Dubai-based Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, has announced its further engagement in West Africa operations with the winning of two ‘PSV’ contracts worth $50 million.
The contracts are to supply one of the world’s leading international oil companies with two 3,300 DWT Platform Supply Vessels commissioned by Topaz in 2013 to support its offshore production operations. Their value brings Topaz’s total contract backlog up to around $1.2bn.
“As part of our strategy, Topaz is pursuing growth outside of our home markets and these are important contracts for Topaz because of West Africa’s strategic significance,” remarked René Kofod-Olsen, CEO of Topaz Energy and Marine.
“We believe we have the right fleet and the management expertise to create a sustainable long-term business in West Africa, which is is forecast to see above market growth in industry activity and OSV demand which we hope to capitalize upon.”
Topaz is pursuing a strategy of offering clients an usually modern and technologically-advanced fleet of vessels, where the average age within Topaz’s fleet of 93, excluding four vessels under construction is now 7.1 years against an industry average of around 15 years.