabling us to be more than a ship supplier and to generate growth and higher earnings from our assets.
“Our Tengiz project demonstrates our strategic focus on services, which made a significant contribution in terms of revenue and EBITDA during Q2 as we deployed eight of the 20 specially designed vessels.”
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