Dubai: Topaz Energy and Marine Ltd (TEAM) of Dubai reports that its subsidiary BUE Caspian has been awarded contracts for the provision of three offshore support vessels by BP Azerbaijan (AIOC). The contracts are for firm periods ranging from three to seven years, with extension options for a further three years.
The initial investment of over $65 million in vessel construction brings to 10 the total of newbuild vessels mobilised to Azerbaijan within a five year period, reports TEAM. The potential contract value is estimated to be in excess of $210 million assuming that all of the contract options are exercised.
Roy Donaldson, General Manager, BUE Caspian, stated, "This is the second major tender that the Alliance has been awarded by BP Azerbaijan in the past two years. This clearly demonstrates their confidence in our capabilities within a very competitive market where, quality, health and safety performance is paramount".
Under the terms of the agreement BUE Caspian will supply two Norwegian Built Ulstein UT755L Platform Supply Vessels and one Fast Crew Boat presently under construction by Damen in Holland. The first UT755L named Caspian Pride will enter service in October 2007 with both other new build vessels arriving in Baku, Azerbaijan during 2008.
Currently operating under an alliance agreement with KMNF, itself a subsidiary of the Azerbaijan State Oil Company, SOCAR, BUE Caspian currently has 15 offshore support vessels chartered by AIOC and operating out of Baku, Azerbaijan. The three new vessels will complement the existing offshore support fleet with supply and services to the newly constructed East Azeri, West Azeri and Deepwater Guneshli installations. [28/09/07]
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