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Rene Kofod Olsen 600

Topaz Energy and Marine Q2 fleet utilisation rises to 89%

Offshore vessel owner and operator Topaz Energy and Marine has continued to perform strongly in the first half of 2019 with an 87% utilisation rate for its fleet.

The Dubai-listed offshore vessel company, which is being taken over by DP World reported fleet utilisation of 87% in the first half of the year and 89% in Q2. “Our market-leading utilisation rates continued to increase to 87%, driven by our Solutions business, the predicted redeployment of our project vessels in Azerbaijan, and the stability of our MENA and subsea fleet,” comments René Kofod-Olsen, ceo of Topaz Energy and Marine.

The 89% utilisation in Q2 came despite a fire onboard a customer’s pipe laying barge in Azerbaijan in May is impacting the demand for Topaz’s project vessels in the near term.

In the first half of 2019 the company reported a 56% increase in revenue to $235m and an 83% increase in EBITDA to $141m compared to $77m in the first half of 2018.

Read more: DP World expands in offshore acquiring Topaz Energy and Marine in $1.08bn deal

Looking ahead to its takeover by DP World, Kofod-Olsen says: "We have worked closely with DP World leading up to this deal and believe that not only will the increased scale allow the business to drive efficiencies and earnings growth, the merged entities will also bring complementary advantages in terms of backlog, customer base and geographic focus.

“A few years ago, we plotted the course to change the marine logistics sector – and the transaction provides us with a real opportunity to deliver even further on exactly that.”