The group also reported a Q3 EBITDA increase of 28% year-on-year, and consolidated revenues of $103.5m, a 4.8% increase over Q3 2013.
Revenue for the Middle East and North Africa (MENA) region increased by $4.9m to $25.1m year-on-year following the group’s expansion into West Africa, increasing its deployment of PSVs to 12 vessels. Topaz reports the vessels are “in high demand” despite restrictions imposed as a result of the Ebola outbreak. The group has further invested in three additional PSVs for deployment in the region.
"We had to contend with some unexpected downtime for a number of our vessels during the period and we are making solid progress in finding alternative deployment opportunities. Focus areas in the forthcoming months and into the New Year include securing medium and long-term contracts in West Africa," the company said.
Despite a 6.3% decrease in vessel utilisation across the group’s portfolio, from 95.6% to 89.3%, Topaz reports that the falling oil price did not affect utilisation levels in Q3, which were consistent with the previous quarter. The group expects utilization to remain stable throughout Q4.
Meanwhile, trends for the nine-month ended 30 September included a marginal increase of 0.5% to $36.5m from 36.3% in Q3; a 17.5% increase in EBITDA to $144.2m from $122.7m in 2013, and a 1.6% increase in revenue to $288.7m from $284.2m in 2013.
“The fields and areas mainly served by Topaz in the Caspian and the Middle East have total extraction costs that are significantly below current oil price levels which means that activity levels are expected to remain high even in the face of a continued oil price weakness,” Topaz said.
“It’s our view that the outlook for the oil price is positive as both supply and demand fundamentals will drive oil prices up in the longer term. In the shorter term, if there is significant volatility and downside stress on energy prices, Topaz is uniquely positioned to withstand such pressure.”
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