Topaz secures contracts for Tengiz field in Kazakhstan

DUBAI -- Topaz Energy and Marine, an offshore support vessel company, has secured substantial contracts in connection with the development of Tengiz oil field in Kazakhstan during 2016. The two contract wins, announced in the second and third quarter, together represent revenue of more than $500 million. The two contracts bring Topaz’s backlog to approximately $1.6 billion.

Under the terms of the main contract awarded by Tengizchevroil (TCO) to a consortium comprising Topaz and Blue Water Shipping A/S, Topaz will commission the construction of 15 module carrying vessels (MCVs). The vessels will be owned and operated by Topaz and will commence work in the second quarter of 2018, for a minimum contract period of three years. Topaz has also been appointed the technical manager of three additional MCVs by a consortium comprising Blue Water Shipping A/S and Kazmortransflot (KMTF).

René Kofod-Olsen, CEO, Topaz Energy and Marine, said, “We are honored to have been entrusted to run vessel operations for this crucial project. The two recent project awards have added tremendously to Topaz’s backlog and therefore improved our earnings visibility and credit strength in these challenging times for the OSV industry.”

Tengiz oil field is operated by Tengizchevroil LLP; a Kazakh partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur. Current partners are: Chevron, 50%; KazMunaiGas NC JSC, 20%; Exxon Mobil Kazakhstan Ventures Inc., 25%; and LukArco, 5%.