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Thu 3 Mar 2016 01:45 PM

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Dubai's Topaz inks BP deal to supply 14 offshore vessels

Offshore support vessel company says contract brings its global revenue backlog to nearly $1.4bn

Dubai's Topaz inks BP deal to supply 14 offshore vessels
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine.

Topaz Energy and Marine, a Dubai-based offshore support vessel company, has secured 14 vessel contracts with BP Exploration (Caspian Sea) Limited.

Under the terms of the agreement, Topaz will supply 14 offshore support 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 offshore fields in Azerbaijan.

The agreement extends currently running contracts for the 14 vessels until 2023 including all options.

These contracts bring Topaz's global revenue backlog to nearly $1.4 billion, the company said in a statement.

René Kofod-Olsen, CEO, Topaz Energy and Marine, said: "We are humbled by BP's continued trust in our capabilities and look forward to repaying that confidence by consistent world-class service.

"Our ability to secure long-term contracts with a reputed oil major such as BP reflects the value and quality of Topaz's operations in the Caspian and globally."

Topaz, which said its fleet serving in Azerbaijan numbers 21 vessels out of a global fleet of 100, is a subsidiary of Renaissance Services, a publicly traded company on the Muscat Securities Market, Oman.

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