Topaz Signs Long-Term Charter With Reach

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According to a report published by EP Magazine, Topaz Energy and Marine has recently signed a long-term agreement with Reach Subsea. The agreement signed on Nov. 8 enables Reach to charter the newbuild subsea vessel, Topaz Tiamat.

The charter adds to Topaz’s industry-leading revenue backlog which prior to this signing stands at $1.4 billion.

How will it be done?

Topaz ordered this vessel in 2015 as part of an ongoing fleet renewal and reinvestment strategy.

Topaz will immediately initiate the vessel’s mobilization including minor upgrades from its current position in Norway for a mid-February delivery to Reach for the firm two-and-a-half-year charter, with three yearly options thereafter.

Why is it important?

The agreement fairly reflects market terms in addition to an innovative profit sharing agreement between the parties from the use of the vessel in support primarily of IMR, subsea construction and survey projects.

About the vessel

The Topaz Tiamat is a 1,000 sq meters (10,763 sq ft), diesel-electric light subsea construction vessel with 82 pax accommodation in comfort class 3, equipped with an AHC 120-tonne subsea construction crane. The charter envisages a battery pack upgrade that will even further drive fuel savings and reduce the vessel’s environmental footprint, and the integration of two hangar deployed, deepwater capable work-class ROVs.

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Source: Topaz

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