The new agreement with BP Exploration (Caspian Sea) Limited sees seven offshore support vessels under contract until 2025, three until 2023 and two until 2022. The contracts also have options to extend for two further years.
No financial details of the contracts were disclosed.
The vessels will continue to support BP’s work on the Shah Deniz and ACG fields in the Azerbaijan sector of the Caspian Sea. Topaz has 21 vessels operating in Azerbaijan
“This contract extension adds important secured revenue and credit strength to our balance sheet, laying further foundation for a solid 2019 and beyond,” said René Kofod-Olsen, ceo of Topaz Energy and Marine.
The Caspian has been a strategic region for Topaz for more than two decades and this agreement in Azerbaijan demonstrates our commitment to building on our existing position supported by our highly-valued partners in the country.”