Baku, Azerbaijan, Aug. 21
By Leman Zeynalova – Trend:
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56 percent compared to $151 million in H1 2018, Trend reports with reference to Topaz.
This increase was mainly the result of increased revenue from Solutions of $67 million deployment of four new vessels in the MENA region, the impact of which was $9 million and increased utilization in the Africa fleet generating $10 million in revenue, reads the report released by the UAE company.
However, reportedly, this increase was partially offset by loss of revenue of $5 million in Africa as two vessels were unavailable for hire (due to a past dispute which has since been resolved), and one vessel being unavailable for use due to technical reasons and lower revenue from MENA vessels working on the spot market ($2 million), according to the company.
Topaz Energy and Marine is a leading international offshore support vessel company providing logistics support and marine solutions to the global energy industry with primary focus on the Caspian Sea, the Middle East, West Africa and global subsea operations. Headquartered in Dubai, Topaz Energy and Marine operates an existing fleet of about 120 offshore support vessels with an average age of approximately nine years. Topaz Energy and Marine is a subsidiary of Renaissance, a publicly traded company listed on the Muscat Securities Market in Oman. In addition, Affirma Capital (Standard Chartered Private Equity) holds a minority position in the company. On 01 July 2019 the owners of Topaz announced the sale of the company to DP World. The transaction is subject to customary completion conditions and regulatory approvals and is expected to close in the second half of 2019.
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