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    Topaz expands into Brazilian market

    Company News // February 24, 2011

    Topaz Energy and Marine has announced that it has agreed to acquire two offshore supply vessels in Brazil for price of US$40.4 million. 

    The vessels, Sea Otter and Sea Marten, were built in 2007 and 2010 and are both anchor handling tug supply vessels.

    The vessels are employed on three year time charter contracts with Petrobras.

    Fazel Fazelbhoy, Chief Executive Officer of Topaz Energy and Marine, said: “Brazil offers significant growth opportunity for Topaz, and these vessel acquisitions provide us with an excellent first entry point into the buoyant offshore market."

    "We will continue to pursue growth through partnerships, vessel acquisitions and new build orders. This acquisition is in line with the next steps of our declared business strategy and builds upon extensive preparations to enter the Brazilian market.”

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