Topaz Energy & Marine Raises Funds to Acquire Caspian Server PSV

Renaissance Services subsidiary Topaz Energy and Marine Ltd successfully raised US $23 million to finance the acquisition of the US $38 million 'Caspian Server' Platform Supply Vessel (PSV). The loan is financed by DVB Bank of Germany.

The vessel will be deployed in the Caspian Sea in support of a ten-year US $225 million contract recently signed with global oil major BP. The handover is the first in a series of vessel deliveries in support of the contract.

The 'Caspian Server' is a DP2 PSV. The overall length is 73.6 meters with a moulded beam of 16 meters and will be mobilized from Denmark to Baku in Azerbaijan via the Volga-Baltic canal.

Topaz CEO, Fazel A. Fazelbhoy said in a statement, "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."

The contract was won in September 2008 in competition with several global players. An Emergency Recovery and Response Vessel (ERRV) with three daughter craft and an Anchor Handling Tug Supply Vessel (AHTS) are currently under construction and will be delivered in 2010.