Topaz Energy and Marine, a leading offshore support vessel company, has in a consortium led by Blue Water Shipping A/S, secured a contract to supply and operate 15 vessels for the Tengizchevroil (TCO) joint venture in Kazakhstan for a contract value in excess of US$350 million, the company said in its press release.
Under the terms of the agreement, Topaz will commission the construction of 15 newly designed Module Carrying Vessels (MCVs). The vessels will commence work in Q2 2018 for a minimum contract period of three years. The deal brings Topaz’s backlog to US$1.6 billion, further strengthening Topaz’s earnings visibility and credit strength.
The innovative vessels have been designed in collaboration with Vard Shipyard Group as the designated shipyard, and crafted to navigate shallow river systems as they transport modules and cargoes through the Russian waterways to the Tengiz oilfield in Kazakhstan. The 123 meter long vessels will be built in three Vard yards in Romania and Vietnam.
Tengizchevroil LLP is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur. Current partners are: Chevron, 50 percent; KazMunaiGas NC JSC, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent and LukArco, 5 percent.
This is the second large contract awarded to Topaz this year, following the contract to supply 14 offshore support vessels to BP in Azerbaijan as announced in March 2016.
About Topaz Energy and Marine
Topaz Energy and Marine is a leading offshore support vessel company providing marine solutions to the global energy industry with primary focus on the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico. Headquartered in Dubai, Topaz operates a fleet of 100 offshore support vessels of an average age of 7 years. Topaz is a subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.