Topaz reinvests in Subsea fleet with Vard

27 September, 2015, Dubai, UAE: Topaz Energy and Marine (“Topaz”), a leading international offshore support vessel company, today announces the acquisition of two modern Subsea vessels from Vard Brattvaag in Norway at a purchase price of approximately US$115 million.

Specifically developed for light subsea construction with intervention duties, the vessels will be of VARD 3 08 design and are scheduled for delivery in 3Q 2017 and 4Q 2017. Topaz retains an option for two more vessels.

René Kofod-Olsen, CEO, Topaz Energy and Marine, said:

“We have confidence in the growth of the Subsea sector and accordingly we’re reinvesting in our Subsea-capable fleet with these innovative and fit-for-purpose vessels. By building in what is a challenging time for the industry we have minimized costs, and believe that at the time of delivery the market will have rebalanced sufficiently to be generating healthy demand. These highly capable, energy efficient and cost-effective vessels will benefit Topaz and our global clients immensely.

“Vard is one of the leading global designers and shipbuilders of high-end OSVs. Their longstanding shipbuilding traditions, cutting-edge innovation and technology coupled with an integrated design house, made us comfortable in entrusting this project to Vard.”

The DP2 class vessels will have a 120-ton active heave compensated offshore crane with the capability to reach working depths of 3,000 meters. Subsea equipment can be lowered down onto the seabed through a moonpool or over the shipside. In addition, both vessels will be prepared for two Remote Operated Vehicles (ROVs), which are deployed via Launch and Recovery Systems (LARS) in the ship’s side. The vessels will be built according to the latest Special Purpose Ship (SPS) regulations, with diesel electric engines and the ability to accommodate up to 82 persons in high standard cabins.