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Thu 12 May 2016 01:45 PM

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Dubai's Topaz inks $350m deal for Kazakh offshore vessels

Company will commission construction of 15 vessels as part of consortium led by Blue Water Shipping

Dubai's Topaz inks $350m deal for Kazakh offshore vessels
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine.

Dubai-based Topaz Energy and Marine has secured a contract valued at more than $350 million, as part of a consortium, to supply and operate offshore vessels for the Tengizchevroil joint venture in Kazakhstan.

Under the terms of the agreement, Topaz will commission the construction of 15 module carrying vessels (MCVs) as part of a consortium led by Blue Water Shipping.  The vessels will start work in the second quarter of 2018 for a minimum contract period of three years, Topaz said in a statement, adding that the deal raises its backlog to $1.6 billion.

The vessels, which have been designed to navigate shallow river systems as they transport modules and cargoes through the Russian waterways to the Tengiz oilfield in Kazakhstan, will be built in three Vard yards in Romania and Vietnam.

René Kofod-Olsen, CEO, 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."

Tengizchevroil is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur.

This is the second large contract awarded to Topaz this year, following the contract to supply 14 offshore support vessels to BP in Azerbaijan that was announced in March.

Headquartered in Dubai, Topaz operates a fleet of 100 offshore support vessels and is a subsidiary of Renaissance Services, a publicly traded company on the Muscat Securities Market, Oman.

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