Gulf Oil and Gas accountACCOUNT

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, ĎTEAM Siamí, to Mermaid Offshore Services Ltd. The USD 29.5 million sale is part of Topazís 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 íTEAM Siamí, a DP2 Diving Support Maintenance Barge to Mermaid Offshore Services Ltd. of Thailand. The move comes as a natural progression of Topazís long-term relationship with Mermaid and represents exceptional value for both parties.

The ĎTEAM Siamí has been on charter to Mermaid Offshore for over four years. The vessel has performed outstandingly and has proven crucial to Mermaidís 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 Topazís 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, ďTopaz received a compelling offer from Mermaid because they see value in the vessel; itís 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 planĒ.

Barges News in United Arab Emirates >>

United Arab Emirates >>  9/18/2019 - Petrofacís Engineering & Production Services (EPS) division has been awarded a contract to provide managed maintenance services for ADNOCís Al Dhafra ...
United Arab Emirates >>  9/16/2019 - SNC-Lavalin (SNC) announces that it has been awarded a general engineering, project management and technical support services contract from Al Yasat P...

Saudi Arabia >>  9/10/2019 - Subsea 7 S.A. announced the award of a large(1) contract by Saudi Aramco for Marjan Increment Projects - Package 2, offshore Saudi Arabia. ...
United Arab Emirates >>  9/9/2019 - Sparrows Group and MRDS have secured two joint drilling equipment contracts in the Middle East with an international drilling contractor and an Origin...

United Arab Emirates >>  9/9/2019 - V.Group has signed a contract with ADNOC Logistics & Services (ADNOC L&S), located in Abu Dhabi, UAE, to provide crew management services to 93 offsho...
Saudi Arabia >>  9/6/2019 - Subsea 7 has announced the award of three contracts, together representing a sizeable award for Subsea 7, by Saudi Aramco under the Long Term Agreemen...

Related Categories: Barges  Boats  Commercial Vehicles - Buses  Commercial Vehicles - Trucks  Float Equipment  Flotation Cells  General  Helicopter  Passenger Cars  ROV  Tires  Vehicle Parts 

Related Articles: Barges  Boats  Commercial Vehicles - Buses  Float Equipment  General  Helicopter  ROV  Tires  Vehicle Parts 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.