Revenues and EBITDA were both up for the Dubai-based company, by 22% and 17% respectively, owing to expansion of Topaz's fleet and improvements in utilisation rates.
Seven new PSVs were added to the Topaz in 2013, five of which delivered in 2014, and the company's contract backlog increased from $0.93bn to $1.16bn.
Revenues from the Caspian and Middle East and North Africa region both increased significantly as vessels delivered in 2012 contributed full year earnings, and new deliveries in the Caspian topped up the result.
"We have enjoyed consistent and improved utilization across our core fleet with the Caspian and especially the Azerbaijan market as a stand-out performer. Utilisation in our other asset fleet has improved significantly over the previous year due to the Russian Filanovsky development where we now have 13 assets deployed," the company commented in its earnings release.
Topaz redeployed an AHTS pair from Brazil to West Africa during the year, and is looking for further expansion in the area. "Our global business has made significant inroads into West Africa with 10 vessels now operating there. We have recently won a medium term contract with an oil major in West Africa for two large PSVs and will be looking to deploy further assets there throughout 2014," it stated.
The company has a "confident" outlook for its 2014 results.
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