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Topaz Signs $65m of Two New Long Term Charters

Source: www.gulfoilandgas.com 8/12/2012, Location: Middle East

Renaissance subsidiary, Topaz Energy and Marine (Topaz), a UAE-based oil field services company, has been awarded two new long term charters, totalling over $65m, in the GCC and the Caspian Sea, two of the company's major operating areas. It also confirms the acquisition of Topaz Rayyan and Caspian Reliance, two Anchor Handling Tug Supply Vessel (AHTS).

Topaz Rayyan, will be deployed in Qatar on a seven-year, $50m charter, for an international oil company (IOC). The vessel was built in 2006 and was previously owned by Sanko Steamship Co Ltd in Japan. The second AHTS, Caspian Reliance, is to be deployed in the Caspian Sea with a firm contract value of $13.9m. It is a new, untraded vessel formerly owned by Boluda Ltd. The vessels are 100-T DP-2 Anchor Handling Tug Supply Vessels (AHTS) and both will undergo a $2m upgrade to meet client specific requirements. Advanced DP-2 is a standard required increasingly by IOCs, which allows vessels to remain accurately in position for long durations

Roy Donaldson, COO of Topaz Marine & Energy said, "The addition of these two vessels increases the number of more technologically advanced DP-2 vessels in our fleet. Our strategic focus on modern technology ensures our vessels meet the standards required increasingly by our major international oil clients. These acquisitions ensure that Topaz's fleet remains one of the youngest operators in the world."

Topaz has been operating under long-term contracts in Qatar for the past five years. The Topaz Rayyan will be joining their 35 existing vessels in supporting their operations in the Middle East. Earlier in the year, Topaz Marine Saudi Arabia, a joint venture with Saudi-based GENTAS, was awarded a three-year, $88m charter for the six AHTS vessels by Saudi Aramco.

Within the Caspian Sea, Topaz has been present in Azerbaijan since the acquisition of BUE Marine in 2005 and currently operates 25 vessels supporting Oil Majors in Country. Furthermore, Topaz is also completing the delivery of two AHTS vessels, Topaz Dignity on behalf of BP Azerbaijan and the Topaz Triumph on behalf of West African clients., both are due to be deployed on long-term contracts.

In line with our strategy of operating only young and technologically advanced vessels Topaz have also recently divested the 29-year-old AHTS Team Rashidya and 30-year-old Team Liwa.

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