Topaz shifts more support vessels to Caspian region

Offshore staff

ABU DHABI, UAETopaz Energy & Marine has started the year strongly, according to CEO René Kofod-Olsen.

During February the company signed long-term contracts with BP for supply vessels to operate offshore Azerbaijan, followed by a recent $350-million order from TCO Kazakhstan to supply and operate 15 vessels for a minimum of three years.

“In Azerbaijan, only one of our 23 vessels is currently not contracted with utilization at 95%, demonstrating our strength in this region,” Olsen said.

“We expect to deliver a robust performance in the Caspian throughout 2016, supported by our strong relationships with oil majors and our ability to remain competitive in a lower oil price environment.”

In 1Q Topaz acquired the anchor handler tug supply vessel Topaz Mamlaka, which is on a long-term contract to Saudi Aramco, and the multi-purpose support vessel Topaz Resolve.

Four more of the company’s vessels are undergoing mobilization to the Russian offshore sector from the Middle East North Africa (MENA) region.

“The versatility of our fleet affords us the flexibility to move vessels to benefit from opportunities in different geographies,” Olsen added.

“We have seen mixed results in Africa as we continue to operate primarily on spot contracts. However…we continue to have active client discussions in Nigeria and Angola and maintain our positive long-term view of this market.

“We expect a challenging year in MENA as competition intensifies and the market shifts to spot contracts.”

06/01/2016

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