In a major confidence boost for UAE-based fabricators, Topaz Energy & Marine has secured financing from Germany’s DVB Bank for a US$23 million purchase of the ‘Rem Server’ Platform Supply Vessel’ (PSV).
The deal is evidence of the trust that international financing agencies have in the company, which reported record results in 2008 for the eighth consecutive year and which boasts a portfolio of long-term contracts.
The vessel, to be renamed ‘Caspian Server’, will shortly be put to work in the Caspian Sea on a 10-year charter contract for oil supermajor BP, and represents the first in a series of vessel deliveries in support of that contract.
Topaz Marine operates a fleet of over 90 vessels in the Caspian, and is one of the leading offshore support vessel firms in the world.
“Being able to secure finance facilities for the expansion of our fleet in this turbulent economic environment is a testament to Topaz’s financial solidity, our blue-chip client base and the great trust placed in our growth by our bankers,” said Topaz CEO Fazel Fazelbhoy.
