ShippingWatch

Topaz eyes improvements after tough year

René Kofod-Olsen, CEO of Topaz Energy and Marine in Dubai, projects better days for the offshore supply sector after a setback last year.

Photo: Topaz/PR

Dubai-based offshore shipping company Topaz Energy and Marine finished the full-year 2017 with a decline in revenue of 13 percent and an operating profit plunge of 19 percent. The net result after exceptions was a deficit of USD 116 million against a deficit of USD 102 million the year before.

In the annual report, published Tuesday, CEO René Kofod-Olsen describes 2017 as a challenging year, though he notes that the dire market for offshore supply ships has now bottomed out.

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