Topaz Adds New PSV Vessel in Support of BP Contract

Source: www.gulfoilandgas.com 9/25/2011, Location: Asia

Topaz Marine, a division of Topaz Energy and Marine recently acquired the Caspian Provider, an advanced Platform Supply Vessel (PSV), to join the company’s fleet on a four-year contract in Azerbaijan with a value in excess of US$40m.

The Caspian Provider will be working out of Baku, Azerbaijan, on a contract with oil and gas major BP won by Topaz Energy and Marine, in 2008. The Caspian Provider joins four sister ships already under the management of the Topaz Marine Azerbaijan unit.

The Caspian Provider is the fourth vessel delivered to the company after construction in the Simek Yard in Norway. The vessel was ordered in 2010 at a cost of US$32m and is expected to generate exceptional value for the fleet.

The Caspian Provider will commence a charter with BP on completion of restoration works. Topaz Energy and Marine is strategically positioned in the Caspian Sea where the company benefits from a market share of 55% in Azerbaijan.

Topaz Marine is sustaining its fleet expansion and renewal programme through strategic purchases.

Topaz owns, operates and manages one of the youngest fleet in the offshore sector.


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