Topaz has been present in MENA for over 26 years with its first operations in Dubai, followed by Qatar and Saudi Arabia.
The MENA region is a large, fragmented market for OSV operators, with limited barriers to entry. 31% of the OSV fleet in the Middle East is managed across five operators of which Topaz is one, with the remainder spread out over 103 managers. The average fleet age for this group of 103 managers is 14 years. The support vessel market in the MENA region is dominated by the use of small capacity AHTSVs and PSVs for shallow/benign waters.
In 2014, the MENA business performed well operationally, and due to the sale of one of our ageing vessels, grew its top line and operating profit by approximately 8%.
Topaz Legend, an Anchor-Handling Tug Supply Vessel