Breakthrough for Topaz off Nigeria

Renaissance Services subsidiary Topaz Energy and Marine has won a contract to provide support services to AXXIS Petroconsultants offshore Nigeria.

Offshore staff

MUTTRAH, Oman -- Renaissance Services subsidiary Topaz Energy and Marine has won a contract to provide support services to AXXIS Petroconsultants offshore Nigeria.

The company has mobilized the anchor handling tug supply vessels Topaz Johor and Topaz Jurong to support operations on the Atlas, Mira, and Brittania fields. Operations should last eight months.

Fazel A. Fazelbhoy, CEO of Topaz, said, “This award fits well with our expansion plan, and is significant since it lays the first cornerstone of Topaz’s strategic presence in the region. We believe the West African offshore sector has immense potential for growth and we look forward to further exploring market opportunities during the course of the year.”

In a separate development, London’s High Court of Justice has ruled in favor of SD Marine Services regarding a contract cancellation dispute with Adyard Abu Dhabi, a majority-owned subsidiary of Topaz.

This concerned the construction of two marine vessels at Adyard’s shipbuilding complex in Abu Dhabi in 2009.

Topaz will not appeal the decision, and the two vessels will join its fleet. Advances received will be paid back to SD Marine.

Topaz intends to convert the units into two multi-purpose support vessels, which should be completed next year, with immediate deployment following sea trials.

04/26/2011

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