Offshore staff

MUTTRAH, Oman -- Topaz Energy and Marine has sold its offshore support vessel TEAM Siam to Thailand-based Mermaid Offshore Services Ltd for $29.5 million.

Topaz says the sale is part of its ongoing fleet upgrade program, which involves regular acquisitions and divestments of vessels.

TEAM Siam is a DP2 diving support maintenance barge which had been on charter to Mermaid Offshore for over four years. It underwent a re-fit in 2002 to extend its working life.

During 2009, Topaz announced it was investing $109 million to add eight new vessels to its fleet, and the company estimates the value of its newbuild program at over $200 million.

The company’s long-term strategy is to expand its fleet while reducing the age profile, and it expects further expansion in 2010.