Topaz Successfully Delivers US$ 75 Million Oil & Gas Project

Topaz Energy and Marine yesterday announced the successful project delivery of the deck structure of a ‘Mobile Offshore Production Unit and storage’ (MOPUstor). The MOPUstor deck was constructed by Topaz Fabrication and Construction; part of the Topaz Engineering division under a subcontract from Single Buoy Moorings Inc for its client, Talisman Energy Norge AS. The value of Topaz Engineering’s portion of the work was US$ 75 million.

Topaz’s scope of work was fabrication and construction of the hull and topsides of the MOPU, project completion took more than two years with the workforce peaking at 1,400 men. The MOPUstor weighed 12,400 tonnes at load out and involved more than seven million man-hours all completed without a single Lost Time Incident (LTI).

The MOPU was constructed in Topaz’s Abu Dhabi yard (ADYARD) and is currently being transported to the Norwegian sector of the North Sea. The unit was loaded out onto a heavy lift transportation vessel for the 5,000km trip to Norway. The MOPU will be deployed in the ‘Yme’ field approximately 110km offshore on the Norwegian continental shelf at a water depth of 92 meters.

Bill Bayliss, COO of Topaz Engineering commented: “This is the largest project that Topaz Engineering has undertaken and it is probably the single largest offshore unit ever built in the Middle East. We are delighted about what has been achieved by Topaz Engineering. My great appreciation extends to the highly capable construction management team, our entire workforce and of course our client, SBM. What I’m most proud of is the fact that Topaz delivered the project without a single LTI. That is testament to the planning and supervisory skills of our project and QHSE teams.”

Topaz Energy and Marine is one of the world’s leading oilfield services companies with a regional footprint across the Middle East and the Caspian. It operates through two strategic business divisions; Topaz Engineering provides marine and oil and gas engineering services to the global oil and gas and shipping industries. Topaz Marine is an offshore support vessel owner and operator with approximately 100 vessels in its fleet serving the oil and gas industry exclusively.

In 2009, Topaz achieved record results for the ninth consecutive year and posted revenue of US$ 448 million, EBITDA of US$ 127 million and Net Profit of US$ 65 million demonstrating year on year growth of 7%, 14% and 38% respectively.