Topaz secures six-vessel contract from Dragon Oil worth $100m

Dubai-based OSV operator Topaz Energy and Marine has announced a new $100m contract with Dragon Oil, a subsidiary of Emirates National Oil Company, for the deployment of six offshore vessels.

Under the contract, Topaz will supply Dragon Oil Turkmenistan with five anchor-handlers and one emergency recovery and response vessel.

The contract has already commenced and has a duration of five years, with further two-year option available.

“This is a critical contract win for Topaz. It not only increases our revenue backlog above $1.5bn – the highest in the industry – but it also demonstrates the trust that Dragon Oil has placed in our ability to deliver the technology and safety capabilities our clients increasingly require.  Our solid funding also means that we are able to structure long-term commercial terms which offer predictability and value to our clients at very low counterparty risk. We look forward to supporting the development of Turkmenistan’s offshore hydrocarbon resources through the provision of Topaz’s safe, reliable and competitive offshore vessel services,” said René Kofod-Olsen, CEO of Topaz Energy and Marine.