Topaz Energy and Marine (Topaz), an offshore support vessel company, said it won a US$100 million contract with Dragon Oil, the upstream oil and gas subsidiary of Emirates National Oil Company (ENOC) for work in the Caspian Sea.
Under the terms of the contract, Topaz will supply Dragon Oil Turkmenistan with six vessels, comprising five anchor-handlers and one Emergency Recovery and Response Vessel for the Cheleken Contract Area asset, in the eastern section of the Caspian Sea, offshore Turkmenistan, Topaz said in a statement.
The contract has already commenced with vessel mobilisation and operation ramp-up under way. The contract is scheduled for a five year term with a two year option and brings Topaz’s market leading revenue backlog above $1.5 billion.
“This is a critical contract win for Topaz. It not only increases our revenue backlog above $1.5 billion – the highest in the industry – but it also demonstrates the trust that Dragon Oil has placed in our ability to deliver the technology and safety capabilities our clients increasingly require,” said René Kofod-Olsen, CEO, Topaz Energy and Marine.
“Our solid funding also means that we are able to structure long-term commercial terms which offer predictability and value to our clients at very low counterparty risk. We look forward to supporting the development of Turkmenistan’s offshore hydrocarbon resources through the provision of Topaz’s safe, reliable and competitive offshore vessel services.”
Topaz has been active in Turkmenistan since 2010. Out of a global fleet of 97 vessels, 62 of Topaz’s OSVs are deployed in the Caspian region, servicing the exploration, development and production needs of major companies such as BP, Chevron, ExxonMobil and Saipem in Azerbaijan, Russia, Kazakhstan and Turkmenistan.
Topaz’s primary focus is the Caspian Sea, the Middle East, West Africa and Subsea operations in the North Sea and the Pacific.