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BP contracts confirm Topaz Energy’s digital strategy

Mon 25 Mar 2019 by John Snyder

BP contracts confirm Topaz Energy’s digital strategy
René Kofod-Olsen (Topaz Energy): "The contracts reflect the strength of our partnering approach with BP and the value of our differentiated marine logistics offering"

Dubai-based Topaz Energy and Marine’s digital transformation from a traditional OSV owner to a vessel owner and innovative logistics services provider is evident in its contract extensions for 12 OSVs with BP Exploration (Caspian Sea) Limited in Azerbaijan.

Topaz Energy and Marine’s chief executive René Kofod-Olsen said the long-term offshore support contracts reflects “the strength of our partnering approach in the relationship with BP and the value of our differentiated marine logistics offering...”

As the keynote speaker at the Annual Offshore Support Journal Conference in London, Mr Kofod-Olsen spoke passionately about Topaz Energy’s efforts to create a value proposition for its clients and become a preferred provider of end-to-end logistics solutions. Investments in onboard satellite communication systems, for example, have allowed Topaz Energy to capture data in real-time across its core fleet to better inform decision-making between vessels, onshore operations and clients. It has also made digital investments to enhance fleet maintenance, operational uptime and fuel consumption.

The BP deal enhances Topaz's already strong 'fortress' position in the Caspian Sea, where it has 21 vessels serving in Azerbaijan. Under the terms of the agreement, seven of the OSVs will be under contract until 2025, three until 2023 and two until 2022. All the contracts can be extended for two more years.

BP charters large anchor handlers, platform supply vessels and emergency response and recovery vessels from Topaz. The vessels will continue to support BP's work on the Shah Deniz and ACG fields in the Azerbaijan sector of the Caspian Sea.

“The Caspian has been a strategic region for Topaz for more than two decades,” said Mr  Kofod-Olsen, “and this agreement in Azerbaijan demonstrates our commitment to building on our existing position supported by our highly valued partners in the country."

Topaz Energy and Marine chief operating office Martin Helweg will take part in a panel discussion: View from the top: balancing supply and demand at the Middle East Offshore Support Conference in Dubai, 24-25 April 2019.

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