Topaz sending more support vessels offshore Africa
Support vessel specialist Topaz Energy and Marine has a current contract backlog of $1.5 billion, according to the company’s latest results statement.
DUBAI, UAE – Support vessel specialist Topaz Energy and Marine has a current contract backlog of $1.5 billion, according to the company’s latest results statement.
Highlights from 2017 included a five-year (with add-on options) contract from Dragon Oil to provide six vessels offshore Turkmenistan; a one-vessel contract from Total offshore Azerbaijan; and long-term contacts offshore Africa.
CEO René Kofod-Olsen said: “2017 was a challenging year for the industry, but we believe the worst of the downturn is now behind us. 2018 will also be challenging but we are cautiously optimistic as market conditions improve.
“Oil markets are more positive with demand and supply close to equilibrium. The number of projects being commissioned is increasing, with the supermajors reporting improved results for 4Q 2017.”
Use of the company’s core fleet improved to 67% in 4Q 2017 against 64% in 3Q. The Caspian fleet, which provides more than 75% of Topaz’s revenue, had an 80% take-up rate, while excluding laid-up vessels, the core MENA region fleet was 84% employed.
Offshore Africa, demand picked up in the latter part of the year, and the company has since mobilized additional vessels to the region.
“We also reactivated a total of seven vessels across all our markets, which were laid-up at the end of 2016,” Kofod-Olsen said. “For our five vessels which are still in layup, we are evaluating options as part of our fleet renewal program.”