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Topaz wins 'critical' $100m Dragon Oil contract

Topaz Energy and Marine has clinched a new $100m contract with Emirates National Oil Co upstream unit Dragon Oil in the Caspian.

Under the contract Topaz will supply Dragon Oil Caspian with six vessels, comprising five anchor-handlers and one Emergency Recovery and Response Vessel.

Ramp-up and mobilisation are already underway for the five-year contract with a two year option. The contract brings Topaz's order backlog to $1.5bn.

“This is a critical contract win for Topaz. It not only increases our revenue backlog above $1.5 billion – the highest in the industry – but it also demonstrates the trust that Dragon Oil has placed in our ability to deliver the technology and safety capabilities our clients increasingly require,said René Kofod-Olsen, ceo of Topaz.

“Our solid funding also means that we are able to structure long-term commercial terms which offer predictability and value to our clients at very low counterparty risk.”

The wider Caspian region is key to Topaz's buisness with 62 of its OSVs deployed in the region servicing the exploration, development and production needs of major companies such as BP, Chevron, ExxonMobil and Saipem in Azerbaijan, Russia, Kazakhstan and Turkmenistan. 

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