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Topaz notes declining activity in 2016

Topaz Energy & Marine's group revenue declined from USD 85.2 million in the first quarter 2015 to USD 77.7 million in 2016. CEO René Kofod-Olesen attributes the downturn to the low oil prices and tough competition in North Africa and the Middle East.

Photo: Topaz/PR

Dubai-based offshore carrier Topaz Energy & Marine published its first quarter interim report for 2016 on Monday, which shows that revenue dropped from USD 85.2 million in the first quarter 2015 down to USD 77.7 million in 2016. The profit after taxes increased slightly, however, to USD 2.0 million up from USD 1.1 million in 2015. But low oil prices and fiercer competition in North Africa and the Middle East affected the carrier's revenue.

"Our revenue is down about 9 percent compared with the same period last year, mainly due to increasing competition which is putting downward pressure on rates and affecting utilization in our Mena and our nascent business in Africa," says CEO René Kofod-Olesen in a press release.

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