BUE Caspian secures new deal with BP Azerbaijan (AIOC)News // September 28, 2007
BUE Caspian, a wholly owned subsidiary of Dubai-based Topaz Energy and Marine Ltd has announced that it has been awarded contracts for the provision of three support vessels by BP Azerbaijan (AIOC).
The contracts are for firm periods ranging from three to seven years, with extension options for a further three years.
The initial investment of over US$65 million in vessel construction brings to a total 10 new build vessels mobilised to Azerbaijan within a five year period.
The potential contract value is estimated to be in excess of US$210 million assuming that all of the contract options are exercised.
Roy Donaldson, General Manager, BUE Caspian, sAID: "This is the second major tender that the Alliance has been awarded by BP Azerbaijan in the past two years. This clearly demonstrates their confidence in our capabilities within a very competitive market where, quality, health and safety performance is paramount".
Under the terms of the agreement BUE Caspian will supply two UT755L PSVs and a single Fast crewboat, which is under construction at Damen in The Netherlands.
The first UT755L, Caspian Pride, will enter service in October 2007 with both other newbuild vessels arriving in Baku, Azerbaijan during 2008.
Currently operating under an alliance agreement with KMNF, itself a subsidiary of the Azerbaijan State Oil Company, SOCAR, BUE Caspian currently has 15 offshore support vessels chartered by AIOC and operating out of Baku, Azerbaijan.
The three new vessels will complement the existing offshore support fleet with supply and services to the newly constructed East Azeri, West Azeri and Deepwater Guneshli installations.