Dubai – Mubasher: Topaz Energy and Marine reported a 33% year-on-year increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the first six months of 2018.
The revenue of the leading offshore support vessel and marine logistics company also hiked 30% to $151 million in H1-18, compared to $116 million, according to a company statement.
“However, this increase was partially offset by loss of revenue of $10 million in Caspian from vessels coming off-charter from completed projects and off-hire/standby rate on three subsea vessels of $3 million,” the UAE-based firm stated.
Direct costs reached $91 million from January to the end of June, up $13 million from the year-ago period, while finance costs hiked 11% to $32 million from $29 million.
“Our results for the first half of the year, and particularly the second quarter, illustrate how we have managed Topaz through a very challenging period for the energy sector,” CEO of Topaz Energy and Marine René Kofod-Olsen said.