Topaz Energy unit revenue up 7pc
Dubai, May 21, 2014
Nico Middle East, a subsidiary of top offshore support vessel firm Topaz Energy and Marine, saw its revenue $89.4 million in the first quarter, up seven per cent over the previous year.
Announcing the results, the period has seen continued strong and profitable growth across the group’s activities with the ebitda up 22 per cent. This growth is primarily attributable to new vessels that have been added to the fleet and the improved utilization the company had achieved across its core fleet.
The Topaz unit's revenue increased was primarily due to the addition of four new vessels resulting in an increase of $8.2 million and also 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, it stated.
In the Middle East region, Nico's revenue decreased by1.8 per cent to $22.1 million compared to $22.5 million in the quarter ended March last year. This variance is mainly due to the increase in the day rate for one vessel, resulting in an increase of $1.1 million offset by lower utilization in eight vessels by $1.5 million.
On the global scale, the revenue increased by $4.1 million to $16.2 million compared to $12.1 million in the quarter ended March 2013.
According to Nico, this increase was primarily due to the addition of two new vessels contributing $2.8 million in the period, demobilization revenue of one vessel resulting in an increase of $1.1 million and better utilization resulting in an increase of $2.2 million.
This increase in revenue was partially offset by loss of revenue due to three off hire vessels resulting in a decrease of $2.0 million, it added.-TradeArabia News Service