Nico Middle East, a subsidiary of Dubai-based Topaz Energy and Marine said it has registered $376.5 million revenue for 2013, up 22 per cent over the previous year as a result of the expansion of the core vessel fleet and high vessel utilization.

The revenue increased by $67 million, or 21.6 per cent over the previous year, stated the company.

The revenue for the Mena region increased by $10.9 million, or 13.4 per cent to $92.4 million compared to $81.5 million in 2012. This increase was primarily due to the full year impact of one vessel purchased in 2012 contributing $5.5 million and better utilization of vessels deployed in Saudi Arabia resulting in an increase of $5.4 million.

The increase in revenue was primarily due to the addition of two new vessels along with the full year impact of five vessels purchased in 2012 contributing $49.7 million.

Also better utilization and increase in vessel day rates resulted in an increase of $9.8 million besides  the deployment of vessels in the Russian sector of the Caspian resulting in an increase of $6.1 million,
stated the Dubai-based company.

In addition to this, the proceeds from sale of three vessels resulted in an increase of $7.2 million, it said.-TradeArabia News Service