Topaz in $60m fleet expansion

With an investment of over $60 million, the two new purpose built vessels will begin operations in the Caspian region later this year.

The Norwegian built Platform Supply Vessel (PSV) Citadel is expected to join the BUE fleet early next month where it will commence operations in the South Caspian region. The Citadel is a 72-metre, Dynamic Positioning (DP2), multi purpose Caspian designed vessel with on board facilities for 70 personnel as well as moon pool diving facilities for sub sea work.

Earlier this month, BUE Caspian also inaugurated the state-of-the-art 60-m Emergency Response and Rescue Vessel (ERRV) Baki, in Singapore. The Baki is the first vessel to be built specifically to enhance the safety of personnel and assets offshore and is one of the most technically advanced vessels of its kind in the world.

Samir J Fancy, chairman, Topaz, commented: "The launch of two new vessels is a significant milestone for us as we continue to consolidate our market position as the premier, offshore support vessel operator in the region."

Topaz Energy owns and operates over 70 offshore support vessels throughout the Middle East, Caspian and SE Asia and has invested over $100 million in new built craft since the acquisition of BUE Marine in 2005. Topaz Energy plans similar size investments to be made in 2007 and 2008 as the company's oil and gas businesses continues to gain market share throughout the region.

"Operating in the epicenter of the some of the world's largest offshore hydrocarbon reverses, we can take advantage of over 30 years' experience in the industry to capitalise on the growing offshore market," added Stephen Thomas, CEO, Topaz.

Headquartered in Dubai, Topaz Energy and Marine is one of the UAE's leading oil and gas and marine services companies. TradeArabia News Service