Topaz Energy and Marine (Topaz), a leading offshore support vessel company and a subsidiary of Renaissance Services, has reported revenues of $115.6 million for the first half of 2017.
While revenues for the six months ending on June 30, 2017 were $115.6 million, this represented a 23 per cent downturn, compared with the same period last year.
Further, the company’s earnings before interest, tax, depreciation and amortisation (Ebitda) fell by 25 per cent to $57.6 million, compared with the same period last year.
“Our Ebitda margin remains stable at 50 per cent, on the back of our persistent efforts to optimise our cost base and reshape the organisation to better perform in a volatile and unpredictable market. Our operating costs were reduced by $14 million and stood at $77.9 million for the quarter,” said René Kofod-Olsen, chief executive officer, of the company.
“Topaz continues to deliver value for its investors and shareholders, despite the ongoing challenges of the sector. Our focus remains on driving cost efficiencies across the business, whilst continuing to make the investments that mean Topaz is able to offer a differentiated proposition to its customers. We are beginning to see some signs of recovery in the market, and we expect 2018 to offer better opportunities for growth,” he noted.
“We successfully completed the issuance of $375 million-9.125 per cent Senior Notes during the first half, which was achieved against the backdrop of both a volatile economic environment and what remains a challenging market for the offshore services sector,” he added.
“The positive reception from investors was testament to the robustness of our business model and long-term growth strategy. The refinancing further strengthens our long-term, sustainable capital structure, equipping Topaz for its next phase of growth,” the company’s CEO said.