Topaz Energy and Marine, an offshore energy logistics company, has signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Limited in Azerbaijan.
Topaz said on Wednesday that, under the terms of the agreement, seven of the offshore support vessels will be under contract until 2025, three until 2023 and two until 2022. The extended contracts all include a two-year option to extend.
“The agreement has materially increased our backlog, while also converting a significant portion of our “options” backlog to “firm” backlog,” Topaz said.
Topaz’s total fleet serving in Azerbaijan currently stands at 21 vessels.
Topaz’s current fleet contracted by BP through this agreement spans large anchor handlers, platform supply vessels and emergency response and recovery vessels. The vessels will continue to support BP’s work on the Shah Deniz and ACG fields in the Azerbaijan sector of the Caspian Sea.
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said: “This contract extension adds important secured revenue and credit strength to our balance sheet, laying further foundation for a solid 2019 and beyond. The Caspian has been a strategic region for Topaz for more than two decades and this agreement in Azerbaijan demonstrates our commitment to building on our existing position supported by our highly-valued partners in the country.”