Topaz vessel sold for $29.5m

The Dubai-based marine services and oil and gas fabrication company Topaz Energy and Marine sold its offshore support vessel to Thailand's Mermaid Offshore Services for $29.5 million (Dh108.26m), its chief executive said yesterday.

Topaz Energy and Marine announced that it had entered into a agreement for the sale of its DP2 Diving Support Maintenance Barge, Team Siam, to Mermaid Offshore Services. The sale is part of Topaz's ongoing fleet upgrade programme towards new tonnage and a move towards more deepwater assets which is closely aligned with its long-term corporate strategy.

The Team Siam has been on charter to Mermaid Offshore for more than four years. "We are selling our older vessels to buy new ones to update our fleet and I believe this transaction is a good deal to Mermaid," Stephen Thomas said.

"Topaz received a compelling offer from Mermaid because they see value in the vessel; it's a win-win for both sides. To Topaz, the sale represents a good opportunity to book a capital gain and redeploy cash on new and modern deepwater assets in line with our strategic plan," Fazel A Fazelbhoy, CEO at Topaz, said in a statement.

 

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