Demand steady for support vessels in Caspian region

Offshore staff

MUTTRAH, Oman – Renaissance Services has updated its strategy for the offshore support vessel (OSV) sector.

The company’s Topaz Marine division has an overall fleet of about 100 vessels, and continues to replace older tonnage with newbuild, often larger vessels.

Offshore Azerbaijan in the Caspian Sea, demand for vessels remains strong. This year Topaz Marine has secured contracts from BP in Azerbaijan for two, 190-metric ton (209-ton) anchor handler tug supply (AHTS) ships and for two 80-mt (88-t) AHTSs.

Off neighboring Turkmenistan, a construction contract has been completed, and the engaged vessels are re-deploying to Kazakhstan. In the Kazakh sector, vessel take-up was down at the end of the year, but only for small craft and some flat top barges, due to delays in the Kashagan field capital investment projects.

Full integration of the North Caspian Operating Co. (NCOC) is scheduled to be completed by 2013, however, and Renaissance believes this will have a material impact on long-term opportunities.

In the Middle East North Africa (region), MENA, vessel rates are increasing in line with market predictions. Last year, Topaz Marine had some success penetrating the OSV markets off West Africa and Saudi Arabia, although an attempted entry into Brazil proved to be costly.

This year, Topaz Marine plans to participate in tenders offered by existing or potential new major clients in countries including Azerbaijan, Kazakhstan, Qatar, Saudi Arabia, and Turkmenistan.

It also aims to consolidate in West Africa with IOC clients and will consider establishing local content and a support base in this region.

Another Renaissance division, Topaz Engineering has a new leadership team following problems with recent offshore construction projects.

Renaissance says the focus this year will be on turnaround initiatives, including greater emphasis on rig repair and fabrication; development of quayside potential at the company’s yards at Adyard and Liwa; and expansion of workshops for maintenance services at Adyard and Fujairah.

4/11/2012

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