Support vessel relocation pays off for Topaz

Offshore staff

MUTTRAH, OmanTopaz Energy and Marine achieved 98% usage of its offshore supply vessel fleet in the Caspian region during 3Q.

The contractor is also close to signing various long-term contracts with clients in the area.

Two newbuild subsea vessels were commissioned in September from Vard Brattvag in Norway for $115 million, and these should be delivered in 2017. They are in addition to two ships already under construction for the company - one multi-purpose PSV and one anchor handler/supply vessel.

The recently delivered emergency response and rescue vessel Topaz Responder recently secured a medium-term contract in the Mediterranean Sea.

In the Middle East North Africa (MENA) region, the company achieved 88% vessel employment during 3Q, but with pressure on rates.

An earlier decision to relocate two AHTS vessels from Africa to MENA paid off, with both securing regular employment. Topaz plans to send two more vessels in the same direction.

The company says it continues to see significant rate pressure from clients with each tender and market opportunity heavily contested by numerous competitors.


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