The Dubai-based offshore vessel firm Topaz Energy & Marine’s subsidiary Nico Middle East has reported a 33.3 per cent increase in its first quarter profits compared to the same quarter in 2013.

Net profits hit $9.2m in the first three months of the year. Revenue also grew in the first quarter, rising by almost 7 per cent to hit $89.4m.

The company also won a number of new contracts in the first quarter of the year, with a backlog of deals totaling $1.2bn.