Published: Aug 27, 2014
Source: MSM


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Renaissance Services SAOG announces H1 financial results of Renaissance's Marine subsidiary Topaz

Renaissance Services SAOG (the “Company”), announces that Topaz Energy and Marine Limited (“Topaz”), a wholly-owned subsidiary of the Company, has published on its website the financial results for its subsidiary Topaz Energy and Marine Limited, Bermuda (erstwhile Nico Middle East Ltd.) for the six months ended 30 June, 2014.

The period has seen continued earnings growth across the group with EBITDA up by 12.0% and EBITDA margin up by 5.3ppt. The growth in EBITDA is primarily attributable to new vessels being added to the fleet. As indicated previously, revenue for the period remained flat compared to the same period last year due to a temporary dip in project activity in our Caspian business and a number of vessels in dry-dock

The full financial results are available by following the weblink below:


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