Topaz, a wholly owned subsidiary of Renaissance Services SAOG, intends to use the fresh capital to pursue fleet expansion and growth opportunities in strategic markets, the company said.
Topaz CEO, Rene Kofod-Olsen, said: "Joining forces with a private equity powerhouse like SCPE will enable
Topaz to truly accelerate the realisation of our strategic plan.
"Joining forces with a private equity powerhouse like SCPE will enable
Topaz to truly accelerate the realization of our strategic plan," commented Rene Kofod-Olsen, CEO of
Topaz.
Under the terms of the proposed transaction, Renaissance shall also receive a settlement from
Topaz of an outstanding RO30.2mn shareholder loan.
Samir J Fancy, Chairman, Renaissance, said," We are happy with the outcome for
Topaz -- we acquired a small regional OSV player almost 15 years ago and transformed it into a global leader with a unique market positioning and reputation.
Under the terms of thThe Renaissance board will also call for a general meeting with its shareholders on July 29 to present the offer from DP World for their approval.e proposed transaction, Renaissance shall also receive a settlement from
Topaz of an outstanding RO30.2mn (US$78.6mn) shareholder loan, the company said in a press statement.
Topaz operates a fleet of 117 offshore vessels, predominantly in the Caspian Sea and West Africa.
Topaz provides marine logistics for the global energy industry, and operates a fleet of more than 100 vessels, primarily in the Caspian Sea.
Topaz also maintains long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.
Muscat: The Board of Directors of Renaissance Services (Renaissance) have received and accepted a final binding offer from DP World amounting to OMR415 million (US$1.079billion) enterprise value for acquiring 100 per cent shares in
Topaz Energy and Marine Limited, Bermuda (
Topaz).
DP World, which owns British ferry business P&O, has ended speculation regarding a float for
Topaz Energy and Marine by announcing the acquisition.
Beautiful 9 x 7mm cushion cut oblong sky blue
topaz. Surrounded by a glittering band of 46 white
topaz.
Topaz Energy and Marine, a leading offshore marine logistics company, has placed an order with Baker Hughes, a GE company, to deploy BHGE's lubricant condition monitoring system, VitalyX, on its fleet of vessels.
