Caspian support needs sustains Topaz turnover

Offshore staff

ABU DHABI, UAE – Offshore support vessel provider Topaz Energy and Marine has provided an activity update for the first half of this year.

The company’s offshore Azerbaijan fleet had a 94% utilization rate. However, in the MENA and Africa regions, performance was impacted by moves toward spot rate contracts and reductions or delays in offshore projects.

One of the company’s main successes during the period was a $350-million contract from the Tengizchevroil joint venture in Kazakhstan to construct, supply, and operate 15 vessels for a minimum of three years.

These must be able to navigate shallow river systems: Vard in Norway will construct them on Topaz’s behalf, for deployment during 2Q 2018.

Earlier in the year BP awarded the company a 14-vessel contract, helping to lift its order backlog to S1.6 billion, up 23% compared with the same period last year.

09/02/2016

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