Topaz Energy and Marine, the offshore support vessel (OSV) and marine logistics company based in Dubai, has announced its results for the three months ended March 31st.
The firm enjoyed Q1 2018 revenues of $66mn, up 14% on the $58mn earned during the same period last year. The firm also saw its core vessel utilisation levels spike 22% to 84% up from 62% last year. Topaz has also now passed 28 months with no lost time incidents.
Meanwhile, the firm’s strategic Tengizchevroil marine logistics project in Kazakhstan continues to progress on schedule with 16 vessels received from the shipyards. Three vessels are now earning full revenue, ahead of schedule.
Topaz’s order backlog continues to stand at around $1.5bn.
René Kofod-Olsen, CEO, Topaz Energy and Marine said, “The first quarter reflected our cautious optimism for the OSV sector as E&P activity picked up across several of our regions. Revenue increased by 14% to $66mn and EBITDA was up 6% to $33mn with a robust EBITDA margin of 50% from a re-set cost base. Our core fleet utilisation increased to 84% during the period. Across most measures, Topaz continues to outperform our peer group.”
He added, ”Our stated expansion strategy as an offshore marine logistics provider, with Tengiz as the pinnacle project, is progressing ahead of schedule on all aspects. The company expects further expansion in this segment with our core global clients over the coming years.
“While liquidity remains a key area for us, we continue to ensure we have sufficient liquidity in the business to meet all our commitments. We remained fully compliant with our financial covenants with comfortable headroom through the period.”
