Topaz enters into MOA for USD 29.5 million vessel sale
28 December 2009Topaz Energy and Marine today announced that it had entered into an MOA for the sale of its DP2 Diving Support Maintenance Barge, ‘TEAM Siam’, to Mermaid Offshore Services Ltd. The USD 29.5 million sale is part of Topaz’s ongoing fleet upgrade programme towards new tonnage and a move towards more deepwater assets which is closely aligned with its long-term corporate strategy.
The Dubai based marine services and oil and gas fabrication company, Topaz Energy and Marine, today announced the divestment of the ’TEAM Siam’, a DP2 Diving Support Maintenance Barge to Mermaid Offshore Services Ltd. of Thailand. The move comes as a natural progression of Topaz’s long-term relationship with Mermaid and represents exceptional value for both parties.
The ‘TEAM Siam’ has been on charter to Mermaid Offshore for over four years. The vessel has performed outstandingly and has proven crucial to Mermaid’s operations. The decision to execute the sale was a logical development and highly beneficial to both Topaz and Mermaid.
In the normal course of business, and in line with its fleet upgrade program towards new and more deepwater assets, Topaz acquires and divests vessels on a regular basis every year. During 2009, Topaz has taken delivery of eight vessels at a value of USD 109 million and its newbuild programme is currently worth over USD 200 million. This considerable investment in growth has seen Topaz’s fleet strength surpass 100 during 2009 and the fleet is expected to grow further in 2010.
Fazel A. Fazelbhoy, CEO at Topaz commented on the transaction, “Topaz received a compelling offer from Mermaid because they see value in the vessel; it’s a win-win for both sides. To Topaz the sale represents a good opportunity to book a capital gain and redeploy cash on new and modern deepwater assets in line with our strategic plan”.
About Topaz Energy and Marine
Topaz Energy and Marine is today one of the world’s leading marine services and oil & gas fabrication companies, with over 35 years of experience in the Middle East. Topaz is a wholly owned subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market. Operating throughout the Middle East and the Caspian, with vessel operations in North Africa and S.E. Asia, Topaz employs over 6,000 people. With its operational headquarters in Dubai, UAE, Topaz operates under two primary business divisions – Topaz Marine and Topaz Engineering. Topaz Marine; the offshore support vessels division comprises Nico Middle East, Doha Marine Services, Topaz Marine Saudi Arabia, BUE Caspian, BUE Kazakhstan & BUE Turkmenistan. Topaz Engineering comprises Adyard (Abu Dhabi) and Nico International.
For further information on Topaz Energy and Marine:
Monika Baranwal
Corporate Communications Officer
Tel: +971 4 339 13 51
[email protected]