Dubai-based OSV operator Topaz Energy and Marine announced its Q3 results this week, with highlights including revenue growth up 53% to US$92M compared to the same period in 2017.
Further highlights included 70% growth in earnings before interest, tax, depreciation and amortisation (EBIDTA) to US$51M on figures for Q3 2017.
The company’s involvement in the Tengizchevroil project was a significant factor in the growth seen, bringing in US$65M revenue and US$44M EBITDA in the first nine months of 2018. All 20 vessels earmarked for the project have been delivered by their respective shipyards and 15 of these were earning full revenue as of the end of September. The remaining five vessels are expected to be deployed during Q4.
Topaz Mariner, a diesel-electric AHTS vessel was received during Q3. The new vessel will be deployed to Saudi Arabia for a contract with an undisclosed oil major alongside sister vessel Topaz Master, which was received in Q2.
Chief executive officer René Kofod-Olsen said “With continued growth coming from our solid home market position in the Caspian Sea, our transformational Tengiz logistics project and the turnaround achieved in sub-Saharan Africa, it’s clear our business fundamentals remain strong.”
Divestment of five older laid-up vessels was completed in Q3 as planned.
Topaz’ fleet utilisation stands at 86%, with Africa and MENA showing particularly significant growth.
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