Topaz Energy and Marine, an offshore support vessel company, has announced the results of its subsidiary Nico Middle East Ltd. (“NMEL”) for the twelve months ended 31 December 2013 (in the following referred to as “the period”).
The period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%. This growth is primarily attributable to the additional vessels that have joined our fleet and the improved utilization we have achieved across our core fleet. We have focused on maintaining tight control of our costs and this has resulted in significant cost savings benefitting us in the short-term and over the coming years. We have won a number of new contracts during the period resulting in a total backlog of medium and long-term contracts amounting to US$ 1.16 billion.
Revenue increased by $67.0 million, or 21.6%, to $376.5 million in the year 2013 compared to $309.5 million in the year 2012. This increase is primarily due to: (i) the addition of two new vessels along with the full year impact of five vessels purchased in 2012 contributing $49.7 million, (ii) better utilization and increase in vessel day rates resulting in an increase of $9.8 million, (iii) deployment of vessels in the Russian sector of the Caspian resulting in an increase of $6.1 million, and (iv) proceeds from sale of three vessels resulting in an increase of $7.2 million. The increase in revenue was partially offset by loss of hire due to the sale of one vessel in 2012 ($2.2 million) and loss of revenue due to vessel off-hire or revised day rates on two of our vessels ($1.2 million and $2.3 million, respectively).
In the year 2013, revenue increased by $10.9 million, or 13.4%, to $92.4 million compared to $81.5 million in the year 2012. This increase was primarily due to the full year impact of one vessel purchased in 2012 contributing $5.5 million and better utilization of vessels deployed in Saudi Arabia resulting in an increase of $5.4 million.
The increase in EBITDA by $11.8 million is mainly due to the full year impact of one vessel purchased in 2012 contributing $3.5 million, better utilization of vessels deployed in Saudi Arabia contributing $4.9 million and better utilization of other vessels contributing $3.0 million.
