Re­nais­sance sub­sidiary Topaz awarded $100mn con­tract

Muscat Daily - - FRONT PAGE -

Topaz will sup­ply Dragon Oil Turk­menistan with six ves­sels, com­pris­ing five an­chor-han­dlers and one emer­gency re­cov­ery and re­sponse ves­sel

Re­nais­sance Ser­vices’ sub­sidiary Topaz En­ergy and Marine, a lead­ing off­shore sup­port ves­sel (OSV) com­pany, an­nounced a new US$100mn con­tract with Dragon Oil.

Dragon Oil is an up­stream oil and gas sub­sidiary of Emi­rates Na­tional Oil Com­pany (ENOC) whose prin­ci­pal as­set is the Cheleken con­tract area, in the east­ern sec­tion of the Caspian Sea, off­shore Turk­menistan.

Un­der the terms of the con­tract, Topaz will sup­ply Dragon Oil Turk­menistan with six ves­sels, com­pris­ing five an­chorhan­dlers and one emer­gency re­cov­ery and re­sponse ves­sel, Re­nais­sance Ser­vices said in a fil­ing to the Mus­cat Se­cu­ri­ties Mar­ket on Wed­nes­day.

The con­tract has al­ready com­menced with ves­sel mo­bil­i­sa­tion and op­er­a­tion ramp-up un­der way. The con­tract is sched­uled for a five year term with a two year op­tion and brings Topaz’s mar­ket lead­ing rev­enue back­log above US$1.5bn.

The con­tract award demon­strates Topaz’s abil­ity to se­cure sub­stan­tial, long-term con­tracts in a weak mar­ket by of­fer­ing clients a young fleet equipped with the lat­est tech­nol­ogy, align- ing with its clients’ needs to de­liver cost, ef­fi­ciency and safety ben­e­fits.

Topaz has been ac­tive in Turk­menistan since 2010 and is com­mit­ted to the coun­try and the wider Caspian re­gion. Out of a global fleet of 97 ves­sels, 62 of Topaz’s OSVs are de­ployed in the Caspian re­gion, ser­vic­ing the ex­plo­ration, devel­op­ment and pro­duc­tion needs of ma­jor com­pa­nies such as BP, Chevron, ExxonMo­bil and Saipem in Azer­bai­jan, Rus­sia, Kaza­khstan and Turk­menistan.

René Ko­fod-Olsen, CEO of Topaz En­ergy and Marine, said, “This is a crit­i­cal con­tract win for Topaz. It not only in­creases our rev­enue back­log above US$1.5bn – the high­est in the in­dus­try – but it also demon­strates the trust that Dragon Oil has placed in our abil­ity to de­liver the tech­nol­ogy and safety ca­pa­bil­i­ties our clients in­creas­ingly re­quire. Our solid fund­ing also means that we are able to struc­ture long-term com­mer­cial terms which of­fer pre­dictabil­ity and value to our clients at very low coun­ter­party risk. We look for­ward to sup­port­ing the devel­op­ment of Turk­menistan’s off­shore hy­dro­car­bon re­sources through the pro­vi­sion of Topaz’s safe, re­li­able and com­pet­i­tive off­shore ves­sel ser­vices.”

Topaz 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 Sub­sea op­er­a­tions in the North Sea and the Pa­cific.

René Ko­fod-Olsen

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