Topaz has been present in Africa since 2012 and has grown its presence rapidly since then with two operational offices in Nigeria and Angola.
The region is key for the production of offshore oil and gas. It is a new growth market for Topaz, which now operates 13 vessels between Angola and Nigeria.
The West African market is dominated by Nigeria and Angola representing approximately two-thirds of total OSV demand. The market is a highly competitive short- to medium-term market with participation from virtually all of the leading OSV companies. The market also offers opportunities for longer-term employment, predominantly for Platform Supply Vessels.
The market is highly cabotaged and each country has its own unique operating parameters and constraints.
2014 saw strong growth through the deployment of five new Platform Supply Vessels into the region, winning solid contracts with IOCs at attractive market rates. However with weakening oil prices during the second half of the year, the competitive nature of the West African OSV market bared its teeth and rates and utilisation weakened considerably at the end of the year.
The Topaz Faye, a 75-metre Platform Supply Vessel in the Africa fleet