Topaz Reports NMEL Results

2013 revenue up 22% over last year to $376.5 million as a result of the expansion of the core vessel fleet and high vessel utilization

Topaz Energy and Marine, an offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd. (NMEL) for the twelve months ended December 31, 2013.

According to Topaz, the period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%, which the company said is primarily attributable to the additional vessels that have joined its fleet and the improved utilization it has achieved across its core fleet. Topaz said it has focused on maintaining tight control of our costs and this has resulted in significant cost savings benefitting us in the short-term and over the coming years. Topaz won a number of new contracts during the period, resulting in a total backlog of medium and long-term contracts amounting to $1.16 billion.

Business Highlights
•Safety performance consistently strong – zero LTIs and fatalities
•Robust performance for the entire business attributable to expansion of core fleet and focus on cost control
•High and stable utilization of core vessel fleet at 94.5% for the year
•Seven new vessels, all PSVs, added to the fleet in 2013, five of which delivered in 2014

Outlook
Topaz said it has delivered a year of growth as we focus on driving our strategy of investing in our core fleet to ensure we maintain a young and technologically advanced fleet for our clients, the world's leading oil and gas companies. Topaz said its ability to support its production strategies in a large number of projects has resulted in a growing level of long-term contracts and high vessel utilization rates. With the investment the company has made in the business over the course of 2013 in terms of vessels, technology and people, Topaz said it remains confident for the prospects of its 2014 results.