Offshore support vessel company Topaz Energy & Marine has been awarded a US$100M contract by Dragon Oil that has boosted its backlog to what it claims is an industry leading level.
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.
Under the terms of the contract, Topaz will supply Dragon Oil Turkmenistan with six vessels, including five anchor handlers and an emergency recovery and response vessel. The contract has already commenced, with vessel mobilisation and operation under way.
The contract has a five-year term with a two-year option and brings Topaz’s backlog to more than US$1.5Bn.
René Kofod-Olsen, chief executive of Topaz Energy and Marine said, “This is a critical contract win. It not only increases our revenue backlog above US$1.5Bn – the highest in the industry – but it also demonstrates the trust that Dragon Oil has placed in our ability to deliver the technology and safety capabilities our clients increasingly require. Our solid funding also means that we are able to structure long-term commercial terms which offer predictability and value to our clients at very low counterparty risk.”