Topaz Energy and Marine has posted a net profit of US$65 million for 2009, demonstrating year on year growth of 7%, 14% and 38% respectively.
The firm also revealed revenues of $448 million, demonstrating strong growth throughout the year.
“This is an outstanding achievement in a volatile economic climate and reflects the inherent strengths of our business. Facing great adversity, we have demonstrated our business to be one that grows shareholder value in a measured and responsible fashion in any economic cycle,” said Fazel A. Fazelbhoy, CEO of Topaz Energy and Marine.
“Topaz’s recession resilience is a result of a considered blend of long and short-term contracts, exposure to geographies of strategic importance to global energy markets and our refusal to jump on the bandwagon of speculative vessel new-buildings at the peak of the market,” he added.
The firm’s global exploration and production spend is projected to rise by approximately 10% in 2010, with the firm expecting a visibly firmer market in this year, but with continued weakness in the first six months.
