UAE company secures contract extension for 12 vessels in Azerbaijan

Oil&Gas Materials 22 March 2019 13:08 (UTC +04:00)

Baku, Azerbaijan, March 22

By Leman Zeynalova – Trend:

Topaz Energy and Marine (Topaz), a leading offshore energy logistics company based in the United Arab Emirates (UAE) has signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Limited (BP) in Azerbaijan, Trend reports citing Topaz.

Under the terms of the agreement, seven of the offshore support vessels will be under contract until 2025, three until 2023 and two until 2022, reads a message from Topaz.

“The extended contracts all include a two-year option to extend. The agreement has materially increased our backlog, while also converting a significant portion of our "options" backlog to "firm" backlog. Our total fleet serving in Azerbaijan currently stands at 21 vessels,” said the company.

Topaz said its current fleet contracted by BP through this agreement spans large anchor-handlers, platform supply vessels and emergency response and recovery vessels.

“The vessels will continue to support BP's work on the Shah Deniz and Azeri-Chirag-Guneshli (ACG) fields in the Azerbaijan sector of the Caspian Sea,” said the message.

Topaz Energy and Marine is a leading international offshore support vessel company providing logistics support and marine solutions to the global energy industry with primary focus on the Caspian Sea, the Middle East, West Africa and global Subsea operations. Headquartered in Dubai, Topaz Energy and Marine operates a fleet of about 120 offshore support vessels with an average age of approximately 8 years. Topaz Energy and Marine is a subsidiary of Renaissance, a publicly traded company listed on the Muscat Securities Market in Oman. In addition, Standard Chartered Private Equity holds a minority position in the company.


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