Topaz signs 14-vessel long-term deal with BP in Azerbaijan

Topaz Energy and Marine has secured 14 offshore support vessel contracts with BP Exploration (Caspian Sea) Limited (BP). Under the terms of the agreement, Topaz will supply 14 offshore support vessels for a five-year period plus two one-year options at current market terms, primarily in support of BP’s ACG and Shah Deniz II fields offshore Azerbaijan.

The agreement extends currently running contracts for the 14 vessels until 2023 including all options. The contracts bring Topaz’s global revenue backlog to nearly US$1.4 billion.

René Kofod-Olsen, chief executive at Topaz Energy and Marine, said: “Our ability to secure long-term contracts with a reputed oil major such as BP reflects the value and quality of Topaz’s operations in the Caspian and globally. Our operational and safety track record and our commitment to Azerbaijan allow us to build our position in the face of a challenging market. The agreement provides a long-term platform from which to build further scale in the broader Caspian and adds significantly to Topaz’s credit strength through tremendous revenue visibility.”

Topaz’s fleet contracted by BP through this landmark agreement spans large anchor-handlers, platform supply vessels and emergency response and recovery vessels. Topaz’s total fleet serving in Azerbaijan numbers 21 vessels.