Topaz makes less

Offshore shipping company books smaller profit in the second quarter of 2014.

Dubai’s Topaz Energy and Marine has seen its profit slip in the second quarter of 2014 following a decrease in revenue.

Net profit for the period was $12.7m, down from $17m in the same spell last year.

Revenue fell by 5.6% to $95.9m due to a temporary dip in Caspian project activity.

Direct costs were reduced to $52.2m from $60.7m, while EBITDA was $48.4m, up from last year’s $46.3 aided by fleet growth.

Topaz announced last week a $75m equity investment from Standard Chartered Private Equity, which will be used to support fleet expansion.

The offshore shipowner operates 99 ships in total with an average age of seven years.

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