Topaz' West Africa venture hit bottom line

Dubai-based offshore carrier Topaz Energy and Marine left the second quarter and first half of the year with a deficit. Result weighed down by West Africa.

Photo: Topaz Energy and Marine

Offshore carrier Topaz Energy and Marine is - like the supply vessel industry overall - hit by the low activity in the oil industry. The Dubai-based carrier suffered a second quarter net deficit of USD 4.1 million and combined deficit of USD 3.1 million for the first six months of the year.

"Our robust performance in the Caspian market and the relative stability of our Mena business, which together contribute over 86 percent to group revenue, was offset by our Subsea and Africa operations. Our investment in Africa as a long-term growth opportunity is strategic and we expect it to continue to impact profitability for the rest of the year," says CEO René Kofod-Olsen in the carrier's second quarter interim report on Thursday.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs