Dubai-based Topaz Energy and Marine, one of the world’s leading offshore marine logistics companies, has signed a long-term agreement with Reach Subsea, which will charter the newbuild subsea vessel, Topaz Tiamat. Topaz ordered this vessel from the Norwegian yard, Vard, in 2015 as part of its ongoing fleet renewal and reinvestment strategy.
Topaz will immediately initiate the vessel’s mobilisation, including various upgrades, from its current position in Norway for a mid-February delivery to Reach for the 2.5 year charter, with three yearly options thereafter. The 98m long Topaz Tiamat is a subsea construction vessel with 82 passenger capacity equipped with an AHC 120-tonne subsea construction crane. The charter envisages a battery pack upgrade that will further improve fuel savings and reduce the vessel’s environmental footprint, and the integration of two hangar-deployed, deepwater capable Remotely Operated Vehicles.
Rene Kofod-Olsen, Chief Executive of Topaz Energy and Marine said: “The Topaz Tiamat, and its sister vessel Topaz Tangaroa, representsTopaz’s strategic reinvestment into the growing subsea segment. This newbuild project was executed counter-cyclically at a time of great turmoil in the broader offshore market, making it particularly rewarding to see the first vessel leave the yard and, as expected, go straight onto a significant long-term contract with a strong subsea partner like Reach.”
Topaz has recently announced that in the third quarter of 2018 its total revenues increased to US$ 92 million, up 53% compared to the third quarter of 2017, while its EBITDA profitability increased by 70% to US$ 51 million. Overall core fleet utilisation rose to 86% following significant improvements in both the MENA and Africa regions.
Following a number of vessel divestments, Topaz has recently acquired an additional, diesel-electric AHTS vessel, Topaz Mariner, a sister to the Topaz Master which it received in the second quarter of the year. Both these two vessels will be deployed into the Kingdom of Saudi Arabia market, servicing a major oil company.