Topaz' growth engine losing steam

Offshore carrier Topaz experienced a decline in the 2nd quarter 2014, a development especially attributed to the fact that the carrier's growth market, the Caspian Sea, has been flat, while several ships have been in dry dock.

Offshore carrier Topaz Energy and Marine, which has its wallet out these days, experienced a decline in the 2nd quarter 2014 when looking at the net result. Here the company finished the quarter with a net profit of USD 12.7 million, compared to USD 17 million in the same period 2013. The consolidated revenue also decreased, by 5.6 percent, to USD 95.9 million.

This decline in revenue is especially caused by a "temporary" setback in Topaz' growth engine market, the Caspian Sea, while several ships have also been to dry dock, says the carrier in the report. Revenue from this market decreased in the 2nd quarter to USD 55.1 million, from USD 61.3 million in the same period last year.

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