Topaz Energy in 15 vessel Kazakh oil field win

expat network

Topaz Energy in 15 vessel Kazakh oil field win

Topaz Energy and Marine, a leading offshore support vessel company, has in a consortium led by Blue Water Shipping A/S, secured a contract to supply and operate 15 vessels for the Tengizchevroil (TCO) joint venture in Kazakhstan for a contract value in excess of US$350 million.

Under the terms of the agreement, Topaz will commission the construction of 15 newly designed Module Carrying Vessels (MCVs). The vessels will commence work in Q2 2018 for a minimum contract period of three years. The deal brings Topaz’s backlog to US$1.6 billion, further strengthening Topaz’s earnings visibility and credit strength.

The innovative vessels have been designed in collaboration with Vard Shipyard Group as the designated shipyard, and crafted to navigate shallow river systems as they transport modules and cargoes through the Russian waterways to the Tengiz oilfield in Kazakhstan. The 123 meter long vessels will be built in three Vard yards in Romania and Vietnam.

René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said, “This award reinforces our reputation as a trusted offshore logistics partner to oil majors globally and we are humbled by TCO’s selection of Topaz. With our proven track-record of reliable and safe operations which spans decades in the Caspian region, Topaz continues to capture value in this complex offshore market. Vard’s longstanding shipbuilding traditions, cutting-edge innovation and in-house technology perfectly complements Topaz’s reputation for providing quality and bespoke solutions to meet our client’s needs and we look forward to deepening our relationship with the Vard group. Our sincere gratitude also to Blue Water Shipping who is a regional leader in tailor-made transport and logistics solutions and our ideal partner in the execution of this complex logistics project.”

Tengizchevroil LLP is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur. Current partners are: Chevron, 50 percent; KazMunaiGas NC JSC, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent and LukArco, 5 percent.

This is the second large contract awarded to Topaz this year, following the contract to supply 14 offshore support vessels to BP in Azerbaijan as announced in March 2016.

About Topaz Energy and Marine

Topaz Energy and Marine is a leading offshore support vessel company providing marine solutions to the global energy industry with primary focus on the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico. Headquartered in Dubai, Topaz operates a fleet of 100 offshore support vessels of an average age of 7 years. Topaz is a subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.

Source: www.topazworld.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.