13 May 2016
Muscat - Leading offshore support vessel firm Topaz Energy and Marine, which is a subsidiary of Renaissance Services SAOG (a publicly traded company on the Muscat Securities Market), 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 $350 million.
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 $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 metre-long vessels will be built in three Vard yards in Romania and Vietnam.
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said, "This award reinforces our reputation as a trusted offshore logistics partner to oil majors globally and we are humbled by TCO's selection of Topaz.
With our proven track-record of reliable and safe operations which spans decades in the Caspian region, Topaz continues to capture value in this complex offshore market.
Vard's longstanding shipbuilding traditions, cutting-edge innovation and in-house technology perfectly complements Topaz's reputation for providing quality and bespoke solutions to meet our client's needs and we look forward to deepening our relationship with the Vard group. Our sincere gratitude also to Blue Water Shipping who is a regional leader in tailor-made transport and logistics solutions and our ideal partner in the execution of this complex logistics project."
Tengizchevroil LLP is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur. Current partners are: Chevron, 50 per cent; KazMunaiGas NC JSC, 20 per cent; ExxonMobil Kazakhstan Ventures Inc, 25 per cent and LukArco, 5 per cent.
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.
Muscat - Leading offshore support vessel firm Topaz Energy and Marine, which is a subsidiary of Renaissance Services SAOG (a publicly traded company on the Muscat Securities Market), 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 $350 million.
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 $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 metre-long vessels will be built in three Vard yards in Romania and Vietnam.
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said, "This award reinforces our reputation as a trusted offshore logistics partner to oil majors globally and we are humbled by TCO's selection of Topaz.
With our proven track-record of reliable and safe operations which spans decades in the Caspian region, Topaz continues to capture value in this complex offshore market.
Vard's longstanding shipbuilding traditions, cutting-edge innovation and in-house technology perfectly complements Topaz's reputation for providing quality and bespoke solutions to meet our client's needs and we look forward to deepening our relationship with the Vard group. Our sincere gratitude also to Blue Water Shipping who is a regional leader in tailor-made transport and logistics solutions and our ideal partner in the execution of this complex logistics project."
Tengizchevroil LLP is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur. Current partners are: Chevron, 50 per cent; KazMunaiGas NC JSC, 20 per cent; ExxonMobil Kazakhstan Ventures Inc, 25 per cent and LukArco, 5 per cent.
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.
© Oman Daily Observer 2016
