Topaz mobilizes more vessels to the Caspian Sea

Offshore staff

DUBAI, UAE – Topaz Energy and Marine says use of its support vessels in the Caspian Sea rose by 2% to 96% last year, with revenue up 4.5% during the same period.

Recently BP awarded the company 14 offshore supply vessel contracts in the Caspian Sea for five years plus two one-year options, extending the contracts for the vessels until 2023.

This has raised Topaz’s backlog to nearly $1.4 billion.

Revenue in the Middle East North Africa (MENA) region was down, due to the sale of a vessel in December 2014 for $21.6 million and the expiration of various contracts.

In January, the company acquired a new anchor handler tug supply vessel Topaz Mamlaka, which is working for Saudi Aramco on a three-year contract, plus options.

Also in January, Topaz mobilized some vessels from MENA to the Caspian on the basis of secured contracts.

Although Africa is proving more difficult to secure new work, the company says it is fully set up in Angola and Nigeria, meaning that it can move quickly from spot rates to securing longer contracts when the market recovers.

Over the medium term it expects growth in Africa’s offshore support market.

03/31/2016

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