Topaz Middle East vessel demand holds steady

Offshore staff

MUTTRAH, OmanTopaz Energy and Marine remains positive over prospects for offshore support vessels in the Middle East and Caspian regions.

The contractor’s vessel take-up in the Caspian rose to 98% in the first half of this year, up 5% from 1H 2014, while its overall fleet utilization remained around 85%.

Topaz continues to see high levels of activity offshore Qatar and Saudi Arabia and is confident of securing additional long-term contracts in this area, according to CEO René Kofod-Olsen.

This summer the company also established a division in Angola, received the necessary operating licenses, appointed a country manager and rented office space for three years, allowing it to progress from spot rate contracts to securing medium- to long-term contracts.

“Africa is a long-term strategic investment for Topaz,” he added, “as the offshore market is forecast to grow and clients will increasingly require our services.”

08/17/2015

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