(MENAFN - AzerNews) By Trend
Re-contracting of Azerbaijan project vessels helped Topaz Energy and Marine of the United Arab Emirates (UAE) to increase Earnings before interest, taxes, depreciation and amortization (EBITDA) margin, Trend reports citing the company.
'The full deployment of the Tengiz fleet under Solutions, re-contracting of Azerbaijan project vessels and robust focus on efficiencies resulted in the strengthening of our EBITDA margin to 58 percent from 50 percent in the same quarter of the previous year, said the company.
The report shows that the company's Q1 2019 revenue increased to $114 million, up 73 percent compared to Q1 2018 ($66 million); EBITDA increased by 100 percent to $66 million in Q1 2019 against Q1 2018 ($33 million).
'Our market-leading utilisation rates continued at a leading 86%, driven by full deployment in our Solutions business through the Tengiz project, the predicted redeployment of our project vessels in Azerbaijan and the stability of our MENA & subsea fleet. With all 20 Tengiz vessels now earning their full operational day rate, we saw the full impact of the project during the quarter, and all vessels have been safely re-activated from their planned winter hibernation, René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine said.
Topaz Energy and Marine (Topaz), a leading offshore energy logistics company based in the United Arab Emirates (UAE) signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Limited (BP) in Azerbaijan.
Under the terms of the agreement, seven of the offshore support vessels will be under contract until 2025, three until 2023 and two until 2022.
The vessels will continue to support BP's work on the Shah Deniz and Azeri-Chirag-Guneshli (ACG) fields in the Azerbaijan sector of the Caspian Sea.
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 a fleet of about 120 offshore support vessels with an average age of approximately 8 years. Topaz Energy and Marine is a subsidiary of Renaissance, a publicly traded company listed on the Muscat Securities Market in Oman. In addition, Standard Chartered Private Equity holds a minority position in the company.
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