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Topaz Energy And Marine News

04 Mar 2020

P&O Maritime Logistics Names Helweg CEO

Martin Helweg (Photo: P&O Maritime Logistics)

Marine solutions and logistics company P&O Maritime Logistics (POML) said it has appointed Martin Helweg as its new Chief Executive Officer. He will report to Mike Bhaskaran, DP Worldā€™s Chief Operating Officer for Logistics and Technology.For the past three years, Helweg has been responsible for P&O Maritime Logisticsā€™ global operations. Earlier, Martin spent over 15 years in marine service solutions working for Svitzer, an A.P. Moller-Maersk Company in regional CFO and CEO roles across the Americasā€¦

17 Dec 2019

DP World Creates New Maritime Entity

Following DP Worldā€™s recent acquisition of Topaz Energy and Marine and its integration with P&O Maritime created a new brand P&O Maritime Logistics - a global provider of maritime solutions in offshore, port services and logistics.Through the synergies created by the merger of the two companies, under the DP World umbrella, the POML business is well positioned to grow and build further scale and value for customers and shareholders alike.Offering a distinctive value proposition to customers, POML will focus on three strategic segments ā€“ Offshore, Port Services and Logistics ā€“ delivering world-class capabilities across industries, with safety and the environment at the forefront.A core focus for POMLā€™s will be the further optimization of offshore logistics for energy companies.

23 Sep 2019

Topaz Extended Drydocking Scheme with ABS

Topaz Energy and Marine, the offshore support vessel company providing marine solutions to the global energy industry, and ABS have, together with the State Maritime Agency under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan (ASMA), announced the implementation of a pioneering project enabling a condition-based survey approach."This achievement, which resulted from the visionary approach between Topaz, ABS and ASMA, marks a significant step in Topazā€™s journey to transform its fleet to a condition-based class model," said a press note from ABS, the provider of classification and technical advisory services to the marine and offshore industries.The entry of Caspian Voyagerā€¦

22 Aug 2019

Topaz Revenue Climbs

Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operatorā€™s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's Renaissance Services and Standard Chartered's private equity arm for an enterprise value of $1.08 billion (Dh3.96bn) in July.ā€œDP World recognizes the success we have achieved and wants us to continue to deliver that going forward.

11 Jul 2019

DP World to Issue $700 million in Bonds, Sukuk

file Image / Credit: DP World

Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.Barclays, Citi, Deutsche Bank, Dubai Islamic Bankā€¦

15 May 2019

Topaz Installs FUELTRAX

Topaz  Energy and Marine is partnering with FUELTRAX on advanced fuel tracking and reporting.  Topaz installed FUELTRAX EFMS across 21  of its vessels operating between Nigeria and Azerbaijan for data storage and surveillance. FUELTRAX is designed to deliver an electronic record of activities using automated operational and fuel data collection, coupling it with precise in-transit efficiency recommendations for vessels located anywhere in the world.In  line  with  its  digital  transformation,  Topaz  has  also  adopted FUELTRAX Vision, a new onboard  surveillance  system which provides  a remote  view  of  onboard  surveillance footage, stored in a secure database and correlated with onboard fuel activities.

13 May 2019

BHGE Deploys VitalyX for Topaz

Offshore marine logistics company, Topaz Energy and Marine has entered into a long-term agreement with the GE company Baker Hughes (BHGE) for its proprietary lubricant condition monitoring system, VitalyX.The two firms will collaborate on boosting the maintenance and upkeep of Topazā€™s fleet of vessels and increase the field time for each vessel.VitalyX is expected to be deployed on the entire module carrying vessel (MCV) fleet for Topaz in late 2019 and is the largest single collaboration with the technology since being first unveiled at BHGEā€™s Annual Meeting in January.Utilising the Internet of Things (IoT) by combining the latest sensor hardware with condition monitoring softwareā€¦

05 Apr 2019

Wärtsilä Completes Sea Trials for SceneScan System

SceneScan Topaz 1 (Photo Copyright: Topaz)

The technology group Wärtsilä has successfully completed sea trials of its SceneScan system, the worldā€™s first ā€˜targetlessā€™ dynamic positioning (DP) laser sensor. This state-of-the-art technology requires no reflector target to be deployed, thereby increasing both safety and operational uptime. The technology has been developed by Guidance Marine, a Wärtsilä company.The tests were carried out onboard the Topaz Citadel, a vessel owned by Topaz Energy and Marine, a leading internationalā€¦

04 Jan 2019

Topaz Bags Wind Charter

Dubai-based Marine logistics company Topaz Energy and Marine (Topaz) has signed an agreement with a north European contractor for the charter of Topaz's newbuild for offshore wind farms in the North Sea.The contractor will charter Topazā€™s newbuild subsea vessel, Topaz Tangaroa, for work on renewable energy projects, primarily in support of offshore wind farms in the southern North Sea. The contract underlines the growing significance of offshore wind projects to Topaz.The oilfield services company providing marine and engineerig solutions to the global energy industry said that the charter contract will take effect from February 2019 for a firm duration of seven months, with options to extend to late 2020.

08 Nov 2018

Reach Charters Topaz Tiamat

(Photo: Topaz Energy and Marine)

Norwegian based Reach Subsea said it has entered an agreement with Dubai headquartered Topaz Energy and Marine to charter newbuild light subsea construction vessel Topaz Tiamat for 2.5 years, plus three one-year options.The Norwegian-built vessel will be deployed under a cooperation agreement between Reach and Sweden's MMT. The team has been awarded several frame agreements for survey; inspection, maintenance and repair; and light construction within the oil and gas and renewable sector over the last year.Reach said the commercial terms of the charter agreement are confidentialā€¦

01 Mar 2018

Vard Order Intake Zooms

With 13 new contracts secured in Q4 2017, VARD Holdings Limited's order intake of NOK 3.79 billion in the quarter increased the full year order intake ended December 31, 2017 to NOK 8.28 billion. The new contracts include a luxury polar expedition cruise vessel for a return customer, PONANT. The vessel is the first electric hybrid cruise icebreaker with dual fuel propulsion, featuring high-capacity batteries and LNG storage on board. The vessel is specially designed to take passengers to polar destinations. Having strengthened its position in the fisheries and aquaculture market during the year, VARD was also awarded contracts for seven trawlers, two fish farming operation platforms, and three service/freight-and-service vessels.

20 Sep 2017

Topaz Signs with Orange for a Maritime Connect Solution

Topaz Commander (Photo: Topaz)

Dubai-based Topaz Energy and Marine has signed an agreement with Orange Business Services for a Maritime Connect solution that connects its fleet at sea and supports the corporate network. Topaz is an offshore support vessel company for the global energy industry. The Orange integrated communications platform increases the efficiency of the fleet, lowers cost and improves the onboard experience for crew. Under a three-year agreement Orange is initially connecting 39 vessels from the Topaz fleetā€¦

10 Nov 2016

Diversification Strengthens Vardā€™s Order Book

Following the recent closure of the Vard NiterĆ³i shipyard, VARD is now concentrating all its Brazilian shipbuilding activities on Vard Promar (Photo: Vard)

Designer and builder of specialized vessels Vard Holdings Limited announced its financial results for the third quarter ended September 30, 2016 (3Q 2016) and nine months ended September 30, 2016 (9M 2016). VARD said its diversification strategy is continuing to yield promising results, generating strong order flows in 3Q 2016. A total of seven new contracts were garnered by the group during the quarter, in addition to the confirmation of an order for four ice-class expeditionā€¦

17 Oct 2016

Vard Extends SCHOTTEL Propulsion Order

VARD 9 28 - 3 Module Carrier Vessels for KMTF. (For illustration only, courtesy VARD)

Having already secured the contract in early summer to fit 15 Vard design 9 21 module carriers, propulsion specialist SCHOTTEL has now also received a follow-up order to fit three further Vard design 9 28 vessels with 12 main and auxiliary units. The Norwegian Vard Group is building the first-mentioned 15 vessels for Topaz Energy and Marine, UAE, and the later three for KMTF, the National Maritime Republic of Kazakhstan. A total of 36 special variant SRP 340 Rudderpropellers (formerly SRP 1012) were ordered as the main propulsion units for all 18 carriers.

26 Sep 2016

Topaz Secures Tengiz Oilfield Contracts

Offshore support vessel company Topaz Energy and Marine has been appointed the technical managers of three vessels by a consortium comprising Blue Water Shipping A/S and Kazmortransflot (KMTF), in connection with the TCO developed Tengiz oil field in Kazakhstan. Under the terms of the agreement, Topaz will act as the technical managers for three newly designed Module Carrying Vessels (MCVs). The vessels will commence work in Q2 2018 for a minimum contract period of a little over two years. The vessels will be transporting oil and gas modules to the Tengiz oil field from transshipment bases in Kazakhstan. The Tengiz oilfield is operated by Tengizchevroil LLP; a Kazakh partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur.

27 Sep 2016

Topaz Secures Kazakhstan Contracts

Topaz Energy and Marine said it has secured contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016. The two contract wins announced in the second and third quarter together represent revenue of more than $500 million. The two contracts bring Topazā€™s backlog to approximately $1.6 billion. Under the terms of the main contract awarded by Tengizchevroil (TCO) to a consortium comprising Topaz and Blue Water Shipping A/S, Topaz will commission the construction of 15 Module Carrying Vessels (MCVs). The vessels will be owned and operated by Topaz and will commence work in Q2 2018 for a minimum contract period of three years.

22 Sep 2016

Two VARD Module Carrier for Topaz Energy and Marine

Vard Holdings Limited has secured a contract for the design and construction of two additional Module Carrier Vessels for Topaz Energy and Marine (ā€œTopazā€). The vessels, of VARD 9 21 design and measuring 123 by 16.5 meters, are sister ships of a series of 15 identical Module Carrier Vessels previously contracted by Topaz for delivery from VARDā€™s shipyards in Tulcea and Braila in Romania, and Vung Tau in Vietnam. They will be operated by Topaz through a consortium led by Blue Water Shipping. One of the additional vessels will be built at Vard Braila and one at Vard Vung Tau. Delivery of both vessels is scheduled in 2Q 2018. The aggregate contract price is close to USD 40 million.

21 Jul 2016

Norsafe, VARD Ink lifeboats Supply Deal

Norsafe has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of fifteen new vessels. Topaz Energy and Marine has appointed shipbuilder VARD Group to construct fifteen Module Carrying Vessels (MCVs), each measuring 123m long by 16.5m wide. The MCVs will be built at three of VARDā€™s sites in Vietnam and Romania. Norsafe will deliver two JYN 57 conventional lifeboats with LHD-60 davit systems to each vessel. The unique design of Norsafeā€™s LHD-60 davits offers stability, and this is also achieved through a low to the ground installation, which is ideal for placement on the narrow vessels.

22 Jul 2016

Vard Reports High Order Intake from Non-offshore Markets

New order intake of NOK 6.2 billion from contract wins for 19 vessels. Vard Holdings Limited (ā€œVARDā€, and together with its subsidiaries, the ā€œGroupā€), one of the major global designers and shipbuilders of offshore and specialised vessels, today announced its financial results for the second quarter (ā€œ2Q 2016ā€) and first half (ā€œ1H 2016ā€) ended 30 June 2016. VARD is committed to fostering new networks and growing its customer base beyond its traditional core markets, and has seen encouraging results thus far. Over the past quarter, the Group secured a total of 19 new shipbuilding contracts for a total new order intake of NOK 6.2 billion, making 2Q 2016 the best quarter in terms of order acquisition since 2013.

30 Jun 2016

Norsafe Secures Contract with VARD Group

Image: Norsafe

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels. Topaz Energy and Marine has appointed shipbuilder VARD Group to construct 15 Module Carrying Vessels (MCVs), each measuring 123 meters long by 16.5 meters wide. The MCVs will be built at three of VARDā€™s sites in Vietnam and Romania. Norsafe will deliver two JYN 57 conventional lifeboats with LHD-60 davit systems to each vessel. The unique design of Norsafeā€™s LHD-60 davits offers stabilityā€¦

02 Jun 2016

PALFINGER Awarded 15-vessel Winch Contract

Image: PALFINGER MARINE

PALFINGER MARINE Winches and Offshore Equipment has signed a contract for the supply of complete winch packages to 15 Module Carrier Vessels being built for Topaz Energy and Marine. The vessels, of VARD 9 21 design, are developed by Vard Design to navigate the shallow river systems as they transport modules through the Russian waterways to oilfields in Kazakhstan. Measuring 123 by 16.5 meters, the vessels are designed to carry high deck loads of up to 1,800 tons. he vessels will be operated by Topaz through a consortium led by Blue Water Shipping for the end-client Tengizchevroil.

12 May 2016

Vard Back in the Black

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 streamlining its cost structure, to weather the effects of the ongoing oil and gas down cycle. With its core market for high-specification offshore vessels showing continued signs of weakness, the Group had strengthened its expertise and networks in new markets, recording breakthroughs in the expedition cruise vessel and aquaculture markets. Revenue fell 34% year-on-year to NOK 2.02 billion in 1Q2016ā€¦

12 May 2016

Vard Secures Topaz 15 vessel Contract

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 waterways to oilfields in Kazakhstan. Measuring 123 by 16.5 meters, the vessels are designed to carry high deck loads of up to 1800 tons. The vessels will be operated by Topaz through a consortium led by Blue Water Shipping for the end-client Tengizchevroil. Five of the vessels will be built at Vard Braila and four at Vard Tulcea in Romania, while the remaining six will be built at Vard Vung Tau in Vietnam. Delivery is scheduled between 3Q 2017 and 2Q 2018.

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