With 70 per cent of the world’s hydrocarbons output shipped through the GCC, Dubai-based Topaz is well-placed to meet to its
goal for 2015 of becoming a major offshore support vessel owner and operator for the oil and gas industry.

The firm showed strong resilience during the global economic downturn, posting healthy earnings in 2008 and 2009.

Topaz’s turnover has risen now for eight consecutive years, as the company continues to expand its capabilities. In 2006, the company recorded sales of $212m and profits of $18m, compared with a profit of more than $60m today and sales approaching the $500m mark.

However, 2009 was a slow year for new orders for the firm. And its marine repair and ship-building units are expected to continue to struggle through 2010 among ongoing weak demand and order deferrals as a result of slow economic activity.

But with oil prices now stable and global exploration and production spend forecast to rise, the company’s prospects for 2011 and beyond look more positive.

International and national oil companies say they will invest more in offshore exploration, production and hydrocarbon infrastructure  in the years ahead not only to replace ageing infrastructure, but also to keep pace with the growing energy demand driven mainly by China and India.

The shift to offshore has  been happening as most of the large onshore fields are developed and even depleting in some areas across the Middle East region. Topaz undoubtedly will benefit from this trend as the offshore sector is where its specialities lie.