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VENTURES AFRICA- Topaz Energy and Marine, a Dubai-based offshore support vessel company with primary operations in the Middle East and Caspian has expand its West African operations with the acquisition of two platform supply vessel (PSV) contracts worth $50 million, bringing its total contract backlog to approximately $1.2 billion.
The West Africa contract will see the company supply “one of the world’s leading international oil companies” with two 3,300 DWT Platform Supply Vessels to support its offshore production operations.
The vessels which were commissioned by Topaz in 2013 in view of visible demand and in pursuit of its strategy of offering clients a modern and technologically-advanced fleet of vessels are equipped with dynamic positioning DP2.
“Topaz is pursuing growth outside of our home markets of the Middle East and the Caspian, with West Africa being one of our key target regions. These are important contracts for Topaz because of West Africa’s strategic significance,” Topaz Energy and Marine CEO, René Kofod-Olsen, said in a comunique.
“We believe we have the right fleet and the management expertise to create a long-term sustainable business in West Africa, always in partnership with local businesses. The region is forecast to see above market growth in industry activity and OSV demand which we hope to capitalize upon,” he added.
Headquartered in Dubai, Topaz operates a fleet of more than 90 offshore support vessels of an average age of 7.1 years against an industry average of around 15 years. Altogether, it has 93 vessels in its fleet with four vessels under construction.