Dubai-based Topaz Energy and Marine recently signed an agreement with BP Exploration (Caspian Sea) Limited (BP) to extend current contracts for 14 offshore support vessels until 2023 including all options.
Topaz, a support vessel company, will provide BP with 14 vessels for a five-year term with two one-year options at current market terms to support BP's Azeri-Chirag-Guneshli (ACG) and Shah Deniz II fields in the Caspian Sea off of Azerbaijan.
Topaz's comprehensive revenue backlog is being boosted to nearly $1.4 billion with the signing of the contract extensions and reveals the company's high favor in the Caspian market.
“We are humbled by BP's continued trust in our capabilities and look forward to repaying that confidence by consistent world-class service,” Topaz CEO Rene Kofod-Olsen said. “Our ability to secure long-term contracts with a reputed oil major such as BP reflects the value and quality of Topaz's operations in the Caspian and globally. Our exemplary operational and safety track record and our commitment to Azerbaijan allow us to build our position in the face of a challenging market. The agreement provides a long-term platform from which to build further scale in the broader Caspian and adds significantly to Topaz's credit strength through tremendous revenue visibility.”
The vessels being contracted by BP under the agreement includes large anchor-handlers, platform supply vessels and emergency response and recovery vessels. Topaz has 21 vessels serving in Azerbaijan and has been pursuing different business outlets in Azerbaijan for several decades.