The Dubai-based offshore vessel firm Topaz Energy and Marine, a subsidiary of Oman’s Renaissance Services, has reported a 30 per cent increase in yearly profits.

Profits rose to $44.8m compared with $34.4m recorded in 2012. Revenues also grew by 22 per cent, reaching $376.5m.

The company’s growth is mainly driven by the company’s acquisition of seven new platform supply vessels in 2013, of which five are due to be delivered in 2014. These vessels are used to supply offshore oil platforms.

The utilisation rate of the core fleet also remained high last year at 94.5 per cent.

Within the Middle East and North African (Mena) region, revenues grew by 13.4 per cent reaching $92.4m.This growth is mainly due to the addition of one new vessel acquired in 2012 and the increased and more efficient use of ships in Saudi Arabia.

The Mena region did not grow as fast as the Caspian region, where revenues rose by 33 per cent to reach $227.6m.

Topaz’s financing costs rose by 21 per cent last year due to increasing level of secured debt to finance new vessels, the refinancing of existing debt and the interest charged on the company’s new bond issuance.

In November last year, Topaz issued a five-year $350m bond, which pays a fixed coupon rate of 8.625 per cent. The proceeds from the issuance are intended to be used to repay some existing obligations, fund capital expenditure and increase cash on the balance sheet.

Current loans sitting on the company’s books include a $330m syndicated refinancing raised in May 2012.

In total, the bank has $670.9m in outstanding loans as of the end of December last year.

The company won several contracts in 2013, resulting in a total backlog of medium- and long-term contracts amounting to $1.16bn.Contracts include two deals with the UK’s BP worth approximately $100m to supply vessels to operate in Azerbaijan’s large oil and gas fields.