Topaz Energy and Marine, a leading offshore support vessel company, has posted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $144.2 million for first nine months of the year, marking an increase of 17.5 per cent over the same period of 2013.

Growth was primarily attributable to the new vessels that have been added to the fleet, a statement said.

Revenue increased by $4.5 million, or 1.6 per cent compared to $284.2 million in the same period last year, while net profit edged up 0.5 per cent to $36.3 million.

After adjusting for one-off revenue of $7.2 million from the sale of three vessels last year, the increase in revenue for the period is $11.7 million or 4.1 per cent.

This increase was primarily due to the addition of seven new vessels resulting in an increase of $33.5 million, better utilization and increase in vessel day rates resulting in an increase of $8.2 million and an increase in mobilization revenue of $3.5 million on new vessels deployed in Caspian and global region, the statement said.

The increase in revenue was partially offset by a $3 million loss in revenue as a result of two vessels being moved from time charter contracts to bareboat contracts; the loss of $25.7 million revenue due to vessels being under dry- docks or off-hire and a $4.8 million loss of charter revenue due to vessel sales.

In the Mena region, revenue decreased by $8.5 million, or 11.8 per cent, to $63.3 million compared to $71.8 million in the same period last year. This variance is mainly due to a $1.5 million increase in revenue following the extension of a charter party contract of two vessels.

The decrease in revenue during the period was primarily due to the $0.9 million sale value of one vessel, lower utilization of three vessels resulting in a loss of $2.1 million, five vessels in dry-dock resulting in a loss of $5.2 million and a $1.8 million loss of revenue on a vessel sold.

Globally, revenue increased by $18.0 million to $60.6 million compared to $42.6 million for the same period last year. This increase is primarily attributed to five new vessels deployed in West Africa which contributed $20.4 million during the period; an increase in the day rate on one vessel resulting in additional revenue of $1.9 million and an increase in mobilization revenue by $2.4 million.

The increase in revenue was partially offset by loss of revenue due to lower utilization on two vessels resulting in a decrease of $3.2 million and demobilization of two vessels from Brazil to West Africa and subsequent repair and up-gradation, resulting in a decrease of $4.1 million.

Outlook

Following the successful equity injection of $75 million by Standard Chartered Private Equity the company has a solid position for asset acquisitions, the statement said.

The company continued its strong focus on commercial activities during the period. It had to contend with some unexpected downtime for a number of our vessels during the period and we are making solid progress in finding alternative deployment opportunities, according to the statement.

The falling oil price has not affected the company’s utilization levels which are supported by long-term contracts and strong client relationships, the statement said. – TradeArabia News Service