Middle East demand growing for Topaz support vessels
Topaz Energy and Marine secured work for 86% of its offshore supply vessel fleet during the first half of this year.
DUBAI, UAE – Topaz Energy and Marine secured work for 86% of its offshore supply vessel fleet during the first half of this year, compared with 62% in the corresponding period in 2017.
CEO René Kofod-Olsen said: “Our customers are also increasing their investments in projects as they seek to fill the supply requirements of a world which will still be dependent on oil and gas as part of its overall energy mix for decades to come.”
The Caspian region fleet delivered 88% utilization, he added, up from 81%, while the main improvements came from the Middle East North Africa and Africa, up respectively from 51% to 84% and from 26% to 87%.
During 2Q the company completed the divestment of four of five ageing, laid-up vessels (the sale of the fifth vessel is imminent), and Topaz recently took delivery of the anchor handling tug supply vesselTopaz Master, which will work offshore Saudi Arabia.