Dubai-based Topaz Energy and Marine has revealed a bigger loss in the fourth quarter due to ship impairments.
The Caspian Sea specialist said the net deficit to 31 December was $97.8m after exceptional items, against $64.4m in 2015.
Revenue declined to $66m, from $88.3m a year ago, while the annual loss was $102.1m from $58.5m.
But the company said it had achieved a "strong" EBITDA margin of 51.5%,
