Topaz still on the up

EBITDA and revenue were both up, by 20.4% to $41.4m and 27.3% to $98.8m respectively for the third quarter.

The increases in revenue and profit were driven by increased vessel utilisation; third quarter utilisation rose 1.9% over last year to 95.6% while the nine month figure rose 4.9% to 95.2% in 2013.

Revenue increases were focused in the Caspian and Middle East and North Africa regions, where the addition to the fleet of four vessels and one vessel respectively helped boost revenues by 38.9% and 23.4%.

The company highlighted the stand-out performance of the Azerbaijan market in its operational review, as well as the possibility of expanding its presence in West Africa with the addition of two further large platform support vessels.

"With the investment we have made in the business over the course of the first nine months of the year in terms of vessels, technology and most importantly, our people, we remain confident for the prospects of the full year results," the company stated in its earnings release.

Topaz has a fleet of 93 OSVs, of which 85 are owned, with an average age of 7.3 years.

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