Offshore staff

DUBAI, UAE – Topaz Energy and Marine increased its revenue from its offshore support vessels during 1Q by 14% to $66 million.

According to CEO René Kofod-Olsen, this confirmed signs of a pickup in E&P activity across several of the contractors’ operating regions.

Core fleet use rose to 84% compared with 67% in 4Q 2018. In the Caspian region, the percentage was 85%, with the six vessels operating offshore Turkmenistan fully engaged.

In the Middle East North Africa the percentage was 80%: here the fleet includes two subsea vessels currently operating on or pursuing spot charters.

Offshore Africa, the fleet figure was 90% with almost all vessels on term-contracts for new clients in the region.

At the end of 1Q, Topaz had five aging vessels in lay-up, four of which it has since divested.

The company continues to invest in crew training, vessel maintenance and upgrades to the overall fleet, and in IT, partly to synchronize and manage our integrated business operations more effectively with real-time information.

05/31/2018