UAE: Topaz Marine Acquires Advanced PSV Caspian Provider

Topaz Marine, a division of Topaz Energy and Marine acquired the Caspian Provider, an advanced Platform Supply Vessel (PSV), to join the company’s fleet on a four-year contract in Azerbaijan with a value in excess of US$40m.

The Caspian Provider will be working out of Baku, Azerbaijan, on a contract with oil and gas major BP won by Topaz Energy and Marine, in 2008. The Caspian Provider joins four sister ships already under the management of the Topaz Marine Azerbaijan unit. The Caspian Provider is the fourth vessel delivered to the company after construction in the Simek Yard in Norway. The vessel was ordered in 2010 at a cost of US$32m and is expected to generate exceptional value for the fleet.

The Caspian Provider will commence a charter with BP on completion of restoration works. Topaz Energy and Marine is strategically positioned in the Caspian Sea​ where the company benefits from a market share of 55% in Azerbaijan.

Topaz Marine is sustaining its fleet expansion and renewal programme through strategic purchases. Topaz owns, operates and manages one of the youngest fleet in the offshore sector.

Topaz Energy and Marine is a leading oilfield services company providing marine and engineering solutions to the global energy industry with primary focus on MENA and the Caspian Sea. Headquartered in Dubai and with more than 35 years of experience in the Middle East, Topaz operates a fleet of approximately 100 offshore support vessels and provides energy and marine engineering services. Topaz is a wholly owned subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.

[mappress]

Source: topazworld, October 2, 2011; Image:simek