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New deliveries perform for Topaz

New deliveries perform for Topaz
Topaz Energy and Marine has announced a 33% rise in profits in the first quarter to $9.2m for its Nico Middle East subsidiary as its fleet grew and utilisation improved.

Four DP2 PSVs were added to the company's fleet during the quarter, increasing revenues by $8.2m, with revenues further bolstered by increased rates across the fleet to the tune of $4.9m.

Offsetting those gains was $5.1m in offhire and drydocking, as well as the transfer of two vessel from time charter to bareboat charter and lost revenues from vessel sales. Overall, global revenue increased by $5.6m to $89.4m.

Revenue gains were focussed in the Caspian and outside of the Middle East and North Africa region, with two new ships joining the Caspian fleet to offset downward pressures there including costs related to mobilising the fleet between contracts.

Increased rates and a new pair of vessels also boosted revenues in the company's global segment, largely focussed in West Africa but comprising everything outside of the Caspian and MENA, to $16.2m from $12.1m in the same period last year.

The company published its contract backlog for the first time for the quarter, which stood at $1.2bn.

Topaz foresees a more challenging second quarter due to project timings, but predictions for the full year remain positive.