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BUE Marine Ltd (BUE), a wholly owned subsidiary of
Renaissance Services SAOG (RENAISSANCE), announced today
that together with its operating partner, Kaspmorneftflot
(KMNF), it has been awarded a prestigious 10 year firm
charter for two Platform Supply Vessels (PSV’s) by oil &
gas major BP in Azerbaijan. KMNF is the marine support
division of the State Oil Company of Azerbaijan Republic
and with whom BUE has a substantial ongoing relationship.
The contract value is estimated to be in excess of OMR 40
Million (equivalent US$103 Million) over the contract
period. BP has been a long-standing client of the company
and this contract reaffirms their confidence in BUE’s
commitment and capability.
Under the terms of the agreement, the first new vessel
will commence operations in Azerbaijan in the fourth
quarter of 2005 with the second vessel scheduled to
commence operations during the third quarter of 2006. The
two 72 meter, 5450 BHP, dynamically positioned platform
supply vessels will operate out of Baku, Azerbaijan and
will support BP’s offshore drilling, construction and
production operations in the Azerbaijan sector of the
Caspian sea.
The vessels are currently under construction in shipyards
in Norway and are being built to exacting European
standards. The investment of OMR 15M (US$ 39 Million) in
the two modern vessels will help reinforce the BUE/KMNF
position as the premier offshore fleet operator in the
Caspian.
BUE has an aggressive fleet expansion program underway,
with several new vessels scheduled to join the fleet over
the next few months.
The acquisition of BUE Marine Ltd. was completed during
July 2005. BUE operates as part of Topaz Energy and Marine
Ltd. (TEAM), which until recently, was listed on the MSM
and has since been merged with RENAISSANCE. The combined
TEAM/ BUE fleet ranks amongst the top ten offshore fleet
operators worldwide with operations in the Caspian, Middle
East, and South-East Asia.
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