Renaissance to Operate 7 Vessels Offshore Turkmenistan

Renaissance Services has won a new contract in Turkmenistan through its subsidiary, Topaz Energy and Marine, valued at RO 5.4 million (US $14 million), representing a strategic breakthrough for the oil and gas services provider.

The contract will be operated by BUE Turkmenistan, a group company of Topaz Energy and Marine, and runs for a period of 12 months.

The scope of work under the contract will involve operating seven marine vessels in the Carigali field offshore Turkmenistan for client MMHE (Malaysian Marine and Heavy Engineering). MMHE is operating a joint venture between Technip and Petronas in the construction and linkage of a high-tech platform, the Magtymguly Collector Riser (MCR-A), offshore Turkmenistan.

BUE Turkmenistan will deploy modern and high-specification marine vessels worth over RO 23 million (US$ 60 million) to transport and support the installation of the topside and pipe lay foundation from MCR-A to the onshore gas terminal.

The vessels include three anchor handling tug supply vessels (AHTS), two barges for pipe lay support, one fast crew boat and one towing vessel. Since the Turkmen sector of the Caspian has historically been dominated by older tonnage the new vessels are set out to make a compelling impact in the local market.

Turkmenistan has proven gas reserves of approximately eight trillion cubic meters, placing it fourth in the world after Russia, Iran and Qatar. Renaissance Services had stated in its 2008 Annual Report that its marine business held 90% of the market in Azerbaijan and 41% of the market in Kazakhstan. Revenue from Renaissance’s marine operations last year totaled RO 83.5 million (US$ 217.1 million).