The marine division of Renaissance Services has recently acquired the Caspian Provider , an advanced Platform Supply Vessel (PSV), to join the company’s fleet on a four-year contract in Azerbaijan with a value in excess of Rial 15.4 million (US$40m).
The Caspian Provider will be working out of Baku, Azerbaijan, on a contract with oil and gas major BP won by the company’s subsidiary, Topaz Energy and Marine, in 2008. The Provider joins four sister ships already under the management of the Topaz Marine Azerbaijan unit.
The Caspian Provider is the fourth vessel delivered to the company after construction in the Simek Yard in Norway. The vessel was ordered in 2010 at a cost of Rial 12.3 million (US$32m) and is expected to generate exceptional value for the fleet.
The Provider is expected to commence its charter with BP in early October 2011. The vessel is currently replacing its wheelhouse and top accommodation deck, having removed them in Turkey prior to transiting the Russian Canal system to enter the Caspian Sea.
The land-locked nature of the Caspian Sea creates difficult geographical barriers to entry for PSV and large vessels. Renaissance is strategically positioned in the Caspian Sea where approximately 60% of its offshore support vessel (OSV) fleet operates in Azerbaijan, Kazakhstan and Turkmenistan, where the company benefits from a market share of 55%, 51% and 24% respectively.
Renaissance Services’ marine subsidiary, Topaz Marine, is sustaining its fleet upgrade programme which pursues acquisitions and divestments of vessels on a regular basis. Topaz Marine’s OSV fleet ranks within the top ten largest in the world and is among the top three youngest by average vessel age.
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