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Topaz wins long-term charters.

TOPAZ Energy and Marine has received two new long-term charters together worth more than $65 million in its major operating regions of the GCC and Caspian Sea.

The UAE-based oilfield services company, a subsidiary of Oman-headquartered Renaissance Services, also announced it has acquired two anchor handling tug supply (AHTS) vessels namely Topaz Rayyan and Caspian Reliance for the charters.

Topaz Rayyan will be deployed in Qatar on a seven-year, $50 million charter, for an international oil company (IOC). The vessel was built in 2006 and was previously owned by Sanko Steamship in Japan.

Caspian Reliance is to be deployed in the Caspian Sea with a firm contract value of $13.9 million, said the UAE-based firm in its statement. It is a new, untraded vessel formerly owned by Boluda.

Both the vessels are 100-T DP-2 AHTS and will undergo a $2 million upgrade to meet client-specific requirements, said a senior official.

Roy Donaldson, the COO of Topaz Marine & Energy, said the addition of these two vessels increases the number of more technologically-advanced DP-2 vessels in the company fleet.

According to him, advanced DP-2 is a standard required increasingly by IOCs, which allows vessels to remain accurately in position for long durations.

"Our strategic focus on modern technology ensures our vessels meet the standards required increasingly by our major international oil clients. These acquisitions ensure that Topaz's fleet remains one of the youngest operators in the world," he added.

Topaz, said Donaldson, has been operating under long-term contracts in Qatar for the past five years. The Topaz Rayyan will be joining their 35 existing vessels in supporting their operations in the Middle East.

Earlier in the year, Topaz Marine Saudi Arabia, a joint-venture with Saudi-based Gentas, was awarded a three-year, $88 million charter for six AHTS vessels by Saudi Aramco.

Within the Caspian Sea, Topaz has been present in Azerbaijan since the acquisition of BUE Marine in 2005 and currently operates 25 vessels supporting oil majors in the country.

Furthermore, Topaz is also completing the delivery of two AHTS vessels, Topaz Dignity on behalf of BP Azerbaijan and Topaz Triumph on behalf of West African clients., both due to be deployed on long-term contracts.

"In line with our strategy of operating only young and technologically advanced vessels Topaz has also recently divested the 29-year-old AHTS Team Rashidya and 30-year-old Team Liwa," said Donaldson.

Topaz's fleet of around 100 offshore support vessels is marketed as offering a comprehensive range of safe, high-quality services to the oil and gas industry such as cargo-handling tug supply, platform supply, maintenance support, emergency recovery and response, ice-breaking, crew transport and cable laying.

Topaz Engineering, the company's engineering division, is a Middle East market leader in oil and gas and marine engineering services. The division offers engineering capabilities from its bases in Dubai, Fujairah, Abu Dhabi, Oman, Qatar and Azerbaijan.

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Publication:Gulf Industry
Geographic Code:7QATA
Date:Sep 1, 2012
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