Topaz Expansion to West Africa

Press Release
Friday, May 27, 2011

Topaz Energy and Marine (‘Topaz’), a leading oilfield services group, has secured a two vessel contract offshore Nigeria for the duration of 2011. The award constitutes a new market entry for Topaz in the strategically important and buoyant West African offshore sector.

Topaz has mobilised two Anchor Handling Tug Supply Vessels (AHTSV), Topaz Johor and Topaz Jurong, for an eight month contract to support operations in the Atlas, Mira and Brittania fields, offshore Nigeria, on behalf of AXXIS Petroconsultants Ltd.

The award of the contract follows the development of a Topaz management team for West Africa, led by Roy Donaldson, Chief Operating Officer at Topaz Marine, who has over 10 years of operational experience in Nigeria.

Topaz Chief Executive Officer, Fazel A. Fazelbhoy commented;
“This award fits well with our international expansion plan and is significant since it lays the first cornerstone of Topaz’s strategic presence in the region. These markets are large, high growth and will reward those that are well prepared with the right strategy. The youth and operational flexibility of our fleet gives us a compelling advantage due to increasingly stringent safety regulations and vessel age restrictions.”

“We have taken our first step in the West African offshore sector and we believe this market has immense potential for growth. We look forward to exploring further market opportunities during the course of the year.”

Topaz’s entry into West Africa is part of the group’s long-term strategy to follow ‘future oil' and expand into deep-water offshore growth markets. Earlier in 2011, Topaz Marine completed the successful US$ 40 million acquisition of 2 anchor handling vessels in Brazil, operating on 3-year contracts for Petrobras, marking its entry into the Brazilian offshore sector. Both of these contract wins will serve as spring boards for Topaz to grow its operations further.

 

Source: Topaz

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

People & Company News

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.1118 sec (9 req/sec)