Topaz in $100M vessel charter deal in Turkmenistan

UAE-based offshore vessel provider Topaz Energy and Marine has secured contracts worth $100 million with Dragon Oil in Turkmenistan.

Topaz is providing six offshore vessels to Dragon Oil for work at Cheleken area in the Caspian Sea, offshore Turkmenistan, over a five-year period.

Under the agreement, Topaz, active in Turkmenistan since 2010, is supplying five anchor handing tug and supply vessels, and one emergency response and rescue vessel.

René Kofod-Olsen, CEO, Topaz Energy and Marine, said: “This is a critical contract win for Topaz. It not only increases our revenue backlog above $1.5 billion – the highest in the industry – but it also demonstrates the trust that Dragon Oil has placed in our ability to deliver the technology and safety capabilities our clients increasingly require.

“Our solid funding also means that we are able to structure long-term commercial terms which offer predictability and value to our clients at very low counterparty risk. We look forward to supporting the development of Turkmenistan’s offshore hydrocarbon resources through the provision of Topaz’s safe, reliable and competitive offshore vessel services.”

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