Topaz Energy and Marine Signs USD 160 Million Long-Term Vessel Support Contracts (UAE)

Topaz Energy and Marine, a leading oilfield services group, has recently signed long-term vessel support contracts with prominent clients totaling US$ 160 million.

Topaz’s cable-lay vessel, the ‘TEAM Oman’ has been contracted to ABB for a five year wind farm support contract plus options. The work will commence in early 2012 and involves a significant upgrade to the vessel which will enable her to carry out all interconnector and repair work in the wind farm industry. This award is in direct continuation of a successful two year charter in the North Sea renewable energy sector for ABB AB, High Voltage Cables.

In the Arabian Gulf, the newly built anchor-handling tug supply vessel, the ‘Topaz Khubayb’ has been awarded a three year contract plus options with Saudi Aramco. Topaz operates in Saudi Arabia through a joint venture with the GENTAS Group.

Roy Donaldson, Chief Operating Officer of Topaz Marine, said: “We are delighted to announce these two new contracts with prestigious clients that both fit well with Topaz’s strategic growth objectives. The prominent and fast growing Saudi Arabian market is an exciting area for the company as is the renewable energy space. Together the contracts are worth more than US$ 160 million including customer options.”

Topaz also recently saw the launch and delivery of the high speed aluminium catamaran crew boat, ‘Topaz Zenith’ to RAK Petroleum Oman Limited. The vessel, constructed by Topaz Ship Building will be deployed supporting RAK Petroleum Oman Limited’s operations in the Sultanate of Oman on a three year contract with additional customer options.

[mappress]

Source: topazworld, June 27, 2011