Topaz Wins 10-Year Contract to Support Kashagan Devt Program

Renaissance subsidiary Topaz Energy and Marine has just secured a c. RO 38.5 million (US $100 million) long-term contract with Agip KCO in Kazakhstan through its BUE Kazakhstan firm.

Under the contract, the Renaissance subsidiary will custom-build, own and operate six specialized barges over a ten-year period to support its development program in the Kashagan oil field in the Northern Caspian.

The award further solidifies the company's ability to deliver stable cash flows and investor returns over a number of years in these times of global financial turmoil, and leverages the group's already leading market position in the Caspian.

The contract calls for six ice-class barges to be deployed in 2010 comprising of three cutting, one liquid-mud and two flat-top barges. Each is specialized to handle icy conditions and the units are all low-draft when fully loaded.

The contract award is in addition to another recent Caspian win of c. RO 86.5 million (US $225 million) contract with BP. Under that contract, the company will operate three vessels in support of BP's program in Azerbaijan over the next ten years.