Caspian Sea focused Dragon Oil has awarded a US$100 million contract to offshore support vessel (OSV) firm Topaz Energy and Marine for use of six vessels.
Dragon Oil is the upstream oil and gas subsidiary of Emirates National Oil Company (ENOC), whose principal asset is the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan.
Topaz will supply Dragon Oil Turkmenistan with five anchor-handlers and one emergency recovery and response vessel. The contract has already started with vessel mobilization and operation ramp-up under way. The contract is scheduled for a five-year term with a two year option and brings Topaz’s market leading revenue backlog above $1.5 billion.
Topaz has been active in Turkmenistan since 2010. Out of a global fleet of 97 vessels, 62 of Topaz’s OSVs are deployed in the Caspian region, servicing the exploration, development and production needs of major companies such as BP, Chevron, ExxonMobil and Saipem in Azerbaijan, Russia, Kazakhstan and Turkmenistan.