Renaissance acquires Caspian Provider PSV

Offshore staff

MUTTRA, Oman – The marine division of Renaissance Services has 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 ($40 million).

The Caspian Provider will work 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 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 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 ($32 million).

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.

09/26/2011