Vessel-Level Financial Visibility for an Offshore Marine Fleet

How Azdan gave HEA Energy live OPEX, CAPEX, and owner reporting per vessel on NetSuite

Result

100%

Of fleet transactions land against the right vessel from day one, giving owners and management live per-vessel OPEX and CAPEX without waiting for month-end packs

Company

How HEA Energy Tracks Every Vessel's P&L on NetSuite

Industry

Renewable Energy Services

Services

NetSuite ERP implementation: Financial Management, Vessel-Level OPEX Tracking, CAPEX and Fixed Asset Management, Owner Reporting Dashboards

Company Overview

Founded in 2022, HEA Energy is an Abu Dhabi-based offshore marine logistics company operating jack-up barges, accommodation vessels, and battery-powered subsea vessels for both oil and gas and offshore renewables. With an aggressive newbuild program and vessels operating under different ownership structures, HEA needed vessel-level financial visibility rather than blended company-wide figures.

What We Did

Azdan implemented NetSuite financials configured around HEA's fleet structure, with each vessel set up as a reportable dimension. General ledger, payables, receivables, and multi-currency accounting were designed so every transaction, from crew costs to charter revenue, lands against the right vessel from day one.

We structured OPEX tracking per vessel, capturing operating and maintenance costs, including fuel, crewing, spares, port charges, and class and survey costs, at the vessel level, so operational management can see the true running cost of each asset in the fleet.

We implemented CAPEX and fixed asset management for the newbuild program and vessel acquisitions, tracking capital expenditure by vessel through construction and into service, with proper capitalization and depreciation treatment as assets are delivered.

The centerpiece is a set of owner-facing dashboards: each vessel's owners see the OPEX and CAPEX of their specific vessel, live from the ERP, without waiting for month-end packs. Reporting to investors and partners went from a manual exercise to an on-demand view.

Results Achieved

Vessel-level financial visibility from day one, with every transaction, from crew costs to charter revenue, landing against the right vessel.
Operational management sees the true running cost of each asset, with fuel, crewing, spares, port charges, and class costs captured per vessel.
Newbuild and acquisition CAPEX is tracked by vessel through construction and into service, with proper capitalization and depreciation treatment.
Owner and investor reporting moved from manual month-end packs to live, on-demand dashboards showing each vessel's OPEX and CAPEX.
Multi-currency accounting supports the fleet's different ownership structures without blended, company-wide figures.

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