Topaz Marine divest Team Siam for US$ 29.5 million Topaz Marine has divested its offshore support vessel TEAM Siam last month to Thailand-based Mermaid Offshore Services Ltd for US$ 29.5 million (Rial 11.3 million) in a deal that represents exceptional value for both parties. TEAM Siam, a DP2 Diving Support Maintenance Barge, had been on charter to Mermaid Offshore for over four years. The vessel was refitted in 2002 to ensure an extended life value and was extremely well maintained by its Topaz operators. TEAM Siam performed outstandingly and had proven crucial to Mermaid’s operations, making the vessel an attractive asset on offer. The move comes as a natural progression of the company’s long-term relationship with Mermaid and is part of Topaz’s ongoing fleet upgrade programme which pursues acquisitions and divestments of vessels on a regular basis every year. Stephen Thomas, Renaissance CEO commented on the deal saying, “Renaissance owns over US$ 1 billion (Rial 384.6 million) of assets and this type of transaction highlights the embedded value in the company’s balance sheet.”
According to Fazel A. Fazelbhoy, CEO at Topaz, “Topaz received a compelling offer from Mermaid because they see value in the vessel; it's a win-win for both sides. To Topaz the sale represents a good opportunity to book a capital gain and redeploy cash on new and modern deepwater assets in line with our strategic plan. The sale is a reflection on the company’s quality of maintenance and continuous investment in its vessels that ensure the integrity and durability of the company’s assets.”
New vessels join fleet in 2010 Six new AHTSV vessels are scheduled to come online the Topaz Marine MENA fleet this year, while the Topaz Marine Azerbaijan fleet is also set to welcome new vessels to its Caspian locations. Anchor handling tug supply (AHTSV) vessels are vessels which supply oil rigs, tow them to location, anchor them up and, in a few cases, serve as an Emergency Rescue and Recovery vessels (ERRV). AHTSV differ from Platform Supply Vessels (PSV) in being fitted with winches for towing and anchor handling, having an open stern to allow the decking of anchors, and having more power to increase the bollard pull. The machinery is specifically designed for anchor handling operations. They also have arrangements for quick anchor release, which is operable from the bridge or other normally manned location in direct communication with the bridge. AHTSV Vessels joining in 2010 Topaz Jurong Topaz Karama Topaz Khuwair Topaz Khalidiya Topaz Khobar Topaz Johor
The Channel - issue 9 - Janurary 2010