Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for its fast growing West Africa operation.
Under the terms of the US$ 11 million agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 months to support its offshore production operations. This contract comes on the back of several recent contract wins in West Africa and further strengthens Topaz’s US$ 1.2 billion contract backlog.
The deployment of Topaz Faye in West Africa brings the total number of vessels under operation by Topaz in the region to 10, representing approximately 10% of Topaz’s total fleet. As part of its global expansion strategy, the company is building up its capabilities in West Africa as the region represents a long-term growth opportunity for Topaz with above market growth in industry activity and OSV demand.
Topaz Faye, a medium size DP2 PSV, was recently delivered together with four sister vessels and brings the total number of vessels in Topaz’s fleet to 95, excluding 2 under construction, with an average age of 7 years against an industry average of around 15 years.
About Topaz Energy and Marine
Topaz Energy and Marine is a leading offshore support vessel company providing marine solutions to the global energy industry with primary focus on the Middle East and the Caspian Sea. Headquartered in Dubai with 40 years of experience in the Middle East, Topaz operates a fleet of 95 offshore support vessels of an average age of 7 years. Topaz is a wholly owned subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.