Topaz to help Dragon Oil develop Turkmenistan’s offshore oil and gas – The National

A 12,000-tonne mobile offshore production unit constructed by Topaz Energy and Marine. The company will work with Dragon Oil in Turkmenistan. Courtesy Topaz Energy and Marine

Dubai-based Topaz Energy and Marine will supply vessels to Dragon Oil, the upstream unit of Emirates National Oil Company (Enoc), for the development of Turkmenistans offshore hydrocarbon resources.

The Turkmenistan area, which is Dragon Oils principal producing asset, is in the eastern section of the Caspian Sea with the extracted oil and gas heading to Azerbaijan and Russia. The company has drilled more than a hundred new wells since the start of its production sharing agreement in 2000, and will maintain its control until 2025, from which time Dragon Oil will have the option to negotiate an extension of at least 10 years or more.

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The US$100 million contract is for six vessels, including an emergency recovery and response boat, is for five years with a two-year option. The oil services company said that it had already started preparing the vessels for deployment to the Cheleken contract area.

Ren Kofod-Olsen, the chief executive of Topaz, said that the project increased the firms revenue backlog above $1.5 billion which it said was the highest in the industry.

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 counterparty risk, he said.

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Topaz, like many oil services companies, felt the pressure of sustained low oil prices, swinging to a loss of $2.4m last year with a fleet utilisation rate of 60 per cent. Mr Kofod-Olsen said in March that he expected this year to be challenging with a pick up in the second half.

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Topaz to help Dragon Oil develop Turkmenistan's offshore oil and gas - The National