Topaz MOA for $29.5m Vessel Sale

Sunday, December 27, 2009

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, today announced the divestment of the Team Siam, a DP2 Diving Support Maintenance Barge to Mermaid Offshore Services Ltd. of Thailand. The move comes as a natural progression of Topaz’s long-term relationship with Mermaid and represents exceptional value for both parties.

The Team Siam has been on charter to Mermaid Offshore for over four years. The vessel has performed outstandingly and has proven crucial to Mermaid’s operations. The decision to execute the sale was a logical development and highly beneficial to both Topaz and Mermaid.

In the normal course of business, and in line with its fleet upgrade program towards new and more deepwater assets, Topaz acquires and divests vessels on a regular basis every year. During 2009, Topaz has taken delivery of eight vessels at a value of $109m and its newbuild programme is currently worth over $200m. This considerable investment in growth has seen Topaz’s fleet strength surpass 100 during 2009 and the fleet is expected to grow further in 2010.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Vessels

U.S. Marshalls Ordered to Seize Kurdish Oil Cargo off Texas

Acting on a request from the central government in Iraq, a U.S. judge has signed an order telling the U.S. Marshals Service to seize a cargo of oil from Iraqi Kurdistan

Aker Philadelphia Shipyard ASA: Purchase of own shares

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,

Danaos Corporation 2Q and 1H 2014 Results

Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2014.

 
 
Maritime Careers / Shipboard Positions Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1690 sec (6 req/sec)