Dubai, UAE - Dubai-headquartered Topaz Energy and MarineTopaz Energy and Marine Limited announces that its wholly owned subsidiary BUE Marine Limited has been awarded a ten year, US$225 million contract from BP Azerbaijan to custom-build and supply three support marine vessels.

BUE beat competition from across the globe for the three vessel package, which comprises one Dynamically Positioned Platform Supply Vessel (PSV), one Dynamically Positioned Anchor Handling Tug Supply Vessel (AHTS) and one Emergency and Recovery and Response Vessel (ERRV).

Fazel Fazelbhoy, Chief Executive of Topaz Energy and MarineTopaz Energy and Marine said the AHTS and ERRV will be built specifically for the contract while the PSV will be an acquisition.

"The award of this contract, against strong International competition, is a 'vote of confidence' in our capabilities and commitment to the highest standards of Health Safety Security and Environmental Quality (HSSEQ)," he said. "It follows the award of another long term three vessel contract by BP to BUE Marine in 2007 and reinforces TopazTopaz's position as the leading provider of Marine support Services in the Caspian Sea region."

All vessels comply with the most recent International regulations and meet the highest environmental standards," he said. "The Emergency response vessel (ERRV) is capable of providing multi installation safety cover and is the first vessel in the region to be equipped with three daughter craft.

The Platform Supply Vessel will be the first vessel to enter service in the Caspian Sea in early 2009 with the remaining two vessels arriving in mid 2010.

Since it's acquisition of BUE Marine three years ago, TopazTopaz has significantly grown it's marine operations in the area, predicated on it's strong service culture, commitment to operating to the highest safety standards and it's stated aim of providing value growth to it's parent Company.

Topaz Marine and EnergyTopaz Marine and Energy is a wholly Owned subsidiary of Renaissance Services SAOG which is a publicly listed Company in Oman. TopazTopaz owns and operates over 100 offshore support vessels and is the largest Marine support vessel company in the Middle East.

- Ends -

About TopazTopaz Marine
Topaz Energy and MarineTopaz Energy and Marine Ltd. is one of the leading marine and oil and gas fabrication companies in the Middle East with over 30 years experience in the region. Operating throughout the Middle East, Caspian and S.E. Asia, TopazTopaz employs over 3,000 employees.

TopazTopaz is a wholly owned subsidiary of Renaissance Services SAOG, one of the largest publicly traded companies in the GCC with over 5,000 shareholders and a market capitalization of over US$300,000,000.

With its operational headquarters in Dubai, UAE, TopazTopaz operates three primary business units: Adyard covering oil & gas operations, Nico InternationalNico International; the afloat ship-repair operations and Nico Middle East Ltd. and BUE Marine; our ship owning operations. TopazTopaz's clientele base includes the leading international oil and gas companies and vessel owners in the world.

Issued on behalf of Topaz MarineTopaz Marine by MCS Action

For more information, please contact:
David Baker
MCS Action
Tel: +971 50 650 3459
Email: david.b@actionprgroup.com

Fazel Fazelbouy
TopazTopaz Energy
Tel: + +971 50 457-0923
Email: fazel@topazdxb.com

© Press Release 2008

 

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