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TCO contract for super giant project worth in excess of US$350 million
Renaissance subsidiary, Topaz Energy and Marine, a leading offshore support vessel company, 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 US$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 US$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 oilfield in Kazakhstan. The 123 meter 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 percent; KazMunaiGas NC JSC, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent and LukArco, 5 percent.
This is the second very 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.
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About Topaz Energy and Marine
Topaz Energy and Marine is a subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.
Topaz is a leading offshore support vessel company providing marine solutions to the global energy industry with primary focus on the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico. Headquartered in Dubai, Topaz operates a fleet of 100 offshore support vessels of an average age of 7 years.
For media inquiries, please contact:
FTI Consulting, Dubai
John Hobday, Jon Earl
Tel: +971 (0)4 437 2100
Email: topaz@fticonsulting.com
FTI Consulting, London
Ben Brewerton, George Parker
Tel: +44 203 727 1000
Email: topaz@fticonsulting.com
For commercial inquiries, please contact:
Commercial Department
Topaz Energy and Marine
Tel: +971 4 440 47 00
Email: marketing.topaz@topaz-marine.com
© Press Release 2016
