Despite exceptionally difficult market conditions in 2015, Topaz delivered a robust performance by staying agile and focusing on financial, operational and commercial efficiencies.

Operationally, we maintained a stable core fleet utilisation at 86.3%. We completed our third annual safety culture survey, with a 77% employee participation rate, up 70% compared to 2014. A new Commercial structure was implemented and a centralised Technical and Procurement centre of excellence was also established. We made solid progress in rolling out a fleet-wide planned maintenance software suite.

To deliver on our strategic intent to renew and strengthen our fleet, we ordered two modern light construction vessels, took delivery of two new vessels (the ERRV Topaz Responder and the AHTSV Topaz Mamlaka) and divested a non-core vessel, the crewboat Topaz Fujairah. As a prudent response to the oil and gas crisis in 2015, we took the decision to cold-stack two underutilised assets and moved three vessels from MENA to the Caspian to satisfy growing demand in that region. The foundation was laid for an important strategic partnership in Angola.

Financially, our operating margin remained stable at 48% but our revenues and EBITDA declined by 10% and 14%, respectively, as a direct result of the crisis affecting the global OSV industry. We decreased our cost base by US$14 million through various cost savings initiatives and we refinanced the entire tranche of the US$350 million of senior secured debt at a lower interest cost, extending the debt maturity and, therefore repayments, until 2022. We also minimized all current capital expenditures and commitment to future capex, except where we believe we can create significant future value.


2014 was another year of strong growth for the Company, driven by investments in new vessels and a disciplined approach to cost control. Our revenue increased by 7% to US$405 million, EBITDA by 25% to US$204 million and net profit by 16% to US$52 million.

Our fleet increased by six new vessels in 2014. A further six vessels previously operated on bareboat charters have also been converted to full ownership at attractive terms. Two non-core or ageing assets were divested. The Company now fully owns and operates a 95-vessel strong fleet, with an average age of 7 years. Core fleet utilization remains high and stable at 89%.

Our safety performance remained strong, with zero fatalities and one LTI. We launched and concluded our second annual safety culture survey with a response rate of 70% - one of the highest response rates for a survey of this kind.

In 2014, we also commissioned the Boston Consulting Group (BCG) to challenge and test the rigour of the strategic plan we set in place in 2012. The BCG exercise confirmed the viability of our strategic roadmap and helped us create a detailed execution plan in which we have made satisfactory progress against during the course of the year.

Amidst very challenging market conditions, we secured new equity investment of US$75 million from Standard Chartered Private Equity to fund an acceleration of our longer-term growth plans.


Topaz achieved great progress on all key performance indicators in 2013. Revenue was up 22% million to US$ 376 million and EBITDA up 17% to US$ 163 million as a result of fleet expansion and a high core vessel utilization rate of 95%. Backlog of medium- and long-term contracts as at end of 2013 amounted to US$1.16 billion.

The formation of Topaz’s own Board was authorized by its parent company, to establish independence and absolute focus with oversight from the Parent company only through its representation on the Board. This helped pave the way for Topaz to successfully place a US$350 million five-year senior notes to fund its growth strategy. A dividend of US$ 20 million for its shareholders was also approved by the Topaz Board.

Topaz delivered a consistently strong safety performance with  zero LTIs and fatalities and launched its first ever Safety Culture Survey, designed to directly engage employees and guide management in further strengthening key HSE elements and performance.


Topaz Marine established its global operations, Topaz Marine Global, and ventured into new markets, Russia and Nigeria.


Topaz Marine established material operations in Turkmenistan and entered the Brazilian market through the acquisition of two vessels deployed in Brazil. In the same year, Topaz Marine acquired its first high-end multi purpose support vessels; Topaz Commander and Topaz Captain.

Topaz Engineering was awarded a US$ 45 million Gulf Petrochem EPC contract as well as a US$ 100 million EPC contract with GPS Chemoil in Fujairah.

Topaz continued to be recognized in the industry for its strong commitment to safety and excellence through numerous awards from trade bodies Seatrade, Lloyd’s and MEED.


Topaz launched a revitalised corporate brand and the new divisional brands Topaz Marine and Topaz Engineering.

Numerous vessels were launched from Topaz Ship Building’s Abu Dhabi and Fujairah facilities.


Topaz acquired Doha Marine Services, a well-reputed vessel owning company in Qatar through a USD $124 million acquisition.

Topaz embarked on an exercise to closely align its strategic business units and improve synergies and efficiencies. The two strategic business divisions Topaz Marine and Topaz Engineering were formed. 

Thanks to Topaz's unwavering commitment to QHSE, the Group was awarded numerous Health, Quality and Safety Awards from prominent trade organizations and clients.


Topaz established a Steel Boat Building Facility in Abu Dhabi.

Topaz broke ground on its new industrial fabrication facility in Fujairah.

The first aluminium catamaran built out of the new Fujairah facility; a dive support vessel aptly name Nemo was launched 2008.


Topaz established an Aluminium Ship Building Facility in Fujairah.

Topaz expanded its industrial fabrication capacity by the addition of 60,000 sqm of fabrication yard in Abu Dhabi.

Topaz's purpose built, state-of -the-art, maintenance services workshop in Abu Dhabi was inaugurated.

Topaz's marine repair activities in Oman, Azerbaijan and Kazakhstan commenced.

Topaz subsidiary Nico International achieved the ISO 14001 and 18001 certifications.


Topaz merged with Renaissance Services SAOG of Oman to acquire BUE Marine Services thereby making a dramatic entry into the Caspian Sea market. The BUE acquisition brought with it a significant increase in fleet size and geographical footprint making Topaz an important OSV player on the international arena.


Topaz acquired the assets and management of the industrial and marine engineering division of Fujairah Marine Services, thus laying the corner stone for its substantial future presence in the Port of Fujairah.


Topaz's subsidiary Nico International celebrated 30 years of service to the marine industry.


Topaz started new manufacturing lines within oil & gas fabrication works and installation such as pressure vessels, process skids and structural works.

The vessel TEAM Oman, which has since been renamed as the "Topaz Installer", was added to Topaz's fleet. Its specialised cable laying capabilities significantly increased the Topaz fleet's diversity. 

Topaz initiated the cooperation that would lead to a successful joint venture with Machine Support BV, a world-leading Dutch company providing laser alignment, mounting services and the patented Vibracon adjustable chock.


Topaz added rig refurbishment and marine repair activities to its Abu Dhabi based operations.

The sunken cement carrier “M/V Raysut” was successfully removed as a wreck in arduous conditions by Topaz's diving team in Fujairah and subsequently buried at a safe location with minimal disruptions to the sensitive marine eco-system.


Topaz successfully managed the shipbuilding project of the “TEAM SALALAH”, an anchor-handling tug supply vessel with DP1 capabilities equipped with a 7,200 bhp engine. The vessel is still part of Topaz's fleet today and has since been renamed "Topaz Salalah".


A joint venture with Doosan Babcock for boiler servicing and repairs was established.


Topaz acquired Nico and was listed on the Muscat Securities Market.


The leading automation and instrumentation service provider in the region; Dart Automation was acquired.


Adyard fabrication yard in Abu Dhabi was established to strengthen the company's position in the oil and gas sector, specialicing in heavy steel fabrication for the offshore oil and gas industry and offshore contracting.


The company was nominated to represent AVESTA SHEFFIELD’s stainless steel products in the Middle East. Mezon Technical Trading, the group's trading arm, became a leading regional stockist of stainless steel.


MSG in Abu Dhabi was acquired, offering professional and comprehensive repair and maintenance services to power stations, oil fields and the general industry sector.


Nico World was established as an offshore support vessel-owning and operating company.


A diving base in Fujairah was established, providing a variety of sophisticated diving services to vessels and offshore installations.


Nico International, now a subsidiary of Topaz, was established in Dubai to service the increasing marine traffic generated by the oil boom.