Topaz Energy and Marine, the Dubai-based oil services company, reported on Thursday deeper losses, rattled by the Middle East and Africa’s spot rates.
The company reported losses of US$10 million in the second quarter, compared to $700,000 in losses a year earlier.
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René Kofod-Olsen, Topaz chief executive, said that the company continued to face difficulties in both the Mena and African markets, which are mainly controlled by the spot market with the Mena region holding a lower overall core fleet utilisation rate of 51 per cent, followed by Africa at 26 per cent.
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“The outlook in both regions remains very challenging; however, we’ve witnessed a slight uptick in Mena tendering activities and as a result, reactivated three vessels from the Mena fleet and redeployed one vessel from Africa to Mena,” he said.
Revenues fell by a fifth to $57.4m in the three months ending in June, down from $71.8 a year earlier.
Topaz has six inactive vessels from the Mena fleet and one from Africa, which it plans to leverage to pursue other contracts in the region. “Mena and Africa remain long-term strategic markets for Topaz,” Mr Kofod-Olsen said.
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He added that there were some signs of recovery with next year expected to offer better opportunities for growth.
One positive is that Topaz completed its issuance of $375m in senior notes, which were due next year. The company’s debt buyback will help the next phase of growth, Mr Kofod-Olsen said.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
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- Fly it within visual line of sight
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Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Donating your hair
• Your hair should be least 30 cms long, as some of the hair is lost during manufacturing of the wigs.
• Clean, dry hair in good condition (no split ends) from any gender, and of any natural colour, is required.
• Straight, wavy, curly, permed or chemically straightened is permitted.
• Dyed hair must be of a natural colour
