Topaz Energy and Marine, a Dubai-based offshore support vessel and engineering services company, has been awarded a contract from GAC Group to provide completion services for two crew/cargo vessels.
Topaz’s NicoCraft shipyard in Abu Dhabi has been awarded the contract, the first from Dubai’s GAC, for an unspecified sum.
The construction and engineering works will be undertaken by Topaz’s Marine Engineering Division. Upon delivery, the vessels will be approximately 22 metres long, and will be capable of carrying 24 passengers plus 7 crew and 15 tonnes of cargo.
“NicoCraft has all the specifications we were looking for in a GCC-based company; they are industry professionals who know how to deliver the right end-product on time and within budget,” said Johan Fulke, Managing Director – Marine Services of GAC Marine. “This contract marks the start of an exciting new relationship for both our companies.”
Topaz has been dividing its Marine and Engineering businesses more formally since revelations last year of the poor performance of the engineering business following the departure of former CEO Fazel Fazelbhoy.
The company is now eying a floatation of the marine business while the engineering business is turned around, with caretaker CEO Stephen Thomas telling investors that “one of the realities emerging from the IPO” was that shareholders will realize more value if the marine and engineering businesses are accounted for separately. ”Engineering will not be ready for listing in a year,” Thomas told investors in August 2011. “Marine can.”
“Our first contract win with GAC is further recognition that our combined expertise in the construction and repair of aluminium and steel vessels are truly world class,” said Thomas Bower, Managing Director of the Topaz Marine Engineering Division. “The shipyard has successfully delivered over 20 vessels in the last 3 years, and has gained international recognition as an efficient and safety conscious operation.”
