Topaz awarded $24m contract by Petronas/Technip JV

Dubai-based company to provide marine services in Turkmenistan

Topaz CEO, Fazel A. Fazelbhoy.
Topaz CEO, Fazel A. Fazelbhoy.

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The Dubai-based Topaz Energy and Marine has announced that it has been awarded US$24 million marine services contract by Malaysian Marine Heavy Engineering (MMHE) in Turkmenistan.

MMHE, a joint venture between the French contractor Technip and Malaysian NOC Petronas, is engaged in the construction and development of the hook up and commissioning of the Magtymguly Collector Riser (MCR-A) offshore Turkmenistan.

Topaz’s scope of works will include transportation to support the installation of the topside and pipe lay support from MCR-A to the onshore gas terminal.

“This contract award is of tremendous strategic importance to Topaz. Turkmenistan as a gas exporting country has great untapped potential and to establish relationships with two such stalwarts as Petronas and Technip in the Turkmen oil and gas industry is of immense value for the future,” Topaz CEO, Fazel A. Fazelbhoy said.

“This contract is aligned with Topaz’s strategic focus on providing high quality marine assets for term-contracts providing longer earnings visibility and stable investor returns. With support of our strong ties with international financial institutions, Topaz’s growth path continues to look extremely healthy,” he added.

The work will be carried out through the Topaz subsidiary BUE Turkmenistan.

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