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Topaz support vessel demand steady in Caspian, Middle East

Topaz Energy and Marine has added four new DP-2 platform supply vessels (PSVs) to its fleet this year: Topaz Seema, Topaz Xara, Topaz Faye, and Caspian Voyager.

 

Five additional newbuilds are under construction or close to delivery, comprising three PSVs, one multi-purpose PSV, and one emergency rescue/response ship.

 

In its latest review of operations, Topaz says that although its activity in the Caspian region has dipped of late, it is negotiating to supply vessels long-term for the Shah Deniz-2 gas project in the Azeri sector of the Caspian Sea.

 

The company expects growing demand for its fleet in the Caspian next year, led by Lukoil’s V. Filanovsky project in the Russian sector. Three Topaz anchor-handlers have started mid-term contracts in the Turkmen sector and should continue working there throughout 2015.

 

Topaz says its Middle East North Africa business has been active off Qatar, Saudi Arabia, and the UAE, and is expected to remain so for the foreseeable future. Off West Africa the company now has 12 vessels deployed.

 

In the Caspian and Middle East, extraction costs remain well below the current oil price, leading Topaz to expect activity to remain high in these regions.

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