UAE-based offshore support vessel company Topaz Energy and Marine has secured fourteen offshore support vessel contracts with oil and gas giant BP Exploration Caspian Sea.
Under the terms of the deal, Topaz will supply the 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 Azerbaijan.
The agreement extends currently running contracts for the 14 vessels until 2023 including all options.
“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,” René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said.
Topaz’s fleet contracted by BP under this agreement spans large anchor-handlers, platform supply vessels and emergency response and recovery vessels.