Topaz Energy and Marine reports $151 million half-year revenue
The offshore support vessel and logistics company announced a 30% increase in its half-year revenue.
Topaz Energy and Marine announced its half-year results for the period ending June 30, 2018, noting a 30% increase in revenue to $151 million. EBITDA increased 33% to $77 million for the same period.
The company emphasized in its report that its growth in the second quarter was "supported by increasing investment by energy companies in exploration, production and development."
The company's overall core fleet utilization is at 86%, with noted improvement in the MENA region. It also added one modern Anchor Handling Tug Supply Vessel to its fllet, which will be used in Saudi Arabia.
"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," said René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, in a press release announcing the half-year results. "Our Tengiz project demonstrates our strategic focus on services, which made a significant contribution in terms of revenue and EBITDA during the second quarter as we deployed eight of the total twenty specially designed vessels."
Kofod-Olsen said the company expects all 20 Tengiz vessels to be deployed by Q4 2018. The Tengizchevroil joint venture in Kazakhstan was contracted to Topaz for $350 million.
“Our customers are also increasing their investments in projects as they seek to fill the supply requirements of a world which will still be dependent on oil and gas as part of its overall energy mix for decades to come," Kofod-Olsen added.