UAE: Topaz Energy Acquires Two AHTSVs for USD 100 Million

Topaz Energy and Marine, today announced the acquisition of two large and modern Anchor Handling Towage and Supply Vessels (AHTSV) at a purchase price in excess of US$ 100 million.

 The vessels, the Caspian Challenger and the Caspian Endeavour, are sister vessels built by Kleven Maritime in Norway in 2008 and 2009, respectively. The vessels are equipped with dynamic positioning DP2, automated safe anchor handing capabilities and are currently the most powerful vessels operating in the Caspian basin at 17,200 BHP and 190 tonnes bollard pull. The vessels are wholly capable of deep-water work anywhere in Topaz’s current global footprint and in general.

The vessels have been operating as part of Topaz’s Caspian fleet on a bareboat agreement and are currently serving a long-term contract with BP in Azerbaijan. The vessels are supporting operations in the Azerbaijan offshore fields of ACG and Shah Deniz performing specialty project work, major rig moves, anchor repositioning and logistical support.

 René Kofod-Olsen, CEO, Topaz Energy and Marine, said:

These vessels have proved themselves as high performers in our fleet. As such, it was a logical extension of our agreement with the owner to preemptively exercise our purchase option and make them a permanent part of our fleet at what we believe is an attractive valuation. These vessels will benefit Topaz and our clients within and outside the Caspian Sea immensely.

Topaz’s fleet size in the Azerbaijani waters of the Caspian is currently 25 vessels. This will rise to 26 when the 4,000 DWT Platform Supply Vessel ‘Caspian Voyager’ joins the fleet in the second quarter of 2014. Topaz operates in the Caspian Sea through its subsidiary BUE Marine, with unrivalled experience of operating offshore support vessels for some of the world’s leading energy companies.

Topaz, January 22, 2014

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