Topaz Energy & Marine
Breakthrough year for EPC work
Topaz, a Middle East and Caspian focused oilfield services company, moves up our rankings this year after another set of solid financial results resulting from it’s prudent mix of short and long term contracts.
The 5,200-strong Dubai firm operates one of the largest offshore support vessel owner-operator businesses in the world.
CEO Fazel Falzelbhouy oversaw record net profit in 2010 of $70 million on $408 million revenue, improved – and record – profitability on 2009.
In October Topaz’s engineering business bagged a $100 million EPC contract for the Phase IV Oil Storage Terminal for GPSChemoil in Fujairah, one of the largest EPC tank terminal projects awarded to Topaz Engineering in terms of project value and terminal size.
In January Topaz announced they are sending the ‘Topaz Shaheen’ to serve as a standby support vessel for Maersk Oil Qatar in the Al Shaheen Field.
Topaz recently the ‘Caspian Protector’ to its fleet. The vessel will be deployed in Azerbaijan in support of a 10-year $225 million BP contract won in 2008.
