Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, today announced a US$75 million new equity investment in the business from Standard Chartered Private Equity (“SCPE”), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject US$75 million of equity in return for a 9.8% stake in the business. The funds will be deployed in support of Topaz’s long-term fleet expansion ambition in its core operational regions and strategic entry to key growth opportunities. “Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realization of our strategic plan,” commented René Kofod-Olsen, CEO of Topaz. “We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions. SCPE is investing because of its firm belief in the Topaz story, the team and our strategy, and we look forward to working together in close partnership.” Samir J. Fancy, Chairman of Topaz and its parent company Renaissance, said, “On behalf of the Board of Directors, I’m pleased to welcome SCPE on board
Topaz Energy and Marine announced the project delivery of the deck structure of a Mobile Offshore Production Unit and storage (MOPUstor). The MOPUstor deck was constructed by Topaz Fabrication and Construction; part of the Topaz Engineering division under a subcontract from Single Buoy Moorings Inc for its client, Talisman Energy Norge AS. The value of Topaz Engineering’s portion of the work was $75m. Topaz’s scope of work was fabrication and construction of the hull and
Phase One of US$ 330 million loan agreement signed. UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore Support Vessel (OSV) operations.
MAN Diesel & Turbo’s medium-speed propulsion packages have gained another foothold in Middle Eastern offshore operations. After successfully completed seatrials, Abu Dhabi-based Adyard has earlier delivered the ‘Topaz Dignity’ – which is now followed by the ‘Topaz Triumph’ AHTS. Topaz Energy and Marine, a subsidiary of Oman-based Renaissance Services SAOG and a regional leader in providing offshore support vessels and engineering services
Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, has announced a $75 million new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75 million of equity in return for a 9.8% stake in the business
Topaz Energy and Marine, an offshore support vessel company, announced a new $550 million facility. The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350 million over seven years which will be used principally to repay existing senior debt. The second is a senior secured, conventional and Islamic Revolving Credit Facility of $100 million over five years and the third tranche is a senior unsecured conventional and
A Topaz delegation consisting of Board Directors and Senior Management were in Azerbaijan in the Caspian region to hold discussions with State Oil Company Azerbaijan Republic (SOCAR). The aim of the meeting was to explore areas of mutual interest and opportunities for investment in the Caspian region. To support the growing offshore oil & gas market Topaz plans significant investments in the building of new offshore support vessels in the Caspian region in the next few years
Dubai-based Topaz Energy and Marine's Azerbaijan subsidiary, BUE Caspian, has added two new vessels to its offshore vessel fleet at a cost of more than $60m. The two new craft are a platform supply vessel and an emergency response and rescue vessel. Topaz, with a fleet of over 70 vessels, plans to invest $100m in the next two years in new craft as its oil and gas business expands. source: AME Info.
Topaz Energy and Marine announced it entered into an MOA for the sale of its DP2 Diving Support Maintenance Barge, Team Siam, to Mermaid Offshore Services Ltd. The $29.5m sale is part of Topaz’s ongoing fleet upgrade programme towards new tonnage and a move towards more deepwater assets which is closely aligned with its long-term corporate strategy. The Dubai based marine services and oil and gas fabrication company, Topaz Energy and Marine
Topaz Engineering, a division of Topaz Energy and Marine has been awarded a $100m EPC contract for the Phase IV Oil Storage Terminal for client GPSChemoil in Fujairah, U.A.E. Through its subsidiary, Nico International Hydrospace, Topaz Engineering has won one of the major tank terminal repeat contracts in Fujairah for GPSChemoil, a partnership between Gulf Petrol Supplies LLC (GPS) and Chemoil. The 580,000 m³ terminal is one of the largest EPC tank terminal projects awarded to Topaz
Offshore support vessel company Topaz Energy and Marine informs it has secured 14 offshore support vessel contracts with BP Exploration (Caspian Sea) Limited. Under the terms of the agreement, Topaz will supply 14 offshore support vessels for a five-year period plus two one-year
Topaz Energy and Marine, a leading offshore support vessel company, today announces its results for the year ended 31 December 2015. Business Highlights * Net Profit for the period was US$ 20.8m before exceptional items, impairment charge of US$71 million on vessels and a one-off
Vard Holdings Limited secured a contract for the design and construction of 15 Module Carrier Vessels for Topaz Energy and Marine. The vessels, of VARD 9 21 design, are specially developed by Vard Design to navigate the shallow river systems as they transport modules through the Russian
Presenting its financial results for the first quarter ended 31 March 2016 today Vard Holdings Limited announced a net profit of NOK 43 million for the period, as compared to a loss of NOK 226 million a year back. Over the past quarter, VARD had focused on efforts to grow in new markets while
Jay Daga has been named Chief Financial Officer of Topaz Energy and Marine, an international offshore support vessel owner with operations in the Middle East, Caspian and West Africa. Daga will take his position with immediate effect
Topaz Marine KSA, a subsidiary of Topaz Energy and Marine, and the King Abdul Aziz University in Jeddah have joined forces to offer training to cadets from the university which allows them to operate as officers onboard sea going vessels.
Electrical system integrator Alewijnse Marine Systems is celebrating the first anniversary of delivering electrical services and maintenance to vessels at Damen Shiprepair Dunkerque. Twelve months after it began work there, the results are well above expectations with 19 contracts fulfilled for 10
Topaz Energy and Marine, a leading offshore support vessel company, has bolstered its Emergency Response and Recovery Vessel (ERRV) fleet with the addition of a new vessel, Topaz Responder. The newly-built, state-of-the-art Topaz Responder will primarily provide safety support to
Offshore support vessel company Topaz Energy and Marine has selected ABS as its fleet management software provider. Topaz will install the ABS Nautical Systems Fleet Management Software suite on 58 of its core vessels to more efficiently plan for maintenance work
Incat Crowther has announced the delivery of Benreoch, a 30m Wave Piercing Catamaran Utility Craft built by Veecraft Marine in Cape Town, South Africa. The vessel was developed specifically for crew transfer to offshore platforms in Nigeria.
Dubai's Topaz Energy and Marine, a unit of Muscat-listed Renaissance Services, has bought two ships from Norwegian boat yard Vard Brattvaag for about $115 million, the Omani parent firm said on Sunday. The two vessels will be delivered in the second half of 2017
Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (“OSCV”) for a new customer
UK-based Royston Diesel Power has secured funding support from Innovate UK, the UK’s innovation agency, for its flagship $2.2 million Managing Energy on Marine Vessels technology program. The program aims to develop a new system for whole-vessel energy monitoring and usage
Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe. While Topaz’s new emergency response and rescue vessel, the Topaz Responder
Topaz Energy and Marine, a leading offshore support vessel company, has secured 14 offshore support vessel contracts with BP Exploration (Caspian Sea) Limited ("BP"). Under the terms of the agreement, Topaz will supply 14 offshore support vessels for a five year period plus two