Will new ownership of Topaz Energy affect its service in Azerbaijan?
Baku, Azerbaijan, July 1
By Leman Zeynalova – Trend:
Topaz Energy and Marine, based in the United Arab Emirates (UAE), will continue uninterrupted service in Azerbaijan’s energy sphere, the company told Trend commenting on its acquisition by DP World.
DP World PLC has announced the acquisition of 100 percent of Topaz Energy and Marine Limited (“Topaz”) from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital for an enterprise value of $1,079 million.
“Service will continue uninterrupted, and there will be no impact on contracts. Topaz remains 100 percent committed to Azerbaijan and all our stakeholders in Azerbaijan: including our customers, employees, service providers and business partners. This will remain the case under DP World ownership,” said the company.
In March this year Topaz Energy signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Limited (BP) in Azerbaijan.
Moreover, Topaz Energy started working at Azerbaijan’s Absheron gas field development project in January 2018. Earlier, a source in Azerbaijan’s oil and gas market told Trend that the company will complete its work on Absheron gas field between the second and third quarters of 2019.
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.
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