Leading offshore support vessel and marine logistics company Topaz Energy and Marine (Topaz), a subsidiary of Renaissance — a publicly traded company listed on the Muscat Securities Market — has reported strong second quarter growth supported by increasing investment by energy companies in exploration, production and development. Q2 2018 revenue increased by 29 per cent to $85 million compared to Q1 2018; EBITDA improved by 33 per cent to $44 million in Q2 2018 against Q1 2018.
Revenue for the first half of the year was $151m, an increase of 30 per cent compared to $116m over the same period last year. This increase was mainly the result of (i) revenue from Solutions of $33m and (ii) nine vessels working in Africa generating an additional $12m in revenue. However, this increase was partially offset by (i) loss of revenue of $10m in Caspian from vessels coming off-charter from completed projects and (ii) off-hire/standby rate on three subsea vessels of $3m, the company said in a press statement.
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, stated: “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. 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. 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.
“By working closely with our customers, we increased our core fleet utilisation to 86 per cent, up from 62 per cent in the first half of 2017. The Caspian region delivered 88 per cent utilisation, up from 81 per cent, whilst the most significant improvements came from the MENA and Africa regions, which improved from 51 per cent to 84 per cent and 26 per cent to 87 per cent respectively,” he added.