Nico Middle East Revenues up for 2013
Topaz Energy and Marine, an offshore support vessel company, has announced the results of its subsidiary Nico Middle East Ltd. (NMEL) for the nine months ended September 30, 2013.
The period has seen continued strong growth across the group’s activities with revenues up 27%. The company said its growth is primarily attributable to the additional vessels that have joined the Nico fleet and the improved utilization it has achieved across the core fleet. The company said it has focused on maintaining tight control of costs, resulting in significant cost savings for short-term and long-term benefits. Nico Middle East has also won a number of new contracts during the quarter which contributes further to our already solid backlog of medium and long-term contracts.
Financial Highlights
- Revenue for the period $284.2 million (2012: $223.3 million) +27%
- EBITDA for the period $122.7 million (2012: $101.9 million) +20%
- Profit After Tax (PAT) for the period $36.3 million (2012: $25.9 million) +40%
Business Highlights
- Strong performance for the entire business driven by cost control focus and overall better vessel utilization
- High and stable utilization of core vessel fleet YTD at 95.2%
- Two new vessels acquired in Q3: both large and modern Platform Supply Vessels to be deployed with BP in Azerbaijan on five year contracts including options
- Safety performance consistently strong: zero LTIs and fatalities YTD
