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Topaz inks subsea vessel charter with Reach Subsea

Topaz Energy and Marine have signed a long term contract with Reach Subsea for the charter of the subsea vessel Topaz Tiamat.

The newbuilding constructed at Vard will be chartered by Reach of two and half years with three one-year options.

The vessel will be mobilised immediately, including minor upgrades, for deployment in February next year. In terms of the charter rate Topaz said: “The agreement fairly reflects market terms in addition to an innovative profit sharing agreement.”

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The Topaz Tiamat is a 1,000 sq m, diesel-electric light subsea construction vessel with 82 person accommodation in comfort class 3, equipped with an AHC 120-tonne subsea construction crane.

“The Topaz Tiamat, and its sister vessel Topaz Tangaroa, represents Topaz’s strategic reinvestment into the growing subsea segment,” said Rene Kofod-Olsen, ceo of Topaz Energy and Marine.

“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.”

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