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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.

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