Dubai-based OSV operator Topaz Energy and Marine has been awarded a one year contract extension, with options for at least 12 months, from ABB for cable-laying services in support of wind farms in the North Sea.
Topaz Energy and Marine ceo René Kofod-Olsen is “very upbeat” about the Offshore Support Vessel (OSV) market in the medium term but only if the troubled sector undertakes major consolidation now.
Topaz Energy and Marine inked a $300m order for 15 module carrier vessels at shipbuilder Vard.
Although suffering a downturn like the rest of the global offshore industry, the Gulf OSV sector, under the protective wing of some of the world’s biggest NOCs, is grinding out a difficult year.
A vessel impairment of $71m pushed Topaz Energy and Marine to a $58.5m loss in 2015, versus $52.1m profit in 2014.
BP has extended contracts for 14 OSVs from Topaz Energy and Marine operating in Caspian Sea.
Topaz Energy and Marine has posted a $3.1m loss in H1, compared with a $21.9m profit in H1 2014, its bottom line hit by long-term strategic investments in West Africa.