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Mon 25 Apr 2011 05:46 PM

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Topaz Marine marks entry into West Africa market

UAE-based oilfield services outfit wins two-vessel contract to serve Nigerian offshore sector

Topaz Marine marks entry into West Africa market
Earlier this year, Topaz entered the Brazilian offshore sector via the purchase of two anchor handling vessels in Brazil for $40m (image for illustration purposes only)

UAE-based oilfield services firm Topaz has expanded into West Africa by winning a two-vessel contract off Nigeria during 2011, the company said Monday.

The firm has already mobilized two anchor handling tug supply vessels for an eight-month contract to support operations at three oilfields off the Nigeria coast.

The contract was awarded by AXXIS Petroconsultants.  The value of the deal was not disclosed.

“This award fits well with our international expansion plan and is significant since it lays the first cornerstone of Topaz’s strategic presence in the region,” said Topaz CEO Fazel Fazelbhoy in an emailed statement. “These markets are large, high growth and will reward those that are well prepared with the right strategy.”

Earlier this year, Topaz entered the Brazilian offshore sector via the purchase of two anchor handling vessels in Brazil for $40m. The company is operating the vessels on three-year contracts for state energy giant Petrobras.

Topaz was bought by Oman’s Renaissance Services in 2005 via a share swap deal.

The company had planned to list in March this year on the London Stock Exchange, but the $500m IPO was pulled due to valuation concerns and regional unrest.

Topaz said last week it would not appeal a ruling against it by London’s High Court of Justice in a contract cancellation dispute with Adyard Abu Dhabi relating to the building of two ships.

Topaz posted profits of $70m last year on revenues of $408m.

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