Abu Dhabi: Topaz Energy and Marine, a Dubai-based offshore support vessel company, has secured substantial contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016.
The two contract wins announced in the second and third quarter together represent revenue of more than $500 million, the company said on Monday. The two contracts bring Topaz’s backlog to approximately $1.6 billion.
Under the terms of the main contract awarded by Tengizchevroil (TCO) to a consortium comprising Topaz and Blue Water Shipping, Topaz will commission the construction of 15 Module Carrying Vessels (MCVs).
The vessels will be owned and operated by Topaz and will commence work in the second quarter 2018 for a minimum contract period of three years. Topaz has also been appointed the technical managers of three additional MCVs by a consortium comprising Blue Water Shipping and Kazmortransflot (KMTF).
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said in a statement: “The two recent project awards have added tremendously to Topaz’s backlog and therefore improved our earnings visibility and credit strength in these challenging times for the OSV industry.”
The Tengiz oilfield is operated by Tengizchevroil, a Kazakh partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulphur with Chevron holding 50 per cent stake, KazMunaiGas, 20 per cent, ExxonMobil Kazakhstan Ventures Inc., 25 per cent and LukArco, 5 per cent.
