Topaz secures $100m vessel supply contract with Dragon Oil


Topaz Energy and Marine has secured a new $100m vessel supply contract with Dragon Oil, an oil and gas subsidiary of Emirates National Oil Company (ENOC).

Under the contract, Topaz will supply six vessels to Dragon Oil whose flagship asset is located in the Cheleken Contract Area, eastern Caspian Sea, offshore Turkmenistan.

The fleet is already mobilised and comprises of five anchor-handlers and one emergency recovery and response vessel.

The contract has a five-year term with an option for two additional years.

Topaz Energy and Marine CEO René Kofod-Olsen said: “This is a critical contract win for Topaz. It not only increases our revenue backlog above $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 counter-party risk."

“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 counter-party risk.”

Topaz is operating in Turkmenistan since 2010 and owns a fleet of 97 vessels with an average age of approximately nine years, 62 of which are deployed in the Caspian region across Azerbaijan, Russia, Kazakhstan and Turkmenistan.

All vessels deployed in the Caspian region are engaged in exploration, development and production services for multiple companies, including BP, Chevron, ExxonMobil and Saipem.

Based in Dubai, Topaz provides logistics support and marine solutions to the global energy industry.


Image: Topaz Installer, a DP2 cable-laying vessel. Photo: courtesy of Topaz Energy and Marine.