Topaz Energy and Marine has secured a contract from BP Exploration (Caspian Sea) to extend the running contracts on 14 offshore support vessels for a five year period in support of BP’s ACG and Shah Deniz II fields offshore Azerbaijan.
The extension includes two one-year options at current market terms, and would see the contract run through until 2023 if both options are taken.
René Kofod-Olsen, CEO of Topaz Energy and Marine, said, “We are humbled by BP’s continued trust in our capabilities and look forward to repaying that confidence by consistent world-class service. 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 14 contracted vessels are made up of anchor handling vessels, platform supply vessels and emergency response and recovery vessels.
Topaz currently has a total of 21 vessels operating in Azerbaijan.