Dubai-headquartered Topaz reported a Q1 net profit of $17m compared to a $3m loss in the same period a year earlier, while revenues jumped 73% to $114m in the first quarter of this year.
The offshore vessel owner enjoyed a fleet utilisation rate of 86% in Q1 this year despite two vessels in Africa being unable to trade due to a dispute with the company’s former partner in Nigeria which it says has since been resolved. Underpinning a strong increase in revenues average day rates for the company’s core fleet were up 27% in the quarter from a year earlier.
“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,” commented René Kofod-Olsen, ceo of Topaz.
“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.”
The company’s two newbuild subsea vessels, Topaz Tiamat and Topaz Tangaroa, were delivered in January and have been put work immediately on contracts in the North Sea.
“These two subsea vessels also attributed to the maintenance of our high utilisation during the quarter and assisted us in reaffirming our position as a reliable partner at the forefront of industry innovation,” said Kofod-Olsen.