Topaz Energy and Marine has signed a contract extension for 12 of its vessels currently supporting the offshore operations of BP in Azerbaijan.
Under the terms of the agreement, seven of the offshore support vessels will be under contract until 2025, three until 2023 and two until 2022. The extended contracts all include a two-year option to extend. The agreement has materially increased our backlog, while also converting a significant portion of our “options” backlog to “firm” backlog.
Topaz’s current fleet contracted by BP through this agreement spans large anchor-handlers, platform supply vessels and emergency response and recovery vessels. The vessels will continue to support BP’s work on the Shah Deniz and ACG fields in the Azerbaijan sector of the Caspian Sea.
This agreement further enhances Topaz’s position in the Caspian Sea. The firm has 21 vessels serving in Azerbaijan.
René Kofod-Olsen, chief executive officer, Topaz Energy and Marine, said: “Our willingness and ability to commit to long-term contracts with a leading oil major, such as BP, reflects the strength of our partnering approach in the relationship with BP.This contract extension adds important secured revenue and credit strength to our balance sheet, laying further foundation for a solid 2019 and beyond.”