BP's Caspian Sea unit has inked 14 offshore support vessel contracts with Topaz Energy and Marine.
The contracts cover a five-year period plus two one-year options at current market terms and will be primarily in support of BP’s ACG and Shah Deniz II fields offshore Azerbaijan.
The agreement extends currently running contracts for the 14 vessels until 2023, including all options. These contracts bring Topaz’s global revenue backlog to nearly US$1.4 billion.
René Kofod-Olsen, Topaz Energy and Marine's CEO, said: “The agreement provides a long-term platform from which to build further scale in the broader Caspian and adds significantly to Topaz’s credit strength through tremendous revenue visibility.”
Topaz’s fleet contracted by BP through the agreement spans large anchor-handlers, platform supply vessels and emergency response and recovery vessels.
Topaz’s total fleet serving in Azerbaijan numbers 21 vessels. Topaz has been active in Azerbaijan for several decades and is committed to Azerbaijan and the wider Caspian for the long-term, demonstrated through its high levels of localization and significant investments over many years.