Topaz benefits from vessel relocationCompany News // November 27, 2015
Topaz Energy & Marine says it enjoyed a good first nine months of 2015, with excellent utilisation and revenues in the Caspian, and Middle East and North African region.
René Kofod-Olsen, the company’s CEO, said: “Topaz performed strongly in our key Caspian market and Mena markets, which together make up 79 per cent of revenue. In Africa, demand for offshore support vessels is currently weak; however we continue to believe in the long-term opportunities of these markets.
“Vessel utilisation for our core fleet in the Caspian is at 98 per cent and revenue is up nearly 5 per cent year-on-year. Our Mena region is also holding up well with utilisation of 88 per cent but with significant rate pressure. This stable performance reflects Topaz’s ability to continue to generate value in a lower oil price environment,” he said.
He noted that the company’s decision to move two anchor handlers vessels to the Mena region from Africa had proved successful. The vessels are securing regular spot employment in the region, prompting Topaz to move two more vessels of the same type from Africa to the area.
Mr Kofod-Olsen said that, so far, the fourth quarter was characterised by "significant rate pressure" and he did not expect the market to improve in the first half of 2016.