Topaz Q1 2014 revenue up 7% to $89.4 million
Growth attributed to expansion of vessel fleet and high utilisation
Topaz Energy and Marine, an offshore support vessel company, has announced results of its subsidiary Nico Middle East Ltd. for the three months ended 31 March 2014.
The period has seen continued strong and profitable growth across the Group’s activities with revenues up 7% and EBITDA up 22%.
This growth is primarily attributable to new vessels that have been added to the fleet and the improved utilization we have achieved across our core fleet. The company has won a number of new contracts during the period resulting in a total backlog of medium and long-term contracts amounting to $1.20 billion.
Revenue increased by $5.6 million, or 6.7%, to $89.4 million in the period compared to $83.8 million in the quarter ended March 2013. This increase is primarily due to: (i) the addition of four new vessels resulting in an increase of $8.2 million and, (ii) better utilization and increase in vessel day rates resulting in an increase of $4.9 million. The increase in revenue was partially offset by two vessels which were moved from time charter contracts to bareboat contracts $1.8 million; loss of revenue due to vessels under dry-docks / off-hire $5.1 million and loss of revenue due to vessels sold $0.6 million.