The global subsea market is a true growth market. As oil exploration goes deeper, subsea infrastructure increases. Subsea technology is also becoming more common in shallow water markets. At the same time, inspection and maintenance of a growing and ageing offshore infrastructure need to be supported by subsea-capable vessels.
Topaz has limited exposure to the subsea market, with only three key assets (Topaz Captain, Topaz Commander and Topaz Installer) dedicated to the sector. While this is a limited number of vessels it is a key revenue stream for the business.
2014 saw continued strong returns in this sector, driven by a mixture of long-term contracts for Topaz Captain and Installer as well as healthy spot rates for Topaz Commander in the North Sea. The Topaz Commander again performed well in both the oil and gas sector and the offshore wind energy sector. A weakening oil price and the weak seasonal market saw limited work for the Topaz Commander in the North Sea in Q4.
Topaz Captain, a DP2 Multi-Purpose Support Vessel