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Topaz Enters into MOA for $29.5 m Vessel Sale

Source: www.gulfoilandgas.com 12/28/2009, Location: Middle East

Topaz Energy and Marine announced that it had entered into an MOA for the sale of its DP2 Diving Support Maintenance Barge, ‘TEAM Siam’, to Mermaid Offshore Services Ltd. The USD 29.5 million sale is part of Topaz’s ongoing fleet upgrade programme towards new tonnage and a move towards more deepwater assets which is closely aligned with its long-term corporate strategy.

The Dubai based marine services and oil and gas fabrication company, Topaz Energy and Marine, today announced the divestment of the ’TEAM Siam’, a DP2 Diving Support Maintenance Barge to Mermaid Offshore Services Ltd. of Thailand. The move comes as a natural progression of Topaz’s long-term relationship with Mermaid and represents exceptional value for both parties.

The ‘TEAM Siam’ has been on charter to Mermaid Offshore for over four years. The vessel has performed outstandingly and has proven crucial to Mermaid’s operations. The decision to execute the sale was a logical development and highly beneficial to both Topaz and Mermaid.

In the normal course of business, and in line with its fleet upgrade program towards new and more deepwater assets, Topaz acquires and divests vessels on a regular basis every year. During 2009, Topaz has taken delivery of eight vessels at a value of USD 109 million and its newbuild programme is currently worth over USD 200 million. This considerable investment in growth has seen Topaz’s fleet strength surpass 100 during 2009 and the fleet is expected to grow further in 2010.

Fazel A. Fazelbhoy, CEO at Topaz commented on the transaction, “Topaz received a compelling offer from Mermaid because they see value in the vessel; it’s a win-win for both sides. To Topaz the sale represents a good opportunity to book a capital gain and redeploy cash on new and modern deepwater assets in line with our strategic plan”.

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