P&O Maritime Logistics Names Helweg CEO
Marine solutions and logistics company P&O Maritime Logistics (POML) said it has appointed Martin Helweg as its new Chief Executive Officer. He will report to Mike Bhaskaran, DP World’s Chief Operating Officer for Logistics and Technology.For the past three years, Helweg has been responsible for P&O Maritime Logistics’ global operations. Earlier, Martin spent over 15 years in marine service solutions working for Svitzer, an A.P. Moller-Maersk Company in regional CFO and CEO roles across the Americas…
DP World to Delist from Nasdaq Dubai
DP World, one of the world’s largest port operators, is delisting from the Nasdaq Dubai and returning to fully private ownership.According to a press release, the UAE-owned port behemoth’s parent company, Port and Free Zone World, has offered to buy the 19.55% of DP World’s shares traded on the Nasdaq Dubai for $16.75 a share, representing a 29% premium on its closing price of $13 per share on Sunday.DP World's parent company will pay Dubai World $5.15 billion to help the government-owned conglomerate with its outstanding commitments to banks.DP World remains financially strong…
DP World Creates New Maritime Entity
Following DP World’s recent acquisition of Topaz Energy and Marine and its integration with P&O Maritime created a new brand P&O Maritime Logistics - a global provider of maritime solutions in offshore, port services and logistics.Through the synergies created by the merger of the two companies, under the DP World umbrella, the POML business is well positioned to grow and build further scale and value for customers and shareholders alike.Offering a distinctive value proposition to customers…
Topaz Extended Drydocking Scheme with ABS
Topaz Energy and Marine, the offshore support vessel company providing marine solutions to the global energy industry, and ABS have, together with the State Maritime Agency under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan (ASMA), announced the implementation of a pioneering project enabling a condition-based survey approach."This achievement, which resulted from the visionary approach between Topaz, ABS and ASMA, marks a significant step in Topaz’s journey to transform its fleet to a condition-based class model…
DP World’s Topaz, P&O Merger Complete by Year-end
Port operator DP World's planned merger of its P&O Maritime and recently acquired Topaz Energy and Marine businesses is expected to be completed by the end of the year, Topaz CEO Rene Kofod-Olsen said on Monday.DP World bought Dubai-based oil services company Topaz in July with the intention of combining it with P&O Maritime as part of efforts to diversify beyond its core port operations to other marine-related sectors.The merged entity, to be known simply as P&O, will give Topaz…
Topaz Revenue Climbs
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's…
DP World to Issue $700 million in Bonds, Sukuk
Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.Barclays, Citi, Deutsche Bank, Dubai Islamic Bank…
DP World buys Topaz Energy for $1 bln
Port operator DP World Plc will buy Topaz Energy and Marine Limited for $1 billion from Standard Chartered and Renaissance Services, DP World said on Monday.Topaz is a provider of marine logistics to the global energy industry. The deal is the latest in Asia-focused lender StanChart's efforts to sell its private equity business as part of a broader shift away from direct investing.Reporting By Lawrence White
DP World Set to Acquire Topaz Energy
The world’s largest port operator DP World is in advanced discussions to acquire Topaz Energy & Marine, marking the Dubai-based company's first potential foray into the oil and gas industry.Britain’s Sky News, citing sources, earlier reported that a $1.3 billion deal for DP World to take over Topaz could be announced as early as Monday. The report didn't specify whether the valuation was referring to the equity or enterprise value of the transaction.However, Bloomberg reported that the port operator is in “very advanced” discussions to acquire Topaz Energy.
Overcoming Local Crew Challenges
Dubai headquartered offshore support vessel (OSV) company Topaz Energy & Marine provides marine solutions to the global energy industry with primary focus on the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of MexicoIn 2017, Topaz awarded Worldwide Recruitment Solutions (WRS) a contract as sole provider of managed services, which saw the UK based workforce solutions provider undertake crew management responsibilities for five vessels, all Topaz owned and operated…
Vard Extends SCHOTTEL Propulsion Order
Having already secured the contract in early summer to fit 15 Vard design 9 21 module carriers, propulsion specialist SCHOTTEL has now also received a follow-up order to fit three further Vard design 9 28 vessels with 12 main and auxiliary units. The Norwegian Vard Group is building the first-mentioned 15 vessels for Topaz Energy and Marine, UAE, and the later three for KMTF, the National Maritime Republic of Kazakhstan. A total of 36 special variant SRP 340 Rudderpropellers (formerly SRP 1012) were ordered as the main propulsion units for all 18 carriers.
Vard Back in the Black
Presenting its financial results for the first quarter ended 31 March 2016 today Vard Holdings Limited announced a net profit of NOK 43 million for the period, as compared to a loss of NOK 226 million a year back. Over the past quarter, VARD had focused on efforts to grow in new markets while streamlining its cost structure, to weather the effects of the ongoing oil and gas down cycle. With its core market for high-specification offshore vessels showing continued signs of weakness…
Topaz Announces Leadership Changes
Jay Daga has been named Chief Financial Officer of Topaz Energy and Marine, an international offshore support vessel owner with operations in the Middle East, Caspian and West Africa. Daga will take his position with immediate effect, having been with Topaz for 15 years in a number of finance positions, most recently as Deputy CFO. Topaz noted that Daga led its two latest capital raising initiatives being the company’s $350 million corporate bond issue in 2013 and its recent $75 million equity injection by Standard Chartered Private Equity.
Topaz Reports Revenue up 7%
Q1 2014 revenue up 7% over Q1 2013 to US$ 89.4 million as a result of the expansion of the core vessel fleet and high vessel utilization. Topaz Energy and Marine has announced the results of its subsidiary Nico Middle East Ltd. (“NMEL”) for the three months ended 31 March 2014 (“the period”). The period has seen continued strong and profitable growth across the Group’s activities with revenues up 7% and EBITDA up 22%. This growth is primarily attributable to new vessels that have been added to the fleet and the improved utilization we have achieved across our core fleet.
Topaz Revenue up 22%
Topaz Energy and Marine, a offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd. for the 12 months ended December 31, 2013. The period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%. This growth is primarily attributable to the additional vessels that have joined the fleet and the improved utilization (94.5%) it achieved across its core fleet. Topaz won a number of new contracts during the period resulting in a total backlog of medium and long-term contracts amounting to $1.1B.
Topaz Appoints New Chief Financial Officer
Topaz Energy and Marine, a global offshore support vessel owner with key operations in the Middle East and Caspiantoday announced the appointment of PernilleFabricius as Chief Financial Officer. Mrs. Fabricius’career spans 25 years and she joins Topaz from her position as CFO of DAMCO, a global logistics division of the A.P. Moller-Maersk Group. DAMCO has revenues of approximately EUR 3,5bn and circa 20,000 employees in over 100 countries. Mrs. Fabricius has held significant international executive positions in her previous career…
MAN Propulsion Package Powers Two New AHTS
Abu Dhabi-based Adyard has delivered two AHTS vessels equipped with MAN L27/38 propulsion packages. The two Topaz Energy & Marine 67-metre (80-ton bollard pull) vessels are ready for anchor handling tug supply services and the transportation of dry and liquid cargo to and from pipe-laying barges, drilling platforms and production platforms for offshore operations. The Topaz Dignity will operate on behalf of BP, the oil and gas major, on a long-term-contract basis in the Caspian Sea – whilst Topaz Triumph may remain in the Middle East and be operated by Topaz Marine MENA.
New Charters, AHTS Acquitions by Topaz
Topaz signs over $65 million of new charters and announces the acquisition of two AHTS. Renaissance subsidiary, Topaz Energy and Marine (“Topaz”), a UAE-based oil field services company, has been awarded two new long term charters, totalling over $65 million, in the GCC and the Caspian Sea, two of the company’s major operating areas. It also confirms the acquisition of Topaz Rayyan and Caspian Reliance, two Anchor Handling Tug Supply Vessel (AHTS). Topaz Rayyan, will be deployed in Qatar on a seven-year, $50 million charter, for an international oil company (“IOC”).
Topaz Expansion to West Africa
Topaz Energy and Marine (‘Topaz’), a leading oilfield services group, has secured a two vessel contract offshore Nigeria for the duration of 2011. The award constitutes a new market entry for Topaz in the strategically important and buoyant West African offshore sector. Topaz has mobilised two Anchor Handling Tug Supply Vessels (AHTSV), Topaz Johor and Topaz Jurong, for an eight month contract to support operations in the Atlas, Mira and Brittania fields, offshore Nigeria, on behalf of AXXIS Petroconsultants Ltd.
Topaz Wins CSR Initiative Award
Topaz Energy and Marine, an oilfield services group has won an award for the ‘Best Corporate Social Responsibility Initiative in the Private Sector’ from IIR Middle East. The award was presented at the 8th CSR Summit in Dubai where entrants are judged on their ability to demonstrate a clear commitment to CSR that goes beyond their financial and legal obligations. Topaz was nominated for the award by The Angel Appeal, an initiative launched by the maritime charity ‘Mission to Seafarers’. The Angel Appeal built and equipped a seafarer support vessel, The Flying Angel, in 2006.
Topaz Appoints New CEO
Renaissance Services has announced the appointment of René Kofod-Olsen as CEO for Topaz Energy & Marine (Topaz). Mr. Kofod-Olsen’s career spans 18 years in the marine industry with the A.P. Møller-Maersk Group (APMM), including a period as Chief People Officer of SVITZER, responsible for the global HR function. He is currently CEO of SVITZER Asia, Middle East & Africa, responsible for a fleet of 130 vessels operating in 17 countries. He is also a member of the global executive leadership team of SVITZER. He will take up his new position at Topaz in early August 2012.
Topaz Secures $42M SCB Financing
Topaz Energy and Marine announced that it had raised $42m from Standard Chartered Bank, Dubai in support of its fleet expansion plans, taking its total financing raised in 2009 to $150m. Topaz has contracted over $150m in bank finance in 2009 and the lion’s share of the funds have been deployed to support its fleet expansion and modernization program. Although finance available for the shipping sector as a whole is scarce, the OSV space that Topaz occupies is a relative bright spot for banks.
Topaz MOA for $29.5m Vessel Sale
Topaz Energy and Marine announced it entered into an MOA for the sale of its DP2 Diving Support Maintenance Barge, Team Siam, to Mermaid Offshore Services Ltd. The $29.5m sale is part of Topaz’s ongoing fleet upgrade programme towards new tonnage and a move towards more deepwater assets which is closely aligned with its long-term corporate strategy. The Dubai based marine services and oil and gas fabrication company, Topaz Energy and Marine, today announced the divestment of the Team Siam, a DP2 Diving Support Maintenance Barge to Mermaid Offshore Services Ltd. of Thailand.
Topaz Completes Fujairah Project
Topaz Energy and Marine, through its subsidiary Nico International Hydrospace, part of the newly established Topaz Engineering division, has completed the Vopak Horizon Fujairah Limited Phase 5 – Marine Extension Project. Topaz executed in subcontract to BAM International (formerly known as Interbeton). The project was completed safely without any lost time injury and within the agreed project schedule. The subcontract was awarded in November 2008 and Topaz’s scope for the construction of Berth five and six included detailed engineering of complete piping and mechanical equipment…
Topaz Announces $65M Profit for 2009
Topaz Energy and Marine announced its audited financial results for 2009. Topaz posted revenue of $448 million, EBITDA of $ 127 million and Net Profit of $ 65 million demonstrating year on year growth of 7%, 14% and 38% respectively. The growth in these difficult times clearly demonstrates a resilience that sets Topaz apart from many of its peers. Topaz Energy and Marine is an oil & gas focused marine services and engineering company with a regional footprint across the Middle East and the Caspian.
Topaz Second Vessel for $225M BP Contract
Topaz Energy and Marine recently took delivery of the newest addition to its fleet, the Caspian Protector. The vessel will be deployed in Azerbaijan in support of a 10 year $225m BP contract won in 2008. The Caspian Protector is a state-of-the-art 200-ft vessel designed for emergency recovery and response (ERRV), standby duties and fire fighting operations. It is the first vessel in the Caspian region to be equipped with three daughter craft and two fast rescue craft. The vessel…