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Mon, 09/08/2008 - 12:51
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UAE's Topaz Energy secures $225m contract from BP in Azerbaijan

Dubai, Sept. 8, 2008 (WAM) - Dubai-headquartered Topaz Energy and Marine Limited announced that its wholly owned subsidiary BUE Marine Limited has been awarded a ten year-$225m contract from BP Azerbaijan to custom-build and supply three support marine vessels.

BUE beat competition from across the globe for the three vessel package, which comprises one Dynamically Positioned Platform Supply Vessel (PSV), one Dynamically Positioned Anchor Handling Tug Supply Vessel (AHTS) and one Emergency and Recovery and Response Vessel (ERRV), a company press release said Sunday.

Fazel Fazelbhoy, Chief Executive of Topaz Energy and Marine said the AHTS and ERRV will be built specifically for the contract while the PSV will be an acquisition.

'The award of this contract, against strong International competition, is a 'vote of confidence' in our capabilities and commitment to the highest standards of Health Safety Security and Environmental Quality (HSSEQ),' he said.

'It follows the award of another long term three vessel contract by BP to BUE Marine in 2007 and reinforces Topaz's position as the leading provider of Marine support Services in the Caspian Sea region.' All vessels comply with the most recent International regulations and meet the highest environmental standards,' he said.

'The Emergency response vessel (ERRV) is capable of providing multi installation safety cover and is the first vessel in the region to be equipped with three daughter craft.

The Platform Supply Vessel will be the first vessel to enter service in the Caspian Sea in early 2009 with the remaining two vessels arriving in mid 2010.

Since its acquisition of BUE Marine three years ago, Topaz has significantly grown it's marine operations in the area, predicated on its strong service culture, commitment to operating to the highest safety standards and it's stated aim of providing value growth to its parent Company.

Topaz Marine and Energy is a wholly Owned subsidiary of Renaissance Services SAOG which is a publicly listed Company in Oman.

Topaz owns and operates over 100 offshore support vessels and is the largest Marine support vessel company in the Middle East.