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Topaz-DVB sign $23m vessel finance agreement

Dubai: Topaz Energy and Marine has signed a $23m agreement with Germany's DVB Bank to finance the acquisition of the $38m 'Rem Server' Platform Supply Vessel (PSV). The vessel, to be renamed 'Caspian Server', will be deployed in the Caspian Sea in support of a ten-year $225m contract signed with BP in September 2008.

"Being able to secure finance facilities for the expansion of our fleet in this turbulent economic environment is a testament to Topaz's financial solidity, our blue-chip Client base and the great trust placed in our growth by our bankers," said Topaz ceo Fazel A. Fazelbhoy.

The handover of the 'Caspian Server' is the first in a series of vessel deliveries in support of the BP contract. An Emergency Recovery and Response Vessel (ERRV) with three daughter craft and an Anchor Handling Tug Supply Vessel (AHTS) are currently under construction and will be delivered in 2010.

"The addition of the 'Caspian Server' will contribute to a further reduction of the average age of our already modern fleet", said Roy Donaldson, ceo of Topaz Marine Division. The vessel is a DP2 PSV. The overall length is 73.6 meters with a moulded beam of 16 meters. It was built by Simek, Norway and will be mobilized from Frederikshavn, Denmark via the Volga-baltic canal to Baku in Azerbaijan.

Topaz Energy and Marine reported a 39% increase in revenues for 2008 with EBITDA up by 42%.  [26/03/09]

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