"In the main, very few North Sea
ERRVs were purposebuilt.
ERRV's profitability primarily results from lower than anticipated occupancy across all levels of care.
The importance of
ERRV's in oil field safety services was demonstrated by Topaz in 2008 when another
ERRV in Topaz's Azeri fleet, the 'Baki', was put to the test.
The importance of
ERRVs in oilfield safety services was demonstrated by Topaz in 2008 when another such vessel in Topaz's Azeri fleet, the Baki, was put to the test.
Fazel Fazelbhoy, Chief Executive of Topaz Energy and Marine said the AHTS and
ERRV will be built specifically for the contract while the PSV will be an acquisition.
PROLONGED PROJECT STABILIZATION: The downgrade to 'BB-'from 'BB' results from continued slow fill-up of
ERRV's new units below covenant requirements.