Topaz, BP sign ship contracts in Azerbaijan

Dubai / WAM

Topaz Energy and Marine, headquartered in Dubai, has secured 14 offshore support vessel contracts with BP Exploration (Caspian Sea) Limited. Under the terms of the agreement, Topaz will supply 14 offshore support vessels for a five year period plus two one-year options at current market terms, primarily in support of BP’s ACG and Shah Deniz II fields offshore in Azerbaijan.
The agreement extends currently running contracts for the 14 vessels until 2023, including all options. The contracts bring Topaz’s global revenue backlog to nearly US$1.4bn and demonstrates the company’s competitiveness in the Caspian market.
Rene Kofod-Olsen, Chief Executive Officer, 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.”