Topaz commences planned expansion into Brazil

22 February 2011

Topaz Energy and Marine (‘Topaz’), a leading international oilfield services group, today announced that it has agreed to acquire two offshore supply vessels in Brazil based on a total delivered price of $40.4 million.

The vessels, Sea Otter and Sea Marten, were built in 2007 and 2010 and are both Anchor Handling Tug Supply vessels (AHTSV). AHTSV are specialised vessels used in support of offshore oil and gas activity. The vessels are employed on three year time charter contracts with Petrobras, the semi-public Brazilian oil company and the largest in Latin America.

Fazel Fazelbhoy, Chief Executive Officer of Topaz Energy and Marine, said:
“Brazil offers significant growth opportunity for Topaz, and these vessel acquisitions provide us with an excellent first entry point into the buoyant offshore market. We will continue to pursue growth through partnerships, vessel acquisitions and new build orders. This acquisition is in line with the next steps of our declared business strategy and builds upon extensive preparations to enter the Brazilian market.”

Topaz Energy and Marine is a provider of offshore support vessel and engineering services. It has a modern and diversified fleet of 100 vessels operating primarily in the MENA and Caspian regions.

—ENDS—

Enquiries
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Topaz Energy & Marine
Topaz Energy and Marine is a leading oilfield services company providing marine and engineering solutions to the global energy industry with primary focus on MENA and the Caspian Sea. Headquartered in Dubai and with more than 35 years of experience in the Middle East, Topaz operates a fleet of approximately 100 offshore support vessels and provides energy and marine engineering services. Topaz is a wholly owned subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.