DUBAI, UAE – Topaz Energy Marine Services’ revenues for the first nine months of this year were down 21.2% compared with the same period last year.
One of the main factors was day rate reductions for the company’s offshore support vessels (OSVs) on long-term contracts.
CEO René Kofod-Olsen said: “As the OSV sector challenges continues relentlessly, market recovery remains unpredictable. Charter rates have fallen sharply despite the oil price recently leveling off in the $45-50/bbl range. Recent production cut initiatives between OPEC members is the only positive development.”
In the Caspian region, the company achieved 94% use of its core fleet.
However, in the North Africa Middle East region, the combination of a weak market and increased competition for spot work pushed vessel utilization below 60% for the nine-month period, compared with an average of 85% in previous years.
Offshore West Africa, the company managed 45% use of its support fleet, against what it claims is a regional benchmark of 31%.