Topaz awarded Seatrade “Deal of the Year”

Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company, has received the “Deal of the Year” Award at the 2016 Seatrade Global Awards in London, for its contract win with BP Exploration (“Caspian Sea”) Limited (“BP”).



Topaz announced its contract with BP in March 2016. Under the terms of the agreement, Topaz will supply 14 offshore support vessels for a five-year period plus two one-year options at current market terms, 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 and demonstrate the company’s competitiveness in the Caspian market.
René Kofod-Olsen, Chief Executive Officer, Topaz Energy and Marine, said, “We are honored to have been awarded the Seatrade ‘Deal of the Year’ Award. This award marks the first time Topaz has secured a prestigious international award and reflects our increasing presence as a globally significant OSV business. We are especially proud to have been recognized for our efforts in a period of tough market conditions. We are grateful to have the opportunity to work with world-class clients such as BP and we thank them for their ongoing trust in our ability to deliver.”

Topaz’s fleet contracted by BP through the agreement spans large anchor-handlers, platform supply vessels and emergency response and recovery 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.

The Seatrade Awards were first introduced in 1988, to celebrate and recognize the achievements of the industry and outstanding individuals within it. This year sees the 28th edition of the awards.

Location: London, UK